Category: News
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Ex UT, Capital bank workers to receive exit pay this week?
Former workers of Capital and UT banks are likely to receive their severance packages later this week if the Joint Receivers complete the processes on the modalities for payment. The representatives of the workers, that is, the Union of Industry, Commerce and Finance workers (UNICOF) are to meet the Joint Receivers for the payment plan. This…
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![Banking crisis affects business of susu collectors [Audio report]](https://citibusinessnews.com/wp-content/uploads/2019/01/susu-collector-and-customer-in-ghana1-1.jpg)
Banking crisis affects business of susu collectors [Audio report]
It appears the banking sector crisis that led to the collapse of nine banks has trickled down to the micro level affecting the operations of Susu collectors. Interactions with some stakeholders in the susu collection business have shown that confidence in their operations is fast going down due to challenges in the financial sector that…
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COCOBOD accuses Mahama of running down cocoa sector
COCOBOD has chided former President John Mahama for what it describes as a deliberate attempt to always “make false statements about COCOBOD and the cocoa industry”. COCOBOD in a press statement copied to Citi Business News accused Mr. Mahama of trying to run down the cocoa industry for political expediency. It stated that the development…
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Article: Ghana’s High Lending Rate Regime- Causes, Impacts, Way Forward
Introduction Ghana’s financial system has facilitated the smooth flow of funds between several economic units (i.e. individuals, businesses, and agencies) at the community, regional and national levels since the 1950’s when Bank of Ghana was set up to regulate banking transactions in the country. However, historically and in present times, the provision of credits by…
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Aker energy to increase oil revenue by 15% by 2021
Ghana could be earning about 640 million dollars or (15%) in oil revenue by next the next two years with the coming on board of Aker Energy’s new production wells. The oil company has announced that its oil exploration works in the Deepwater Cape Three Points block has been successful as it shows oil quantities…
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Workers of Heritage, Premium Banks given three-month contract
The receiver of collapsed Heritage and Premiums banks, Mr Vish Ashiagbor of PricewaterhouseCoopers (PwC), has terminated the employment contracts of workers of the two erstwhile banks. In place of this, each of the workers, numbering about 200, has been given a three-month contract to work with their new employer, Consolidated Bank Ghana Limited (CBG). The…
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New company takes over ECG on February 1
The new entity that will assume the assets and operations of the Electricity Company of Ghana (ECG), Power Distribution Services (PDS) Ghana Limited is set to take over from the first of February this year. The move is expected to see the power distribution company receive some funds to expand its operations as well as…
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Ghana must legislate against transfer mispricing–Tax analyst
Some Tax Analysts are pushing for a legislation that will ensure that government deals extensively with companies that involve in transfer mispricing. They insist the action remains a major challenge which has to be dealt with if government wants to attain its set revenue target for the year. Transfer pricing is the rules and methods…
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Aker Energy makes successful oil discovery in Ghana
Aker Energy has announced that its oil exploration in the Deepwater Cape Three Points block in Ghana have been successful. The company explained that initial works done show that its Pecan4A well in the block could be holding some 450 to 550 million barrels of oil. This, the company said has paved the way for…
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We won’t use taxpayers’ money to pay Menzgold customers – Gov’t
The government has shut the door on any hope customers of the embattled Menzgold Company Limited have of being cushioned or settled with taxpayers’ money. This follows continued cries for government intervention from such customers despite the Finance Minister earlier stating that the government will not pay customers their monies locked up in the company. “While government sympathizes customers on the…