Category: News
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![President Akufo-Addo opens Ghana Commodity Exchange [audio report]](https://citibusinessnews.com/wp-content/uploads/2018/11/nana-bell-1.jpg)
President Akufo-Addo opens Ghana Commodity Exchange [audio report]
President Akufo-Addo has inaugurated the Ghana Commodity Exchange(GCX) for the buying and selling of listed agricultural commodities in the country. The aim of the exchange is to establish linkages between agricultural and commodity producers and buyers to secure competitive pricing. There is more in the report. Speaking at the inauguration, President Akufo-Addo assured that government…
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Ghana’s Commodity Exchange to commence full operations today
President Akufo-Addo is expected to outdoor the official operations of Ghana Commodity Exchange (GCX) today, Tuesday, November 6, 2018. The GCX is a regulated market that links buyers and sellers of commodities to trade by rules while assuring the market of quality, timely delivery, and settlement. Minister for Information, Kojo Oppong Nkrumah who disclosed this…
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GCB begins instant cash issue
GCB Bank Limited (GCB) is instantly issuing its ATM Readycash card at selected branches across the country. These cards are chip-based and very secure and have come to replace the mag-stripe cards currently in use. In all 83 out of the 183 branches of the Bank, mostly in regional capitals, market centres and district capitals…
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FDA warns of fake products during Christmas
With a few weeks to the start of Christmas festivities in Ghana, the markets are expected to be flooded with a lot of imported products. The Food and Drugs Authority (FDA), in anticipation of the arrival of different types of goods, has cautioned importers and retailers in the country against exposing the general public to…
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UT Holdings, UT Logistics sued over refusal to pay loans
Offshoot of defunct UT Bank— UT Holdings and UT Logistics, have been sued by receivers of the bank, PricewaterhouseCoopers (PwC) for non-payment of some loans acquired before the collapse of the bank. According to the suit before an Accra High Court, an amount of GHc51 million and US$8 million respectively, were invested into UT holdings…
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Moringa invests $5M in Ghana’s B-BOVID to transform agribusiness
European impact investment fund specialized in agroforestry companies with strong environmental and social impact, Moringa SCA SICAR (Moringa), has partnered B-BOVID Limited, a Ghanaian agribusiness company. Created in 2004, B-BOVID Ltd is a national and United Nations (UN) award-winning farming and processing palm oil enterprise based on social entrepreneurship principles and agroforestry practices. The company…
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Prices of fuel drop marginally
Fuel prices have dropped marginally by a little over 1 percent at some Oil Marketing Companies (OMC’s) across the country. Citi Business News checks at the pumps this morning show that the top three OMCs, Goil, Shell and Total Ghana are selling both Petrol and Diesel at GHC 5.15 pesewas across the country. The reduction…
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Pastor Otabil, 14 others sued for the collapse of Capital Bank
The receivers of the defunct Capital Bank, Vish Ahsiagbor and Eric Nana Nipah, working with PricewaterhouseCoopers (PwC) have sued sixteen former directors of the bank. The fifteen persons include former board chair, Pastor Mensah Otabil, founder William Ato Essien and the Chief Executive Rev. FitzGerald Odonkor. In the suit, the receivers stated that the collapse…
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Warehouses operators decry ban on import of selected items
Warehouse operators are appealing to the Ghana Revenue Authority to review a decision to ban some selected items from being kept in warehouses. The Ghana Revenue Authority has banned the storage of imported canned tomatoes, alcohol, lead acid batteries, cooking oil, canned drinks, and canned fish from the customs bounded warehouses as part of a…
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Ghana LNG project finally under construction
Ghana’s liquefied natural gas (LNG) import project is finally under construction, years after its original inception, with two vessels contracted to store and regasify the fuel by the second quarter of 2020, a project partner said. According to Reuters, China Harbour Engineering Company has already begun construction work on a marina with a Floating Regasification…