Category: News
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ICU negotiates exit packages for Consolidated bank staff
The Industrial and Commercial Workers’ Union (ICU) is to meet the receiver of the Consolidated Bank Ghana soon, over the exit packages for workers of the five collapsed banks. The labour union is hopeful its intervention will reduce the impact of job layoffs on the livelihoods of the affected employees. According to the General Secretary…
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BoG reduces cash in circulation with re-opened bonds
The Bank of Ghana (BoG) could be mopping up excess liquidity in the economy with the re-opening of three Government of Ghana bonds. By this, the central bank is seeking to reduce money in circulation to tame inflation and other economic impacts. The settlement for the three bonds is expected to be made today [September…
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Ghana, China sign co-operation agreements for development
Ghana and China have signed eight Co-operation Agreements and Memoranda of Understanding, in different sectors of their respective economies, aimed at deepening the ties of co-operation and the bonds of friendship that exist between the two countries. The agreements were signed on Saturday, 1st September 2018, after the President of the Republic, Nana Addo Dankwa…
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VW plant to be set up by last quarter of 2018 – Pius Hadzide
Pius Enam Hadzide, Deputy Minister of Information, has disclosed that German car manufacturer Volkswagen’s (VW) vehicle assembly plant would be set up in Ghana by the last quarter of 2018. According to him, government has already signed a memorandum of understanding (MoU) with Volkswagen South Africa. Speaking on Citi TV/Citi FM’s Big Issue, the Deputy Minister…
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Economy, banking crisis affected MTN IPO performance
Investment banker, Alhaji Mahama Iddrisu has cited the current banking crisis as well as what he describes as wrong timing as basis for MTN’s inability to reach its target for the Initial Public Offering (IPO). Though he qualifies the subscription as satisfactory, Mr. Mahama Iddrisu believes the offer had the potential to have performed better.…
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ENI secures oil fields with Italian vessel
One of the major oil producing fields, ENI, has undertaken processes to fortify its operations in the oil and gas sector. It follows the arrival of Italian ship;Luigi de la Penn in Ghana on Thursday, August 30th 2018. The presence of the ship here in Ghana will not only see increased trade relations between Ghana…
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GRA yields to pressure; backs down on CTN
The Ghana Revenue Authority (GRA) has clarified that it will soon meet with the business associations to have further consultation and sensitize them on the implementation of the Cargo Tracking Note (CTN) system. According to the Customs division of the GRA, the engagement is necessary to clear all doubts harboured by the business associations over the CTN policy.…
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ESLA bond raises GH¢5.66 billion
Managers of ESLA PLC has announced that they have been able to raise about 265 million cedis as part of the energy bond to save the energy sector. This was carried out under the ten year auction bid of the bond; which spans from 2017 to 2027. According to the managers of ESLA PLC, the…
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Economist blames poor data for high redundancy over bank collapse
Economist Prof. William Baah Boateng has attributed the many challenges and developments in the banking industry to what he describes as the lack of reliable data to monitor activities in that sector. The lack of reliable data in his view, is a major hindrance in arriving at proper decisions to address the impact of the…
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Fuel prices to remain stable in September
Prices of fuel are expected to remain relatively stable for the first pricing window in September. This means that for the first two weeks of September, consumers should be paying almost the same amount for fuel they purchase. The Institute of Energy Security (IES) who predicted this tells Citi Business News the stability could be attributed to…