Category: News
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Nana Addo sacks Energy Minister, Boakye Agyarko
President Akufo-Addo has sacked the Energy Minister, Boakye Agyarko. A statement from the Communications Directorate of the Presidency copied to citinewsroom.com on Monday said Mr. Agyarko’s firing “takes immediate effect.” The statement said Mr. Agyarko has been directed to “hand over his office to the Minister for Lands and Natural Resources, Mr. John Peter Amewu,…
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Absa Group’s income hits $2.3bn
Absa Group has announced that its income increased by three percent for the first six months of this year (2018). The group’s revenue increased to 37 billion Rand or 2.8 billion dollars between January and June 2018. A statement on the bank’s financial position to Citi Business News also said that major earnings for the…
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GHS25m legacy debt ‘killing’ Ghana Post
A 25 million cedi legacy debt which was accumulated between 2012 and 2016 by the Ghana Post is affecting the growth of the company. This is according to the Acting Managing Director, James Kwofie. The debt consist of end of service benefit, provident fund arrears for staff and other statutory requirements. The company also owed…
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Railway Ministry to receive 22 world class coaches
Ghana is negotiating with Transnet International for the supply of twenty-two World Class Coaches to the Ghana Railway Development Ministry. Transnet is expected to supply one hundred and ten wagons to the Ghana Railway Company Limited by end of this year. This also includes the supply of twenty-two coaches, two locomotives for the passenger service,…
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Interplast Ltd launches Ingreen Irrigation solutions
Interplast Limited, producers of high quality pipes and profiles have unveiled its new Ultra-Modern Irrigation Production Line, the first ever drip irrigation pipe manufactured in West Africa. With this, farmers in the country should have unlimited supply of water for their crops all year long as one of the major challenges that farmers have faced…
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Money laundering: BoG places GH¢60,000 fine on banks, others
Banks and Specialised Deposit Taking Institutions (SDIs) that fail to comply with the central bank’s Anti-Money Laundering regulations risk paying as much as sixty thousand cedis (GH¢60,000) in fine beginning this month. This follows the implementation of the Bank of Ghana’s laws on Anti-Money Laundering (AML). The document also comes days after a foiled cyber…
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Nigerian traders to petition Akufo-Addo over operating in retail markets
Nigerian Retailers in the country have indicated that they will petition the president to stop attacks on them by their Ghanaian counterparts. The Nigerian traders complained last week that they were being attacked by traders at Suame Magazine in Kumasi in the Ashanti Region, for operating in the retail business. Speaking to Citi Business News,…
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30% of gold to be refined locally – Amewu
The government is working to ensure that 30 percent of gold mined in Ghana is refined locally. The Minister of Lands and Natural Resources, John Peter Amewu said an agreement to implement this new policy direction would be concluded by November. “In the gold industry, plans are far advanced to start refining 30 percent of…
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Fake products in construction industry must be checked—YIEDIE
As the construction industry experiences a boom in Ghana, the likelihood of substandard materials being used for some of the projects also rises. That’s according to the Project Director for the Youth Inclusive Entrepreneurial Development Initiative for Employment (YIEDIE), Kafui Mills-Odoi. She is of the opinion that the establishment of a Construction Industry Development Authority-CIDA,…
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MTN begins review of IPO applications
MTN has announced that it has commenced collating shares for its Initial Public Offering (IPO). The telecom company on Friday (August 3, 2018) said in a statement that it is currently reviewing the applications. “Following the closure of the IPO, the applications received are currently being reviewed and collated for allotments to commence,” the statement…