Tag: Citi Business News
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Tourism Chamber welcomes GHS55 million allocation to sector
The Chamber for Tourism Industry Ghana has indicated that news of a GHS55 million injection into the tourism industry is a welcoming one as it will significantly boost the fortunes of the sector. Earlier this week, the Minister of Tourism, Arts and Culture, Ibrahim Mohammed Awal announced that the amount which is from the World…
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Springfield confident final court ruling will see to effective development of oil field
One of the key actors in the ongoing ENI-Springfield unitization saga, Springfield Exploration and Production Limited, says it is confident the final court ruling in the case involving the two parties will lead to the development of the Sankofa and Afina fields in a manner consistent with world-class practices. This comes after the recent ruling…
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Government to disburse GH¢55 million grant to tourism practitioners
Dr Ibrahim Mohammed Awal, the Minister of Tourism, Arts and Culture, has said government will from next week begin disbursing GH¢55 million grants to players in the tourism industry to support their businesses. He said the sector lost about 75% of its resources and about eight million Ghana cedis due to the COVID-19 pandemic, last…
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#CitiBusinessFestival: Virtual forum on ‘promoting made-in-Ghana products’ comes off today
The fifth and final edition of the 2021 Citi Business Festival’s virtual forum comes off today [Tuesday], June 29, 2021, with a discussion on ‘promoting Made-in-Ghana products.’ The theme for the forum is ‘promoting made-in-Ghana products to spur inclusive economic growth’, and it is scheduled for 11:00 am to 1:00 pm on Citi TV. Made-in-Ghana…
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MoMo Agents kick against 10% tax imposed on their earnings
Mobile Money agents across the country are kicking against a 10% tax being imposed on their earnings by the government. The agents at an emergency meeting on Friday June 25, 2021, said they can no longer bear any extra financial levy on their operations. In a communiqué following the meeting, the Mobile Money Agents Association…
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85% of susu collectors now use technology – Association
The Ghana Cooperative Susu Collectors Association says about 85% of its members now use some form of technology in their operations. According to the association, this forms part of their digitization agenda. Susu is an age-old saving system where a person called a susu collector visits individuals to collect cash deposits daily for a month.…
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$170 million GPGC judgement debt against government due to negligence – ASEPA
The Alliance for Social Equity and Public Accountability (ASEPA) has described the $170 million judgement debt the government has been slapped with as unfortunate and a clear sign of negligence and lack of respect for contractual agreements. Executive Director of ASEPA, Mensah Thompson, said that “it is very unfortunate, and we believe it shouldn’t have…
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Halt implementation of Insurance Act 2021 – GUTA to Government
The Ghana Union of Traders Association (GUTA), is calling for the suspension of the implementation of the Insurance Act 2021 due to some clauses the association finds problematic. Per the law, importers are to insure their goods only with local insurance companies. The law also prescribes a jail sentence for importers who do not comply…
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FBNBank @25; the walk of the African Elephant is majestic
On 11 September 2017, the Bank of Ghana issued a new minimum capital directive as part of its banking sector reforms. The new directive required that universal banks operating in Ghana increase their stated capital to GHS400 million by the end of 2018. We all know what happened afterwards, particularly the fact that nine banks…
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Importers unhappy with custodial sentencing clause in Insurance Act 2021
The Importers and Exporters Association of Ghana has raised concerns over a custodial sentencing clause in the Ghana Insurance Act 2021. The law prescribes a jail sentence for importers who do not comply with the mandatory Marine Insurance Policy. The association believes the law is not business-friendly and counterproductive hence must be removed from the…