Tag: Ghana Business News
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GNPC,PURC to work on refinancing Sankofa field loans
As work on the Gye Nyame Sankofa field reaches 54 percent, the Ghana National Petroleum Corporation (GNPC) has assured that it will work the with the Public Utilities Regulatory Commission (PURC) to help generate money to refinance the loans used by government as a partner in the project. The Sankofa field is estimated to hold…
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#BizOlympics: IFS sweeps highest trophies, Stanbic, others follow
The 2016 edition of Citi Business Olympics, lived up to expectations by becoming the most patronized edition since the innovative idea was initiated by Citi FM. Like previous years, the event, which is arguably the biggest gathering of corporate Ghana, saw sixty companies participating – the highest number ever. The event ended successfully and on…
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Govt injects GHS200,000 into tourism industry
Government has released GHS200, 000 to be invested into the tourism industry to boost the sector. This was revealed by the Minister of Tourism, Culture and Creative Arts, Elizabeth Ofosu- Agyare during the launch of the Nationwide Tourism and Hospitality Training. According to her, the investment is to support the development of the private sector…
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FPSO for Sankofa oil field 80% complete
The Ghana National Petroleum Corporation (GNPC) has announced that the FPSO being constructed for the Sankofa Gye Nyame Oil and Gas Project is 80 percent complete. T he Sankofa field holds estimated proven hydrocarbon reserves of 204 million barrels of oil and 1.1 trillion standard cubic feet of natural gas. ENI, the operator, holds a…
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Over 60 companies set to participate in Citi Business Olympics
Over 60 companies are set to participate in the year’s Citi Business Olympic scheduled for tomorrow September 24, 2016. The event which will be held at the Burma Camp Leisure Center will bring together participants from the banking sector, insurance, technology pharmaceuticals , real estate, automobile, as well as Oil and Gas, among others. Already,…
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Banking consultant bashes BoG for high lending rate
Banking consultant, Nana Otuo Acheampong, has criticized the Bank of Ghana over the country’s high average lending rate which is hovering around 33 percent. According to him, it is imperative for the central bank to roll out measures to help ease pressures on the economy and businesses. Speaking to Citi Business News, , Nana Otuo…
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GASSM blames politicians for increase in galamsey operations
The Ghana Association of Small Scale Miners (GASSM) is blaming government and its allied institutions for the rise in illegal mining activities, also known as ‘galamsey’ in the country. The association believes the lack of political will and monitoring by the mandated institutions have led to the destruction of aquatic life as major water bodies…
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BDCs are ready to import fuel with European standards- Senyo Hosi
The Chief Executive Officer of the Chamber for Bulk Oil Distributors Companies (CBOD) Senyo Hosi has stated that the chamber is ready to import diesel with a sulphur level which meets the European limit of 5 or 10 parts per million (ppm). This follows a report released by the African Centre for Energy Policy (ACEP)…
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BoG worried over high lending rates
The Governor of the Bank of Ghana (BoG) Dr. Abdul Nashir Issahaku has described as worrying the country’s current average lending rate which is hovering around 33 percent. According to Dr. Issahaku, the central bank is committed to bringing down lending rates by tightening monetary policy. Speaking to Citi Business News, Dr. Issahaku said the…
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Maintaining Policy Rate at 26% will constrain growth- Economist
An economist, Dr. Eric Osei Assibey has expressed disappointment at the Bank of Ghana’s (BoG’s) decision to maintain the Policy Rate at 26 percent. The Monetary Policy Committee (MPC) of the BoG today announced that it has maintained the Policy Rate at 26 percent, the fourth consecutive time since January this year. But speaking to…