Tag: Ghana Business News
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$24m revenue loss hangs over TOR’s neck – IES
The Tema Oil Refinery (TOR) is to lose about 24 million dollars in revenue due to drop in global prices of refined products. This is the assertion of the Institute of Energy Security (IES). The energy think tank attributes the development to an ineffective business model despite producing refined products. The imminent loss follows the…
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BoG sets new rules on related-party lending by banks
The Bank of Ghana has disclosed the full implementation of the directive on financial holding companies, next year [2019]. The Governor of the central bank, Dr. Ernest Addison maintains that it will solidify the regulator’s efforts to sustain the gains so far made in the financial sector. Addressing the Annual Dinner of the Chartered Institute of…
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Passion Air starts Accra-Takoradi flights
Patrons of domestic flights from Accra to Takoradi and vice versa, now have an alternative service. It follows the commencement of flights by Passion Air. The route has until now been served by only Africa World Airlines. The coming on-board of Passion Air forms part of the airline’s plan to meet the needs of as…
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1.2 billion cedis NPLs write off to end in December
The Bank of Ghana has shifted its projection of a drop in the Non Performing Loans of banks, by two more months. Governor of the Bank of Ghana, Dr. Ernest Addison says he expects the reflection by the end of year. Some industry watchers are also confident the move should afford banks the ability to…
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IES blames power cuts on overdependence on gas
The Institute of Energy Security (IES) wants the government to find pragmatic ways to purchase and store adequate quantities of alternative fuel for the country’s power generation plants. The IES argues that may largely help in stabilizing power generation and supply. The suggestion comes on the back of the recent erratic power supply that has…
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Petroleum Commission prioritises technology use for upstream operators
Chief Executive Officer of the Petroleum Commission, Egbert Faibille has urged various companies operating within the petroleum sector to use technology in building the industry. This he believes will promote the upstream space and improve revenue for the sector and country as a whole. He made the remarks at an engagement with some investors in…
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SSNIT stops biometric cards, connects to National ID system
The Social Security and National Insurance Trust (SSNIT) has disclosed that it should connect its systems to the National Identification Authority for a common card, by next year [2019]. As a result, the Trust is seizing the issuing of biometric cards to its contributors. The Director General of SSNIT, Dr. John Ofori Tenkorang explained that…
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Banks’ recapitalization impacts dividend payment to SSNIT
The Social Security and National Insurance Trust (SSNIT) has disclosed that most banks it is a shareholder in, have been unable to pay dividends for last year due to the increase in the minimum capital requirement. The Director General of SSNIT, Dr. John Ofori Tenkorang explains to Citi Business News this has also affected the…
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EximBank Board charged to boost SME growth
Finance Minister Hon. Ken Ofori Atta has sworn in three members of the Ghana Exim Bank Board with a call on the 9-member Board to prudently utilize the financial resources allocated to them. He believes this will enable the government achieve its target of implementing the IDIF Project. Mr. Ofori Atta said the Bank must…
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Cedi records poorest performance in November 2018
The local currency, the cedi, witnessed its weakest performance in November 2018 compared to the same period in 2017; a Bank of Ghana report has shown. The cedi, in relation to the dollar, recorded a depreciation of 7.82 percent as at Thursday, November 22, 2018. This was after a two month downward performance of the…