Tag: Ghana Business News
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Gov’t attracts locals with competitive allocation of oil blocks
The government is anticipating active local participation in oil exploration henceforth. This follows the launch of the country’s first licensing rounds bids evaluation for oil blocks. The exercise is to allow interested investors to own and operate six of the nine available oil blocks. The six oil blocks available for exploration are all located within…
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Re-insurers must guard against industry crisis – Alhassan Andani
Managing Director of Stanbic Bank, Alhassan Andani is urging the Ghana Re-Insurance company to enforce proper data management if it is to secure the industry. According to him, for a resilient and robust reinsurance industry, every loophole and mystery must be solved and accounted for and brought to book so as to prevent the current…
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Shea industry gets GH¢9.2m boost from EXIM Bank
The Ghana Export and Import Bank (EXIM Bank) has approved an amount of 9.2 million Ghana cedis for the processing of shea into cosmetic products and also for export. According to the bank, the investment should translate into the creation of 300 direct jobs. As at 2017, Ghana earned 70.2 million dollars from the export…
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GRA sued over implementation of CTN
A member of the Ghana Institute of Freight Forwarders, John Kwame Adu Jack has filed a suit at the Supreme Court to prevent the implementation of the Cargo Tracking Note (CTN), which is due to take off next Monday [October 15,2018]. Amongst others, Mr. Jack wants the Supreme Court to declare that the introduction of…
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AirtelTigo upgrades network services in Accra
AirtelTigo has announced it will implement new network integration and upgrade exercises in the Greater Accra region. The move comes weeks after the company suffered a blow with network challenges, leaving hundreds of customers without cellphone service. The project aims to strengthen the merger between the former Airtel and Tigo networks and will “provide customers…
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IMF reviews Ghana’s 2018 GDP down to 6.3%
The International Monetary Fund (IMF) has revised downwards its earlier 6.8 per cent Gross Domestic Product (GDP) projection for the Ghanaian economy in 2018 to 6.3 per cent. According to the Bretton Woods institution’s latest World Economic Outlook Report on World Economy and Financial Surveys, the economic growth will however be higher at 7.6 per…
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President to launch oil block bidding on Oct 15
President Akufo-Addo is expected to launch the country’s maiden Oil and Gas Licensing Round next Monday [October 15, 2018]. The purpose of the licensing round is to encourage transparency in petroleum agreements while employing competent and capable companies. The decision is also to enhance cost effectiveness and undertake oil exploration in a sustainable and mutually…
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SEC responds to Menzgold suit to appear in court
The Securities and Exchange Commission (SEC) has filed an appearance to respond to a suit brought against it by Menzgold. The gold dealership company has sued the SEC and the Bank of Ghana asking that the court directs the two institutions to stop interfering in its business. Menzgold in its writ also wants the court to…
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Aggrieved customers give Menzgold 4-week ultimatum to pay returns
A group calling itself aggrieved traders of gold dealership company, Menzgold has given the company a four-week ultimatum to pay 50% principal investments of all customers. The group made this known at a press conference to drum home their demands following the refusal of the company to honor contract obligations of paying them their investment…
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Capital, UT Bank collapse: PwC recovers 15% of total loan stock
The Joint Receivers of collapsed UT and Capital banks, PricewaterhouseCoopers (PwC), has disclosed that it has recovered fifteen percent (15%) of the total loan stock of the two banks. A statement on the progress of work done over the last one year said that the receivers are pursuing legal action against defaulters of loans of the…