Tag: Ghana Business News
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SMEs skeptical of mobile money services (Audio)
Businesses are still skeptical of the use of mobile money despite the boom in patronage of the service. Citi Business News’ checks with some small scale business owners show mixed reactions to the use of mobile money services. This means more needs to be done to increase patronage. In the build up to the Financial…
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Non compliant fintechs to lose licenses – BoG
The Bank of Ghana will revoke the license of any financial technology company that fails to comply with regulatory requirements outlined in the new payment systems and services bill. The fintechs are expected to be compliant at a time where electronic payment systems are increasing significantly. This caution is also contained in the Bank of…
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GRA closes down Metro TV for owing GH¢2.3m in taxes
The Ghana Revenue Authority (GRA) on Wednesday, June 6, 2018, locked up the offices of Metro Television. The TV station currently owes taxes amounting to some 2.3 million cedis. According to the GRA, the station refused to heed to its persistent warnings and has defaulted in paying its taxes since 2014. Also, records from the…
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#CitiBizFestival: Banks, telcos partner to fund women entrepreneurs
Some players in the financial industry have called for collaboration between banks and mobile money operators even as banks seek to create access to funds for entrepreneurs. Entrepreneurs in Ghana have over the years lamented the difficulty they face in securing loans needed to start up and expand their businesses. According to the financial players…
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Newmont to comply with Ahafo mine accident findings
Newmont Ghana Limited says it will address all findings outlined in the investigative committee’s report on its Ahafo mine expansion project. According to the company’s Regional Senior Vice President for Newmont Africa, Alwyn Pretorius, the firm will work to prevent the incident from happening again. “We are all devastated by the loss of six colleagues…
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Newmont, others fined $ 2.7m over Ahafo mines accident
A committee set up by the Ministry of Lands and Natural Resources to investigate the Ahafo Mines accident which left six people dead and four others injured has directed that Newmont Ghana Gold Limited be fined US$500,000 for negligence. The company will also been fined US$10,000 for failing to ensure that DRA Company Limited, the…
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Citi Business Festival: On-air series kicks off today
The on-air series of the Citi Business Festival starts today, June 4, 2018 on the Citi Breakfast Show. This week, the discussions will dwell on ‘Marketing and Brand Management’. Speakers for the week include; Prof. Bob Hinson, Stephen Naasei Boadi as well as Andrews Akolaa. The on-air series is one of the two major activities…
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Prices of goods & services to go up with rise in transport fares
Consumers should brace themselves to pay more for the same quantity of goods they purchase at the various markets. This is the warning from an Economist at the University of Ghana, Mr. Adu Owusu Sarkodie. According to him, the development will lead to an increase in the cost of production which producers may have no…
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GCB Bank’s profit drops by 29% in 2017
The profit of GCB Bank dropped by about 29 percent in 2017. The bank’s profit declined from 299 million cedis to an estimated 213 million cedis between 2016 and 2017. Meanwhile for the first three months of this year, GCB Bank’s financial report shows another drop in profits. The financial statement released by GCB Bank…
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Ghana lost GH¢1.9bn to illegal fuel trade in 2017 – Report
The Chamber of Bulk Oil Distributors is blaming the persistent issues of illegal fuel trade on what it says is the weak commitment of security agencies in addressing the issue. A latest industry report by the Chamber said the illegal fuel trade cost the country some 1.9 billion cedis in 2017. The report cited three…