Tag: Ghana Business
-
Ghana – Netherlands trade volumes to double by 2020
Trade volumes between Ghana and the Netherlands are expected to double within the next three to four years, following increased economic engagements between the two countries. The figure which is currently estimated at six hundred thousand Euros, is expected to hit more than one million Euros within the period. “Anything is possible and I hope…
-
![New Legon Botanical Gardens opens [Photos]](https://citibusinessnews.com/wp-content/uploads/2016/12/IMG-20161203-WA0003-1.jpg)
New Legon Botanical Gardens opens [Photos]
Patrons of the University of Ghana’s Botanical gardens will henceforth access other services with the launch of the new phase of the facility. The garden, until the coming on board of the new investors, only served as a habitat for some flora and fauna species. It had also served as event centres for some recreational…
-
We will lay off workers if … – Diamond cement warns
Diamond Cement has disclosed to Citi Business News it is still considering its decision to lay off fifty percent of the company’s staff over reports that it cannot sustain its operations. Though Diamond cement has not ruled out redundancy of some of the workers, it believes the decision will become necessary when market conditions do…
-
Increased competition to drive down cement prices
Ghana is expected to become self sufficient in cement production by the first quarter of 2017 with the construction of more cement factories across the country. Cement production in Ghana currently hovers around 6 million tonnes. The figure is expected to go up to 9.2 million tonnes in 2017 with the coming on board of…
-
Cedi depreciates slightly after dollar auction
Some bank treasuries are anticipating a relative stability of the cedi in the short to medium term following the Bank of Ghana’s auctioning of dollars to commercial banks. According to them, the depreciation may either drop slightly or remain stable in relation to other major currencies. On Thursday, the cedi depreciated slightly and hit the…
-
UG, CAL Bank court case set for December 13th
A commercial court in Accra is expected to hear a case involving CAL Bank and the University of Ghana, on 13th December 2016, over the latter’s failure to pay for a 43 million cedis loan facility it contracted in 2007. The University is also reported as breaching a payment plan agreed on with by CAL…
-
Govt halts further processing of IPPs
Government has directed the Ministry of Power to halt the processing of application for Independent Power Plants in the country. The move is aimed at assessing the situation to determine the country’s future power demand. President John Mahama disclosed this in an address read on his behalf at the official launch of the Ghana Exim…
-
Mine workers livid over protracted wage discussions
The Ghana Mine Workers’ Union (GMWU) has given the strongest indication yet not to tolerate what it describes as undue delays in salary negotiations for its members from next year. The mine workers argue that the increasing number of protracted negotiations is likely to ruin the sector’s output if workers are continuously marginalized. “We remain…
-
Fintech won’t lead to job losses – OmniBank MD
Some bankers have ruled out huge layoffs of their human resource following the adoption of modern technologies in their operations. According to them, the job losses could largely be blamed on the inability of institutions to draw a clear balance in their innovation. “We developed some innovative products which we call the Omni Bank pay…
-
Dollar auction will be productive if … – CAL Bank MD
The Managing Director of CAL Bank, Frank Adu Junior, has called for a proper assessment of the Bank of Ghana’s new process of releasing dollars to banks through auctioning. The Central Bank, on Wednesday [November 30th], commenced the auctioning of dollars to banks through a bidding processing targeted at stabilizing the cedi. The Bank of…