Tag: Ghana Business
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Prepare to face maritime litigations – CJ to Judges
Chief Justice, Georgina Theodora Wood has called on the judiciary to prepare for possible litigations associated with Ghana’s increasing maritime trade business. According to her, the significant increase has also led to intense business activities among key players in the shipping industry. “Indeed this growth has produced a bursting activity among key players such as…
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ECG blames cable faults for power cuts at AICC
The Electricity Company of Ghana (ECG) has clarified that the cut in power supply to the Accra International Conference Centre (AICC) on Wednesday, is not an indication of load shedding by the company. ECG has rather attributed the development to a cable fault at the Independence Square which affected power transmission to distribution areas including…
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Gov’t to push ADB, NIB for long term credit to local businesses
The Minister of Trade and Industry, Dr. Ekow Spio-Garbrah has hinted to Citi Business News, government may step in to push the National Investment Bank (NIB) as well as Agricultural Development Bank (ADB) to return to their core mandate of providing long term loans to indigenous businesses. One of the core challenges facing local business…
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Ghana Home Loans to start operations as a bank in 2017
Mortgage house, Ghana Home Loans has disclosed to Citi Business News it will commence operations as a bank by the first quarter of next year (2017). According to the CEO of the company, Mr. Dominic Adu, the company is anticipating to complete some pre-requirements to facilitate a smooth take off early next year. “We have…
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Diamond Cement to lay off 50 percent of staff
Diamond Cement has served notice it will lay off fifty percent of its staff due to the inability of the company to sustain its operations. According to the company, it is utilizing only 43% of its production capacity despite the 1000 direct and indirect staff strength. “Just last month, I was compelled to sack 10…
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Finance Ministry forwards new mobile money law to AG’s office
The Finance Ministry has hinted to Citi Business News it will soon present the new Payment Services Regulation to the Attorney General (AG)’s Department for further scrutiny. The Payment Services Regulation is to replace the Electronic Money Issuers (EMI) Guidelines which currently regulates electronic financial services in the country. “Truly there is a new set…
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GPHA to take control of railway sector – Mahama
President John Mahama says his government is considering making Ghana’s Railway sector a subsidiary of the Ghana Ports and Harbours Authority. This is in government’s bid to coordinate activities in the transport sector. To this end, the government is seeking to amend the current legislation establishing the Ghana Railway Authority and its role in facilitating…
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Bankers optimistic of drop in NPLs by end of 2016
The impact of the high Non-Performing Loans (NPLs) on the books of commercial banks is set to reduce by the close of this year. At least this is the confidence expressed by some managers of banks. The latest financial stability report by the Bank of Ghana showed that the NPL’s of commercial banks have increased…
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SEC still awaiting MTN’s progress with floating of shares
Information available to Citi Business News indicate that MTN Ghana is yet to complete processes that will allow it to cede part of its operations to the public. It comes a month after the telecommunication company commenced moves to cede 35 percent of its stake to the public through the floating of shares. Though SEC…
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HFC targets high deposits despite election blues
Some commercial banks have told Citi Business News they are highly optimistic of increased deposits towards the end of year despite the upcoming general elections. Though the banks admit of a general decline in economic activities, they are confident that will least affect their targets for 2016. “Of course elections will be with us always…