Tag: Ghana Business
-
Petroleum workers’ union push for reinstatement of members
The General Transport, Petroleum and Chemical Workers’ Union (GTPCWU) has told Citi Business News it will continue negotiations with management for its members to be reinstated at the Atuabo Gas processing facility. Though the union has lauded the processes to reinstate two of the four workers whose contracts were terminated, it maintains the rights of…
-
Regency, NEM insurance merge over recapitalization
Ghana has recorded its first merger of local insurance companies following the revision of the minimum capital requirement by the National Insurance Commission (NIC). The companies; Regency Alliance Insurance and NEM Insurance Ghana Limited, have pulled resources together in a bid to meet the new capital requirement for insurance companies. Under the recapitalization, direct insurance…
-
Fidelity Bank launches new Prestige banking services
2015 bank of the year, Fidelity Bank, has demonstrated its commitment to leverage on modern technologies to achieve its target of becoming a top banking institution in the country in the short to medium term. According to the bank, its partnership with IBM and continuous retraining of its human resource should culminate in meet the…
-
Fidelity Bank targets stock market in 2 to 5 years
Indigenous bank, Fidelity, has disclosed to Citi Business News it is working to list on the Ghana Stock Exchange, at least within the next two years. The bank also believes the move will among others propel it into the top three banks in the short to medium term. According to the Managing Director of Fidelity…
-
TEN fields accrues $36m within six weeks
Ghana has raked in about 36 million dollars from oil produced from the TEN oilfields, barely six weeks after the commencement of commercial production. This is the indication from the Minister of Petroleum, Emmanuel Armah Kofi Buah. According to him, the oilfield has so far produced 800,000 barrels of oil since inauguration on August 18…
-
Refining 10ppm diesel to cost TOR $120m
The Chief Executive Officer of the Tema Oil Refinery, Kwame Awuah Darko has disclosed to Citi Business News it will cost Ghana about 120 million dollars to re-configure the country’s refinery mechanism to meet the 10 parts per million (ppm) sulphur content levels for diesel. The figure however runs contrary to the earlier statement by…
-
Businesses livid over delayed certificates as RGD sanctions defaulters
Scores of business operators have hit hard at the Registrar General’s Department over its delay in issuing certificates to businesses who have filed their annual returns. The Registrar General’s Department yesterday (October 3, 2016) begun enforcing the penalty on filing of annual returns, which will see companies slapped with a fine of 300 cedis daily…
-
ACEP demands further review of sulphur content for diesel
The African Centre for Energy Policy (ACEP) wants the National Petroleum Authority (NPA) to further review downwards, its maximum sulphur content requirement for diesel products imported into the country. “The announcement that the standards have been reduced to 500 ppm is not satisfactory the reason being that importers can still import diesel with Ultra sulphur…
-
NPA reviews maximum sulphur content for imported diesel
The National Petroleum Authority (NPA) has revised the national sulphur specification for diesel from maximum 3000 parts per million (ppm) to 500 ppm, effective January 2017. The Authority however says it will allow suppliers of fuel to Ghana to import diesel at 10ppm or lower. According to the NPA, whilst the revised national specification will…
-
MTN Ghana yet to commence 35% shares’ float – SEC
Citi Business News is learning that MTN is yet to conclude processes to allow it sell thirty-five percent of its stake in Ghana. This comes despite the Securities and Exchange Commission (SEC)’s acceptance of the telecom company’s decision to float shares to the public and allow local partnership in the company. The move also forms…