GET IN TOUCH
 
 
 
 
 

Business

2nd bidders’ conference on ECG privatization ends

Citi Business News has gathered that the Millennium Development Authority(MiDA), which is supervising the privatization of the Electricity Company of Ghana(ECG), will finalize its meeting with the six companies bidding for the power company today [Saturday]. The purpose of the meeting is to give the six companies an opportunity to ask and receive responses to questions from government, as well ...

Read More »

Parliament grants $90m tax waiver for Early power project

Parliament has approved a tax exemption package of 90 million dollars to construct the Early Power project. The project which is worth 647 million dollars is expected to produce a 400 megawatts power plant. The Early Power deal was originally signed in parliament in August 2016 after the country went through three years of power crisis. Speaking in parliament today, ...

Read More »

Book Launch: Success story of Fidelity Bank  

The success story of Ghanaian financial institution, Fidelity Bank has been featured in a book titled “Developing Africa’s Financial Services: The Importance of High Impact Entrepreneurship,”. The book was written by Prof. Dana Redford, President, Policy Experimentation and Evaluation Platform. The book addresses the key question of how entrepreneurial financial institutions have been able to rise in Africa, illustrating some ...

Read More »

GRA to impound uncustomed vehicles

The Ministry of Finance has set up a Special Surveillance and Monitoring Unit in collaboration with the Ghana Revenue Authority(GRA) to impound uncustomed vehicles. According to the Ministry, the move is aimed to blocking revenue leakages from unregistered vehicles that have entered the country through unapproved routes. Speaking at Press Conference, the Commissioner General at the Ghana Revenue Authority, Emmanuel ...

Read More »

GHc4.6bn interoperability contract now $4m – Bawumia

The Vice President, Dr. Mahamudu Bawumia, has disclosed that the new interoperability system to be rolled out by the Bank of Ghana in November  2017, will cost the country less than $4 million. The system when rolled out, will enable customers to transfer money easily across various networks. It will be managed by the Ghana Interbank Payment and Settlement Systems ...

Read More »

SEC to increase capital requirement of listed companies

The Securities and Exchange Commission (SEC) will soon announce a new capital requirement for companies listed on the Ghana Stock Exchange. The move follows recent announcement by the Bank of Ghana which also increased its capital requirement from 120 million cedis to 400 million cedis for banks in the country. Speaking to Citi Business News, the Director General of the ...

Read More »

Assurances to PUWU must be documented – Mutawakilu

The Minority Spokesperson on Mines and Energy, Adams Mutawakilu, is backing the Public Utilities Workers Union’s (PUWU) stance in its demand for severance packages for its members working with the Electricity Company of Ghana (ECG). Despite government assurances, the union is asking for more concrete commitments from the government, and Mr. Mutawakilu has asked the government to put its assurances in writing as oral ...

Read More »

Energy Bank lauds BOG’s recapitalization directive

Energy Bank’s management has lauded the Bank of Ghana’s proposed recapitalization policy which is to be operational by December 31, 2018. The BOG’s head of banking supervision, Raymond Amanfo, served notice that banks in serious financial distress could be closed by the Bank of Ghana if they fail to recapitalize. With the recapitalization rule, the BOG is likely to adjust ...

Read More »

Access bank secures additional investment for its operations

Access Bank Plc, the majority shareholder of Access Bank Ghana, which is ranked as one of the top 3 banks in Nigeria and amongst the top 20 banks in Africa by assets and capital, has announced its intention to inject additional capital into the Bank’s operations in Ghana before end of Q1 in 2018 after all regulatory requirements are fulfilled. ...

Read More »

Ghana’s petroleum revenue hits all-time-low in 2016 [Infographic]

Ghana received a little over $247.18 million in 2016 from oil revenue – the lowest amount since Ghana began commercial production of oil in 2011. In 2011, when commercial production commenced, the country received $444.12 million in 2012 and $ 541.62 million and $846.77 million in 2013 and 2014 respectively. The country recorded the highest oil revenue in 2014, with ...

Read More »