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Tag Archives: Ghana Business News

VRA debt owed Ghana Gas hits $735 million


Management of the Ghana Gas Company has revealed that the Volta River Authority (VRA) owes the company 735 million dollars. The debt was incurred as a result of VRA’s inability to pay for gas supplied to power its thermal plants. The development according to Ghana Gas is affecting its financial status. Speaking at a press conference, the Head of Finance ...

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Lack of bond guarantee hampering ECG takeover – IES


The Institute of Energy Security(IES) has stated that the delay in announcing the takeover of the Electricity Company of Ghana (ECG) by Power Distribution Services(PDS) is due to the latter’s refusal to provide a bond guarantee. The Millennium Development Authority (MiDA) announced in January that PDS was scheduled to take over ECG on February 1, but the deal was postponed. ...

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IES raises concern as PURC, ECG delay major policy decision making


The Institute of Energy Security, IES, is warning that the technical and operational challenges within the ECG may escalate if the process for the handing over to the Power Distribution Services (PDS) is delayed any further. The IES also wants the PURC to be swift in announcing the new tariffs as the delay is impacting planning for businesses and the ...

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We’re not mandated to list on stock market –Vodafone


Vodafone Ghana says it is not mandated to list on the Ghana Stock Exchange following the acquisition of the 4G license. The company in a statement stressed that the bid documents for the license nor the license condition do not make reference to listing on the bourse hence its decision. The comments is in response to remarks by the management ...

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Pharmacy Chamber seeks incentives for pharma-park


The Chamber of Pharmacy Ghana has made an appeal for the government to provide incentives for its new pharma-park. Among the requests are; one hundred percent income tax free status, duty free imports for building materials, amongst others. The aim of this project is to reduce imports of medicines substantially within the short to medium term. According to the Chamber, ...

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Enterprise Group announces new appointments


Enterprise Group Limited is pleased to announce the reorganization of its business structures resulting in a number of new appointments, with effect from 2nd January, 2019. The new appointments are as follows: Kwame Ofori, who held the office of Executive Director of the General Business subsidiary, Enterprise Insurance from 2010 to 2018, will become Executive Director of a new Specialist Risk Business ...

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Six fund managers exit investment market


The Securities and Exchange Commission (SEC) has cautioned the public against doing business with some six fund management companies who have voluntarily ceased their operations. The companies cited various reasons for the decision. As a result, the regulator says they are not supposed to engage the public in that capacity henceforth. The fund management companies include; HFC Capital Partners Limited, ...

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Goldfields improves productivity with contract mining – Chamber of Mines


The Ghana Chamber of Mines has disclosed to Citi Business News that the change in operations by Goldfields has led to increased productivity at the company’s Tarkwa mine. Goldfields, in 2018 announced a major shift in its mining operations from owner to contract mining sparkling a lot of controversy from labour unions over job losses. But the Chamber of mines ...

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$670m support to stabilise cedi laudable – Prof. Peter Quartey

Ghana Cedi

Professor of Economics at the Institute of Statistical, Social and Economic Research (ISSER), Peter Quartey, has described as a move in the right direction, the decision by the Bank of Ghana to use six hundred and seventy million dollars ($670,000,000) to stabilize the cedi. The Governor of the Bank of Ghana, Dr Ernest Addison revealed that the amount was used ...

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Absa CEO, Maria Ramos to retire at end of February 2019 

Maria Ramos - CEO, Absa Group

Absa has announced that its Group Chief Executive Officer, Maria Ramos will retire in February 2019. Ms Ramos’ retirement is based on the fact that she turns 60 which makes her eligible to retire. A statement from Absa on the matter said: “Maria has been Group Chief Executive since 2009. She has led the Group through significant milestones including: acquiring ...

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