The Attorney General’s (AG) Department on Wednesday failed to produce a file on 34 billion old Ghana Cedis (GHC 3.4m) judgment debt paid to one Nana Emmanuel Duke Woode for the confiscation of his companies. The state confiscated Holex Ghana Limited and Priorities Ghana Limited, timber companies belonging to Nana Woode who sued the A-G leading to the award of judgment debt to Woode in 2006. Briefing the media after the sitting, Counsel to the Judgement Debt {.....}

Dark and Lovely announced the launch of Dark and Lovely Crème 6 Oils body lotion, the first multi-active formula which combines six natural oils to help combat the six most common imperfections affecting African skin on the Ghanaian market. African skin is more prone to certain conditions of which the most common is dullness, dryness, roughness, unevenness, tightness and an “ashy”look. As a result, many African women usually add extra oils to traditional body lotions to retain {....}

The National Insurance Commission (NIC) has developed new guidelines to compel insurance companies to pay claims that have been established as genuine within seven days. The Commission believes the guidelines will help to boost confidence in an industry that has over the years been battered by claims redemption challenges which have left many people in pain, affecting confidence and trust in insurance companies. The NIC contends that implementation of the ‘No Premium {....}

The Managing Director of the Ghana Netherlands Chamber of Commerce Nico van Staalduinen has cautioned Ghana not to consider banning the importation of chicken. There have been calls for government to ban the importation of poultry products to save the local industry as well as reduce imports to shore up the cedi which has seen massive depreciation this year. Government has asserted it may heed to the calls to ban poultry imports if only local farmers, demonstrate, the capacity to produce, to satisfy the {.....}

The Minister of Foreign Affairs, Hannah Tetteh has shot down calls for the establishment of an Export Development Bank. The bank was to be established to provide finance for industries focused on producing for exports. Citi Business News gathers plans to establish this bank has been on the table for some time. Hannah Tetteh said this at the Graphic Business/Fidelity Bank Breakfast meeting on the theme “Maximizing the value of exports to improve Ghana’s trade balance”. Minister of Trade and {.....}

The first phase of the Bus Rapid Transit (BRT) project is expected to commence in December 2014. This was revealed by the Local Government and Rural Development Minister, Julius Debrah at the inauguration of the Board of the Greater Accra Passenger Transport Executive (GAPTE). The Passenger Transport Executive will be responsible for the planning, regulation and coordination of public transport services in the Greater Accra Region. Speaking to Citi News, Mr. Debrah disclosed [.....]

Henry Kofi Wampah, Governor of the Bank of Ghana (BoG), has called for stronger action from the Ministry of Finance and government to alleviate the country’s economic difficulties. “Fiscal consolidation will require a more aggressive stance in the second half of 2014. Government must continue to enhance revenue measures and rationalise expenditures to achieve the fiscal deficit target of 8.5 percent of GDP for the year,” Wampah said in his latest monetary policy briefing in Accra [.....]

CAL Bank Limited today signed a US$ 28,543,200 Tier 2 Capital Credit Agreement with Societe De Promotion Et De Participation Pour La Cooperation Economique S. A.(PROPARCO), the French government development finance institution. PROPARCO, a long-standing debt financier of CAL Bank, acquired a 6.86% stake in CAL in June 2012. The agreement was signed by of Mr. Frank Adu, Managing Director of CAL BANK Ghana and Mr. Julien Lefilleur, PROPARCO’s Regional Director for [.....]

The Bank of Ghana has revealed that the country’s public debt including both domestic and external debt hit 58.4billion cedis at end of March this year. This is a leap from the GH¢52.1 billion recorded at the end of December last year. The new figure represents 55.4 percent of GDP. Of the total, the domestic debt component was GH¢27.8 billion which is 47.5% of the overall total. According to the Governor of the bank of Ghana Dr Henry Kofi Wampah provisional data on government fiscal operations [....]

The Northern Regional capital, Tamale has been hit by cement shortage. This comes at the back of Citi Business News report last week of a nationwide shortage of the cement product. Some major cement retailers in Tamale Township including Aspet and Yaamusah companies limited have empty warehouses. Not considering the shortage, the price of cement within a space of 12 hours skyrocketed from GHC28 to GHC35 in Tamale Township. The new price is fixed for any brand be it GHACEM [....]

Vodafone Ghana has appointed Agnes Emefa Essah as its new Chief Marketing Officer. Her appointment took effect from the 2nd of July, 2014. Agnes Emefa Essah takes over from Uche Ofodile who resigned from that position last month. Agnes Emefa Essah holds a Masters in Business Administration from the University of Ghana Business School and has a Bachelor of Arts degree from the University of Ghana. Before joining Vodafone, Agnes was the Marketing and Innovation Director at Guinness [...]

With effect from Monday, July 7, 2014, the price of iced sachet water will be GHp20. A release issued by the National Association of Sachet and Packaged Water Producers(NASPAWAP), said the increase in price was due to the high cost of inputs and other overheads. It said consumers should, therefore, “expect to buy a bag of 30 sachet at the retail outlets at a minimum price of GH¢3.5. The release appealed for public co-operation [...]

Domestic Airline Operator Fly 540 has confirmed to Citi Business News it is halting operations in Ghana. Fly 540 in a press statement to Citi Business News however said the suspension of its operations in the country was temporary. According to the airline the suspension is to enable it undertake key reorganization of its operations. This is expected to enable Fly 540 to provide more efficient service for its customers. Citi Business News last week reported that the airline operator was halting [...]

The Metro Mass Transit Company has appealed to government to write-off its debts which have accrued as a result of the deferment of import duties on buses brought into the country. Managing Director of MMT, John Awuku Dzuazah, warned that any attempt to get the company honour its tax obligations to the state could see it go down. “We will be making a case to the sector Minister so she can forward it to Cabinet and parliament,” he said. MMT was established in 2003 by the government in [...]

The Turkish Kitchenware sector is working to increase its trade investment inflow in Ghana through partnerships with Ghanaian industrialists within the next five years. Currently, Turkish kitchenware exports to Ghana stands at $1.06 million. Overall, Turkey’s annual kitchenware exports to the rest of the world stands at $4 billion. Mr Murat Akyuz, Chairman of the Istanbul Chemicals and Chemical Product Exporters’ Association (ICCPEA)[...]

Ghana loses approximately $1.2 billion in tax incentives offered foreign companies every year which would otherwise have been channelled into segments of the economy crying for real resuscitation, a study carried by ActionAid Ghana has established. Consequently, the study has advised the enactment of necessary legislation so that all the huge sums or money that go to cushion foreign companiesoperating in the country,[...]