BUSINESS

The Independent Power Producers (IPPs) have issued a warning that they will cut power supply by June 30 unless the government settles their outstanding debts owed them. The IPPs are demanding payment and have stated that they will shut down their plants if the government fails to initiate payment within the next few days. It has been revealed that the ...

Newmont Corporation has announced that it will defer the full-funds investment decision for the Yanacocha Sulfides project in Peru for at least two years as part of its portfolio optimisation strategy. The decision is aimed at maximising returns for shareholders and creating long-term value for other stakeholders. By deferring the project, Newmont can prioritize other opportunities that provide value and ...

Telecommunication network AirtelTigo has undergone a significant rebranding initiative, unveiling its new name as AT, effective from Thursday, June 22, 2023. The rebranding encompasses various sub-brands, including AT Business, AT Premier, AT Insurance, and ATMoney. Going forward, all branding, communications, and marketing materials associated with the telecommunication network will reflect the new identity, while existing business materials will be updated ...

The Producer Price Inflation (PPI) for the month of May, 2023 fell to 30.3%, from the 34.3% that was recorded in April. According to the Ghana Statistical Service (GSS), this figure represents a 4.0 percentage point decrease in producer inflation relative to the rate recorded in April 2023 (34.3%). The GSS data showed that the month-on-month change in the PPI ...

The Chief Executive Officer of the Ghana National Chamber of Commerce (GNCCI) and Industry, Mark Badu-Aboagye, says government must use the upcoming mid-year budget review to bring relief to businesses in the country. He said while it was envisaged that the $3 billion bailout by the International Monetary Fund (IMF) would bring stability, it “had also come with conditions that ...

Dean of Planning and Quality Assurance at the University of Mines and Technology (UMat-Tarkwa), Professor Bernard Kumi-Boateng has said that mining firms in Ghana should not be blamed for the underdevelopment and poor standards of living in mining communities in the country. On the concerns of the state of poverty in the mining communities and disparity in the living standards ...

Economist, Dr. Patrick Assuming, is advising government to be more pragmatic in its fiscal policy direction post-bailout from the International Monetary Fund (IMF). His caution is on the back of financial assurances from the country’s external creditors and the anticipated International Monetary Fund board approval for Ghana. Speaking to Citi Business News, Dr. Patrick Assuming also a lecturer of Finance ...

Staff of GIHOC Distilleries Limited in Accra, are demanding the immediate removal of the Managing Director, Maxwell Kofi Jumah over mismanagement. The workers who embarked on a protest at the premises of the company amidst heavy police presence on Tuesday, May 16 insist that their salaries have been in arrears for the past three months. They also allege that their ...

A Financial Analyst and Chief Operations Officer at Dalex Finance Mr Joe Jackson has said local financial institutions need to be supported in order to stay in business. Otherwise, he said, the financial sector will remain in the hands of expatriate investors. However, he said, supporting the local banks does not mean the standard should be lowered. In his view, ...

There are still some local banks and other financial institutions in Ghana that are operating but are in deep trouble, Chief Operations Officer of Dalex Finance Mr Joe Jackson. He asked whether the Bank of Ghana (BoG) is going to identify these banks and provide support for them or not. He said while reacting to a promise by the newly-elected ...