BUSINESS

Newmont Africa advances growth projects at Ahafo

Newmont Africa has announced plans to build a new underground mine and expand processing capacity at its Ahafo operations by more than 50 percent. According to the Regional Senior Vice President – Africa operations, Alwyn Pretorius, the expansion will extend sustainable and profitable production at Ahafo. “We have secured the required environmental permits and resources to self-fund a new underground ...

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World Economic Forum on Africa opens in Durban

More than 1,000 participants are taking part in the 27th World Economic Forum on Africa in Durban, South Africa which opens today. This year’s forum, which focuses on the theme “Achieving inclusive growth through responsive and responsible leadership”, will explore ways in which Africa can leverage on its technological revolution to achieve inclusive economic growth. The three-day event has brought ...

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We’re sorry – Adonko Bitters manufacturers

Angel Group of Companies, manufacturers of Adonko Bitters, has apologised for “any untoward developments” leading to the suspension of the product by the Food and Drugs Authority (FDA). The product with batch number 201 allegedly caused the passing out of several patrons at an Easter Monday event at the Baba Yara Sports Stadium in Kumasi. The FDA sanctioned the company ...

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More OMCs threaten layoffs over illegal trade

More workers are set to be laid off in the petroleum downstream sector as the illegal sale of petroleum products continue unabated. Already, the CEO of the Association of Oil Marketing Companies, Kwaku Agyeman-Duah has warned of some 4000 job losses in the next few months due to the development. The Association contends that profits for its members continue to ...

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Ghana loses $2.1bn on tax incentives annually – Study

More workers are set to be laid off in the petroleum downstream sector as the illegal sale of petroleum products continue unabated. Already, the CEO of the Association of Oil Marketing Companies, Kwaku Agyeman-Duah has warned of some 4000 job losses in the next few months due to the development. The Association contends that profits for its members continue to ...

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HFC, Republic Bank officials call on Akufo-Addo

Officials of HFC Bank and Republic Bank have paid a courtesy call on Ghana’s president Nana Addo Dankwa Akufo-Addo. They include HFC Bank’s new board chairman, Mr. Charles William Zwennes, together with the Managing Director, Mr. Robert Lennard Le Hunte and the President of Republic Financial Holdings Limited (RFHL), Mr. Nigel Mark Baptiste. During the meeting, the President of Ghana ...

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New minimum capital for banks pegged at GH¢200-260m

Commercial banks in Ghana would have to increase their minimum capital for operation to at least 200 million cedis. This follows the revision of the minimum capital requirement by the Bank of Ghana. The new figure will represent close to a hundred percent increase in the current minimum capital requirement of 120 million cedis. Some financial analysts have cited the ...

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HFC Bank Records Losses

HFC Bank Ghana Limited and its subsidiaries recorded a widening loss-after-tax and non-controlling interest of GH¢47.73 million for the 2016 financial year. HFC Bank Ghana Limited and its subsidiaries also recorded an 18 percent rise in assets from GH¢1.6 billion to GH¢1.89 billion. Deposits also increased by 31 percent, outperforming the industry average of 25 percent. The loss position was ...

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38 business leaders honored, Nii Kotei Dzani picks top award

The Founder and President of Groupe Ideal, Nii Kotei Dzani has been named as the Best Entrepreneur for 2016. It follows his contribution to Ghana’s economy through his business venture comprising thirteen subsidiaries. Mr. Kotei Dzani was among thirty eight business managers honored at this year’s edition of the Ghana Entrepreneur and Corporate Executive Awards. This year’s awards saw thirty-eight ...

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