BUSINESS

The Tema Oil Refinery (TOR), has shut down again following a shortage of crude oil at the facility. The refinery, which has the capacity to refine about 45,000 barrels of crude oil a day, has been operating below capacity for some time now. Confirming the shutdown to Citi News, the Executive Director of the Institute of Energy Security, Kwasi Anamua ...

Investment research outfit, GN Research, has waded into the Ghana Cedi depreciation debate, arguing the local currency is performing better than 2016 when the National Democratic Congress (NDC) was in power. Former president John Mahama and vice president Dr. Mahamudu Bawumia have been throwing jabs at each other over which government best managed the Cedi. Ahead of the presentation of ...

Hundreds of victims of online Ponzi scheme, Savanna Brokerage, are threatening a nationwide demonstration against MTN. The victims are blaming the telecom company of doing little to help in the retrieval of about GHC11 million investment locked up in MTN Merchant accounts. These victims paid monies via MTN Merchant accounts to invest into Savanna Brokerage’s ponzi investment packages. The Juiciest ...

Government’s dream to revive the defunct Ghana airways by December 2019 is in limbo as most of the prime routes have been offloaded to the South African Airways. The last aircraft of Ghana Airways, a 276 seater capacity plane purchased from the US, had been converted into a ‘chop bar’ (La Tante DC 10 restaurant), situated right opposite the Marina ...

SEND Ghana has called on government to engage civil society organisations in the formulation of national policies to ensure an all-inclusive development in attaining the Sustainable Development Goals (SDGs). The organization noted that, development initiatives were more effective for poverty reduction when all stakeholders, especially citizens and marginalized communities were actively involved in the planning, execution and monitoring of development ...

Universal Merchant Bank held a market forum to engage with their customers and non-customers in the central business district as part of activities to create awareness and increase usage for their mobile banking product, UMB SpeedApp. The UMB SpeedApp market forum came off at the Rawlings Park in Accra Central and it was mostly attended by the various cooperatives and ...

West Africa dominates the agri-tech startup space – home to two of the three largest startup ecosystems active in this sector, a new report has stated. According to the ‘Agrinnovating for Africa: Exploring the African Agri-Tech Startup Ecosystem Report 2018’, the region accounts for 44 per cent of Africa’s agri-tech startups, spread across six countries. Unsurprisingly, Nigeria is the key ...

With virtually six months to the Bank of Ghana’s minimum capital deadline for banks, the Ghana Stock Exchange (GSE) says banks hoping to use Initial Public Offers (IPOs) to recapitalise but are yet to get their documentation ready have missed the opportunity available for capital raising under a public offer. This is because the various processes required to make an ...

MTN has appointed Selorm Adadevoh as the new Chief Executive Officer of MTN Ghana. He takes over from Ebenezer Asante who is now the Vice President of the MTN Group. Mr. Adadevoh’s appointment takes effect from today, June 20, 2018 and he is expected to steer the affairs of Ghana’s largest Telecoms network. Prior to taking up the MTN Ghana ...

Standard Chartered Bank has appointed Dr Emmanuel Oteng Kumah as its new Board Chairman effective July 1, 2018. This was announced when the Bank took its turn at ‘the fact behind the figures’ series at the Ghana Stock Exchange. “We have here Dr Oteng Kumah to take over as board chairman after Dr Ishmael Yamson retires,” Kweku Nimfa, Chief Financial ...