Business

Fri
10
Nov
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Emirates Group H1 Revenue Hits $13.4 Billion, 6% Up From Last Year

The Emirates Group has registerd a revenue growth of Dh49.4 billion ($13.4 billion) for the first six months, up 6 per cent from Dh46.5 billion ($12.6 billion) during the same period last year.

Profitability rebounded after a low during the same period last year, with the group reporting a 2017-18 half-year net profit of Dh2.3 billion ($626 million), up 77 per cent. This result was driven by capacity optimisation and efficiency initiatives across the company, steady business growth, and a more favourable foreign exchange situation compared to the same period last year.

The group’s cash position on September 30 was at Dh18.9 billion ($5.14 billion), compared to Dh19.1 billion ($ 5.19 billion) as at March 31 2017.

Wed
08
Nov
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Export of vegetables to EU resumes Jan 2018

The European Union (EU) has lifted the ban on vegetable exports from the country into the EU market after satisfying itself with the country’s phytosanitary requirements.

The five Ghanaian plants which were banned three years ago are chilli pepper, bottle gourds, luffa gourds, bitter gourds and eggplants.

This means that from January 1, 2018, exporters of these vegetables will have duty-free and quota-free access to the EU market like any other product from Ghana.

In a press release issued by the EU Delegation to Ghana on Tuesday, the EU Commission said the country was presently phytosanitary ready to undertake export of the five selected vegetables.

The country is estimated to have lost about US$30 million in export revenue as a result of the ban on vegetable exports into the EU.

The five commodities will have to fulfil the EU phytosanitary legislation to ensure the freedom of quarantine pests.

Fri
27
Oct

MTN reintroduces ‘Cash Out’ feature to Mobile money users

Mobile telecom operator, MTN Ghana has announced the comeback of the ‘Cash Out’ feature which is to be launched on November 4, 2017.

The feature enables mobile money customers to select ‘allow cash out’ before an agent can initiate a transaction.

Speaking at the press briefing, Business Development Manager, MTN, Abdul-Majeed Rufai indicated that mobile money agents should not record subscribers’ numbers in the transaction sheets as they have issued new transaction booklets so as not to disclose numbers of the subscribers.

“We are bringing back that feature that will allow the customer first and foremost select allow cash out, turn it on, before an agent can issue the transaction” he said.

Fri
27
Oct

Four new members join Board of GCB bank

Four additional members have been sworn onto the Board of GCB Bank Limited as directors.

They are Mr Samuel Amankwah, Chief Operating Officer (COO), Mr. Francis Arthur-Collins, Mr Ray Ankrah and Mr Osman Ayuba.

This brings to ten the number of directors appointed to the Board of the Bank.

In June this year, Mr. Nik Amarteifio, Mr. Richard Oppong and Nana Saara III, Queen-Mother of Denkyira became Board Members.

It will be recalled that Mr. Jude Arthur, an accomplished banker was recently appointed Board Chairman of the Bank together with Mrs. Lydia Essah and Mr. Anselm Ray Sowah, the Managing Director.

Mr Amankwah replaces Mr Samuel Sarpong, who retired from the service of the Bank in May this year as COO and Executive member of the Board of the Bank.

GCB takes over UT, Capital Banks

GCB bank recently took over Capital Bank and UT Bank after the Bank of Ghana revoked the licenses of the two banks.

Fri
27
Oct

Ghana Post GPS: Apologise for ‘misleading’ Ghanaians – Group to Bawumia

The Coalition of Democratic Governance (CDG) has labelled government’s decision to channel about $2.5 million into the purchase of an app (Ghana Post GPS) for a digital address system, as an agenda to misappropriate state funds.

The group in a statement highlighted key reasons the app was a hoax and a possible attempt by government to cause financial loss to the state.

The group said Vice president, Dr. Mahamudu Bawumia owe Ghanaians an apology as per their investigations, information given concerning the digital addressing system was “half baked”.

Thu
26
Oct

DVLA goes digital

Persons who apply for a drivers’ license will now be able to obtain it within a period of two to four weeks.

This follows the introduction of the New Smart Drivers’ License which will be launched on the 7th of November 2017.

Speaking to Citi Business News at the sidelines of a media engagement with the Driver and Vehicle Licensing Authority( DVLA), Deputy CEO of the Authority, Kwame Appiah Kubi was optimistic that the introduction of the new system will among other things reduce revenue leakages normally associated with the application of driver’s licenses.

“We have to digitize, which is also part of government’s target that we remove the human interface from the system. It’s there that this issue of “gorro” boys” will be removed, he said.

“Dwindling revenue is also going to be improved, that is why management came out with this policy of digitizing almost all our services so that it will be easier for people to access our services,” he added.

Thu
26
Oct

Banks to cut back lending to energy sector

Banks are expected to tighten their lending to the energy sector soon. It will follow the repayment of the accumulated energy debt to the affected banks.

Currently, bids are being accepted for the first tranche of the bond to raise 6 billion cedis.

This is expected to close by Friday, October 27, 2017.

But Economist at the University of Ghana Business School, Dr. Lord Mensah tells Citi Business News the reduction in loans to the energy sector is inevitable as the development has adversely affected the financial position of most banks.

Dr. Mensah says the decision would also be influenced by the available options in lending with relatively lower defaulting rates.

Sat
21
Oct

Information collected for digital address system will be protected – Minister

The Minister of Communication, Ursula Owusu-Ekuful, on Wednesday, said information collected for the National Digital Property Addressing System would be kept under lock and key.

According to her, the system would also make it difficult for criminals to hide in the country as well as prevent them from accessing or hacking any data.

Speaking at the launch of the addressing system, the Communication Minister noted that the system would also unlock the mystery of capital generation.

The National Digital Property Addressing System was designed by Vokacom, a Ghanaian Information Technology firm, at a cost of $2.5 million.

The digital address system will be a precursor to the National Identification Authority’s Ghana card which is to be rolled out this year.

Sat
21
Oct

AMA suspends traffic violation enforcement on Aayalolo services

The Accra Metropolitan Assembly (AMA) has said that the enforcement activities by Greater Accra Passenger Transport Executive (GAPTE) along its Accra CMB-Amasaman route will be temporarily suspended till a new board is formed to give further direction.

A statement released by the AMA on Friday October 20 said : “The Greater Accra Passenger Transport Executive (GAPTE), through the Accra Metropolitan Assembly (AMA), mandated to manage the provision of quality bus services along the Accra CMB-Amasaman corridor has noted with dismay, unauthorised usage of infrastructure and installations meant for the exclusive operations of the Aayalolo Buses. This violates the traffic policy of the Assembly.

“This press statement is to inform the general motoring public that, enforcement activities by GAPTE along its Accra CMB-Amasaman route will be temporarily suspended till a new board is formed to give further direction.

Sat
21
Oct

NCA shows mercy; slashes FM stations’ fines by 50%

In an act of leniency, the Ministry of Communications and the National Communications Authority (NCA), have slashed the fines for the sanctioned commercial FM Broadcasting stations by 50 percent.

The stations have thus been given additional 30 days to pay the slashed fines.

“Defaulting Commercial FM Broadcasting Stations that were fined by the NCA have also had their fines reduced by 50%. They have 30 days from 20th October, 2017, to pay the 50% reduced penalties or have their authorizations revoked,” a statement from the NCA said.

“It is the expectation of the Ministry and the Authority that all defaulting FM stations will take advantage of this opportunity and ensure compliance within the shortest possible time,” the NCA added.

For the 34 sanctioned stations that had their licenses revoked because their authorizations had expired, they have been given 10 days to petition the Minister of Communications, Ursula Owusu-Ekuful.

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