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Author Archives: Pius Amihere Blay

Communications Minister calls on Tigo Ghana

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The Ministry of Communications is set to review current policies on telecom regulation and mobile financial services in the country. The exercise is among others aimed at keeping telecom operations with current trends and attract the unbanked population. Communications Minister, Ursula Owusu Ekuful who disclosed this also explained that the review should help mop up the excess liquidity in the ...

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Implement findings of AQR exercise – BoG orders banks

Dr. Johnson Asiama - 2nd Deputy Governor of the Bank of Ghana

The Bank of Ghana (BoG) has directed all banks to strictly comply with its recommendations from a recent Asset Quality Review (AQR) exercise conducted by the bank. The findings which have been dispatched to the banks pointed out specific risk exposure of all banks and measures that must be employed to minimize their effect on the financial sector. Speaking at ...

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CAL Bank’s 2016 profits dip over high NPLs

Frank Adu-1-600x330

CAL bank’s total profits for 2016 dropped by as much as 95 percent compared to the profits recorded in 2015. The bank’s profit dropped to 7.2 million cedis in 2016 from the over 160 million cedis recorded in the previous year. At CAL Bank’s 2016 AGM, the Board explained that the significant drop in profits was as a result of ...

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VRA still owes gas suppliers – WAPCo

wapco

Citi Business News can confirm that Ghana is yet to settle outstanding debts owed Nigeria Gas Company and subsequently, the West African Gas Pipeline Company (WAPCo). There were recent reports that government had settled all debts owed N-Gas hence WAPCo. But WAPCo has denied receiving any payment for the debts estimated at 100 million dollars. The erstwhile NDC government last ...

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Ghana open to business again – Bawumia to  investors

bawumia

Vice President, Dr. Mahamudu Bawumia, has re-echoed the NPP government’s plan to make Ghana an investment destination for investors as it commits to maintaining economic stability. At a gathering of investors and other stakeholders in the Diaspora, the Vice President outlined efforts by the government to restructure the economy and reduce the challenges that have hampered investments into the country. ...

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Akufo Addo renews plans to reduce cost of power

Nana-Addo

President Nana Addo Dankwa Akufo-Addo, has re-emphasized his government’s resolve to protect consumers from high costs of power. He explains that though government is open to private participation in developing the energy sector, it is determined to do so within reasonable price charges. The President made the remarks when he cut the sod for the commencement of construction of the ...

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Illegal fuel importers cost GH¢850m loss annually – NPA

Hassan Tampuli - CEO, NPA

The National Petroleum Authority (NPA) has disclosed that Ghana loses about 850 million cedis annually in taxes, due to the increased activities of fuel smugglers into and out of the country. The illegal act is said to involve operators who ply their business at the ports by fuelling tanks with fuel products brought into the country via unapproved routes. The ...

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AG’s report already contained 2015 bauxite proceeds – BoG

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The Bank of Ghana has clarified that the US$41.05 million proceeds from bauxite had already been accounted for in the Auditor General’s 2015 Statements of Foreign Exchange Receipts and Payments report. Documents cited by Citi Business News indicate that financial proceeds of the mineral were accounted for but in a separate column as the means of repatriation did not form part ...

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World Bank supports Sub Saharan Africa with $ 57bn

World Bank President - Jin Yong Kim

Sub- Saharan countries facing threats of famine in the near future could heave a sigh of relief as the World Bank commits 1.6 billion dollars to avert the crisis. This comes on the back of a record 57 billion dollars from the World Bank to support key developmental projects in Sub-Saharan Africa over the next three years. President of the ...

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Ghana Business News