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Bitcoins, Altcoins, Ponzi Schemes (Article)


Virtual Currency: An unregulated digital currency that can be used as a substitute for real and legally recognized currency. Convertible Virtual Currency usually has a measurable value in real money, but what makes it convertible lies in its ability to be exchangeable. Not all virtual currency can be exchanged for legal tender though, therefore, not all virtual currency is convertible. ...

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First Atlantic Bank secures new investment to increase capital

First Atlantic 1

First Atlantic Bank is set to meet the new minimum capital requirement of 400 million cedis for banks by the second quarter of this year, 2018. This comes after the bank secured various investments, with the most recent being an investment with Advanced Finance and Investment Group (AFIG). The Governor of the Bank of Ghana, Dr Ernest Addison in November ...

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New law to track VAT electronically in the offing

VAT on Fin Services

Parliament will soon pass a law that will track all VAT issued at various retail centers across the country. The Fiscal Electronic Device Bill is expected to connect all Point of Sale (PoS) devices with the Ghana Revenue Authority (GRA)’s systems. The move is to ensure that VAT issuing companies do not under declare their values and also punish tax ...

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PFMA to tame excess borrowing – Economist


Some Economists have told Citi Business News they expect the Public Financial Management Act (PFMA) to restrict government’s future borrowing to specific needs. According to Lecturer at the University of Ghana Business School, Dr. Lord Mensah, this should regulate spending and avoid budget overruns. The comment follows the formulation of regulations to guide the implementation of the PFMA. This also ...

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GCB eyes leading bank with new strategy

GCB Bank 1

GCB Bank is optimistic it will increase its market share in the banking industry within the short to medium term. This comes as the bank has outdoored its ‘Golden Eagle Ambassador initiative’. Under the initiative, 200 staff have been selected from all nine zones in which the bank operates to market the bank. The move also comes at a time ...

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Ivory Finance pursues cash from SIC Insurance


Ivory Finance has told Citi Business News it still stands by its case of being owed by SIC Insurance in a breach of contract in a credit guarantee case currently before the court. The Supreme Court, on Wednesday February 21, 2018, ordered that all parties return to the High Court for the court to sit over the merits of an ...

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Banks to lose hold on interest rates

Dr. Ernest Addison - BoG Governor

The Bank of Ghana is hoping that banks will soon reduce their interest rates on loans to reflect the continuous drop in the policy rate. The central bank believes that the development should also help correct the balance sheets of banks by reducing the Non-Performing Loans. This was among the key issues raised at a public lecture on the effectiveness ...

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NIC to address undercutting of insurance premiums                                             

WhatsApp Image 2018-02-21 at 11.12.43 AM

The Commissioner of National Insurance Commission(NIC), Justice Ofori has told Citi Business News the commission is working to produce the right mechanisms to aid in addressing issues of undercutting insurance premiums by the end of March. The Commissioner says the constant undercutting is a major setback to the insurance industry. The development follows the undercharging of premium by some Brokers, ...

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Supreme Court upholds SIC’s appeal against Ivory Finance

SIC  MD - Stephen Oduro

The Supreme Court today, Wednesday, February 21, 2018, ordered SIC and Ivory Finance, to resort to the High Court for the hearing of the merits of an allegation of fraud leveled against Ivory Finance. SIC’s appeal is in relation to a guarantee case which has been in court for the past five years. In November 2013, Ivory Finance sued SIC ...

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Poor competition among banks cause of high interest rates

Ghana Cedi

Economist, Dr. Ebo Turkson has told Citi Business News that interest rates on loans will continue to be high, until competition amongst the banks improves. The latest data from the Bank of Ghana indicates that the average base rate at which commercial banks lend to their customers has dropped by only 0.1 percent. The figure dropped from 25.7% in December ...

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Ghana Business News