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Banking And Finance

BoG targets lower interests with GH¢400m capital                                                             

Dr. Ernest Addison, Governor of the Bank of Ghana

Governor of the Bank of Ghana, Dr. Ernest Addison has assured that the increased minimum capital requirement will result in reducing the lending rates by banks. Dr. Addison argues that the requirements will create stronger banks which will lead to bigger banks and lower unit cost. “Lending rates are still high but the explanations are the high non-performing loans. We ...

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Cedi stabilises amidst festive season blues

Ghana-Cedis-610x330-300x160 (1)

Checks by Citi Business News have shown that the cedi has experienced relative stability against some major trading currencies for the past two weeks. The cedi which normally depreciates at a fast rate around the festive season has since the 23rd of November remained at 4 cedis 41 pesewas on the interbank foreign exchange market and between 4 cedis 48 ...

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GCB nominates representatives for One District, One Factory programme

MD of GCB, Ray Sowah

GCB Bank Ltd has nominated 216 officers to work with the various districts of the country to help ensure entrepreneurs selected under the One District One Factory (1D1F) Initiative benefit from easy credit facilities from the Bank. A statement copied to Citi Business News said The GCB representatives will work closely with the District Implementation Committees to extend credit businesses ...

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Access Bank to raise additional capital of GH¢450m

A cross section of the shareholders and board of directors at the EGM

Shareholders of Access Bank Ghana, one of the leading retail banks in Ghana, have approved a capital raising exercise worth GHs 450 million at an Extraordinary General Meeting (EGM) held on Tuesday December 12, 2017 at the Coconut Grove Regency Hotel in Accra. The additional capital to be raised by the Bank will be implemented through the combination of a ...

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EOCO probes AGT Microfinance Company

AGT

The Economic and Organised Crime Office (EOCO) has taken over a case involving AGT Microfinance over the company’s inability to pay customers whose investments are due. Citi Business News understands the management has since been compelled to make some commitments in settling the affected customers. Citi Business News’ checks at the central bank show that this issue has been going ...

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Second Deputy Governor denies resignation reports

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

The Second Deputy Governor of the Bank of Ghana(BoG) Dr Johnson Asiama has denied reports that he has resigned. Reports this morning stated that, Dr. Asiama had bowed out from the central bank, after serving close to two years of his four year contract. But reacting to the report after Citi Business News contacted him, he said he had not ...

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MTN secures ¢GH510 million credit facility

MTN

MTN Ghana has secured a credit facility through a syndication worth GHC 510 million from 9 banks in Ghana to improve its infrastructure and services. This is the second time the telecom operator is undertaking such a deal. In 2012, MTN carried out a similar loan syndication deal to finance network expansion. That facility was repaid in May this year, giving ...

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HFC Bank upbeat of competition in mortgage offers

Anthony Jordan HFC 1

HFC Bank has ruled out any fears of losing to competition in the mortgage industry with the coming on board of GHL Bank. Managing Director of HFC Bank, Anthony Jordan explains that the vast housing needs of customers make it necessary for more players to come on board to address the issue. Considered as one of the leading mortgage centered ...

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Solving housing gap: Lands Commission tackles complex registration

HFC housing 1

The Lands Commission is set to reduce the incidences of landguards’ attacks in the acquisition of land with its new land documentation system. The Ghana Enterprise Lands Information System (GELIS) aims at fast tracking the acquisition of land titles by using electronic platforms. The move is also geared at reducing the turnaround time for land registration to one month from ...

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Insurance companies laud recapitalisation

Justice Yaw Ofori - NIC Boss

The Managing Director of Ghana Reinsurance Company, George Mensah has described as crucial the recapitalization of insurance companies in the country. According to him insurance companies will continue to lose out in providing insurance in sectors such as oil and gas if their capital is not strengthened. The Commissioner of the National Insurance Commission (NIC), Justice Yaw Ofori earlier this ...

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Ghana Business News