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Top management staff still at post at Unibank

Dr. Kwabena Duffuor II

All top executives but the CEO of Unibank, are still at post at the bank despite the presence of new managers from auditing firm, KPMG. Dr. Kwabena Duffour Junior has been made to step aside as the new managers say his continuous existence creates a duplication of roles with the Head of the new management team. The latest revelation comes about ...

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KPMG denies dismissals at Unibank


Managers of Unibank, KPMG, have dismissed media reports that they have terminated the appointment of some contract workers of the bank following an assessment of the bank’s operations. About five hundred workers of the bank are reported to have their employment contracts terminated as their roles were no longer needed. The report suggested that the workers affected included tellers and ...

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IMF waivers to Ghana is a good indication –Prof. Quartey

Prof. P. Quartey

The International Monetary Fund ((IMF) has granted some waivers to Ghana after its fifth and sixth review of the country’s economic performance under its programme with Ghana. A statement from the Fund said during the review, adjustments were made to the programme to ensure that it remains on track and to enhance its prospects of success. Despite this, the fund ...

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Lending rates to remain high despite drop in reference rate 

Prof. Godfred Bokpin - Head, Dept of Finance at UG

Lending rates of commercial banks may not be declining anytime soon despite the change in the formula of calculating the lending rates of banks. That is the position of Economist, Professor Godfred Bokpin. His comments come despite a marginal reduction in the Bank of Ghana’s new reference rate for May. Meanwhile business associations have lauded the marginal drop for this ...

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IMF completes 5th, 6th reviews: Approves $191m ECF for Ghana

Mr. Tao Zhang, Acting Chair and Deputy Managing Director,

The Executive Board of the International Monetary Fund (IMF) yesterday completed the fifth and sixth reviews of Ghana’s economic performance under the program supported by an Extended Credit Facility (ECF) arrangement. Completion of the reviews enables the disbursement of about US$191 million, bringing total disbursements under the arrangement to about US$764.1 million. A statement from the Fund said during the review, ...

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BoG reduces Ghana reference rate to 16.74% in May

Dr. Ernest Addison - BoG Governor

The Bank of Ghana’s new Ghana Reference Rate for May 2018 is 16.74 percent. The rate is the reference by which commercial banks will set their interests on loans granted to customers at least for this month. The figure is lower compared to that quoted for April which stood at 16.82 percent. Introduced in April this year, the Ghana reference ...

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Banks compete for limited fund on stock market

Bank new

Citi Business News has gathered that banks that have announced their intention of going to the stock market to raise funds to meet the 400 million cedis minimum capital requirement are calculating their time to raise the money due to limited funds. There have been concerns that investors on the stock market may not provide all the money needed by ...

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MTN’s self service kiosks not a threat to banks – Analysts

Mobile-Money transaction

MTN’s new self service kiosks will least threaten other similar services provided by commercial banks. As a result, the development should not result in any apprehension among the banking industry. That is the position of Financial Analyst, Sam Bediako Asante. The telecom giant’s new service is to deepen its mobile money business and drive competition. The introduction of the self ...

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Invest in portfolios you can easily liquidate—Databank CEO

Kojo Addae-Mensah

The Chief Executive Officer of Databank, Kojo Addae-Mensah is admonishing investors to ensure that a percentage of their investment can easily be converted to money before signing unto investments agreements. He pointed out that majority of investors tend to invest in portfolios such as buildings and other properties that cannot easily be liquidated, hence end up handicapped when they need ...

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First Atlantic Bank to meet new capital requirement by June


First Atlantic Bank has assured that it is positive of meeting the 400 million cedis capital requirement set by the Bank of Ghana. According to the bank, it has secured money from a private equity firm, hence will meet the requirement as stated by the regulator. The Bank of Ghana has set December 31st, 2018 as the deadline for all ...

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Citi Business News