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“Kwesi Nyantakyi” causes panic withdrawals at Savings & Loans Company

Ghana Cedi

Management of First Allied Savings and Loans Company has expressed worry over panic withdrawals caused by reports that an alleged shareholder by name Nyantakyi is to take over the company. According to the management, the panic withdrawals occurred when suspended Chairman of the Ghana Football Association (GFA)Kwesi Nyantakyi was caught on tape over corruption allegations in an expose’ by Anas ...

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GCB Bank joins IIA to help local business dev’t


GCB Bank and Invest In Africa (IIA) are pleased to announce the signing of an agreement that formally makes GCB Bank the newest partner of the initiative. IIA is a private sector initiative that brings together leading indigenous and international companies across sectors; actively working together to create a sustainable business ecosystem – by offering local enterprises access to finance, ...

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Dusk Capital to raise GHȼ 500k  through IPO

Bernard Osei-Tutu

Indigenous investment firm and fund manager, Dusk Capital, has officially launched an IPO to raise GHȼ500,000 for its Unit Trust. The Dusk Unit Trust IPO is designed to promote investment culture amongst Ghanaians through a collective investment scheme approach. The Unit Trust is highly regulated by the Securities and Exchange Commission (SEC), managed by Dusk Capital, and with UMB as ...

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Barclays Africa changes name to ABSA Group effective today


Barclays Africa has changed its name to ABSA Group effective  today [11 July,2018]. It follows the completion of a corporate name and brand change on the Johannesburg Stock Exchange (JSE). As a result, the Bank will trade on the JSE with the new code (ABG). Speaking at the ceremony this morning in South Africa, the CEO of ABSA, Maria Ramos ...

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FBN Bank falls on Mother Company in Nigeria to recapitalize

Eric Fia

FBN Bank has stated that it will rely on its mother bank in Nigeria to raise 25 percent of the money it needs to meet the minimum capital requirement set by the Bank of Ghana. According to the bank, such a move will put it in a good position to meet the 400 million cedis minimum capital requirement set by ...

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Don’t blame banks for high interest rates—Former ADB MD

Daniel Asiedu-  Former MD of ADB

Former Managing Director of ADB Bank Daniel Asiedu has jumped to the defense of commercial banks charging high interest rates. Commercial banks in the country have refused to reduce their lending rate to correspond with the Bank of Ghana’s base rate which is currently at 18 percent. Most of the banks charge over 30 percent on money borrowed, a figure ...

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Finance Minister presents Mid-Year Budget next week

Finance Minister, Ken Ofori-Atta

The Ministry of Information has told Citi Business News the Finance Minister, Ken Ofori Atta will be presenting the mid-year budget review to parliament next week. The Information Ministry is however yet to announce the day. The Finance Ministry has already told Citi Business News government will be introducing new tax measures to boost domestic revenue mobilization. But speaking to ...

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Gov’t cautioned on removing tax waivers for multinational companies

growing tax

The Ghana-Israel Business Chamber has cautioned government against reneging on agreed contracts with international companies even as it seeks to evaluate the impact of tax waivers given to such companies. The General Secretary of the chamber, Edem Yevutsey believes businesses will hesitate to invest in Ghana if they feel that government cannot be trusted to honor previous agreements on tax ...

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BoG limits reappointment of Directors, CEOs of insolvent banks

Governor of BoG, Dr. Ernest Addison

Former managers of financial institutions who have been implicated in any act of insolvency or folding up of their companies risk not assuming any managerial role within the banking industry. This is because the central bank is getting tougher with its rules governing the financial sector. The latest guideline to be issued by the Bank of Ghana for the banking ...

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‘Black market’ trade impeding cedi’s stability [Audio]


Forex bureau operators want the Bank of Ghana to clamp down on the growing operations of black marketers in the foreign exchange business. The illegal business has been cited as one of the major constraints to stabilizing the cedi. The comments come in the wake of debates on the need to stem the cedi’s losing streak against major trading currencies. ...

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