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HFC emerges overall best performing stock in 2014


Indigenous bank, HFC bank has emerged as the overall best performing stock on the Ghana Stock Exchange (GSE) in the year 2014. This is based on its capital gains of a little above 56%, the highest recorded in the year. HFC gained 54 pesewas on its share price of 96 pesewas it started the year 2014 with and closed the ...

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SSNIT to remove HFC board members


Two independent members of the Board of Directors of HFC Bank have charged the bank to take appropriate actions with the Securities and Exchange Commission (SEC), on allegations of ‘insider trading’ by the Republic Bank of Trinidad and Tobago (RBTT), before the process of a mandatory takeover of HFC Bank proceeds. According to them, this is to forestall any possible ...

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Govt’s domestic debt to double in 2015


Government intends to borrow about twice the amount it did from the domestic market last year through bonds and treasury bills in the first half of 2015. The Bank of Ghana has announced government’s intention to borrow about 25.4 billion cedis in debt, which is over 100 percent more than what it raised in the first 6 months of last ...

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SIC officials implicated in fraud case bailed

State Insurance Company (SIC)

Two top executive officials of State Insurance Company (SIC) alleged to be involved in a multi-million dollar fraud case have been granted bail by the Police Criminal Investigation Department. The two include the Deputy Managing Director in charge of Finance and Administration Musa Abdulai and the Head of Finance and Accounting Ken Acolatse. They are alleged to have stolen 1.1 ...

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Cedi will perform better in 2015-Ecobank boss

A woman holds 03 July 2007 in Accra a wa

The cedi’s fortune for 2015 will be much better than 2014. According to Ecobank Transnational Incorporated (ETI) ‘s boss Albert Essien the cedi will perform much better than it did last year and will not experience the losing streak it did in 2014. ‘I don’t think that it will slide as fast and as much as it did in 2014, ...

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HFC to hold EGM on bank’s fate


Indigenous bank, HFC will on the 20th of January, 2015 hold an Extraordinary General Meeting (EGM). Though the announcement of the EGM does not include the matters to be discussed, Citi Business News gathers it is to deal primarily with the issues of the mandatory takeover by the Republic bank of Trinidad and Tobago. The Republic bank late last year ...

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17.5% VAT on financial services reintroduced


Citi Business News can confirm that all 28 universal banks in Ghana have commenced charging the 17.5% Value Added Tax (VAT) on some financial services effective January 5th,2014. The Minister of Finance Seth Terkper announced in the 2015 budget that government will implement the remaining VAT measures for fee based financial services this year. The Ghana Revenue Authority suspended the implementation ...

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10 Biggest corporate movements in 2014: Part 1


Corporate Ghana every year witnesses some interesting movements be it resignations, dismissals or what have you. These movements usually make or break the companies or institutions. In 2013 for example the banking industry witnessed the appointment of four women as bank managers of four banks in the country. The move solidified Ghana’s slow but growing grip on Ghana’s banking industry ...

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SIC life dissociates itself from SIC fraud scandal

life sic

SIC Life Company Limited has assured its clients that the integrity of their policies and investments are intact. This follows panic withdrawals and termination of policies after reports that two directors of the State Insurance Company have stolen huge sums of money from the state insurer. The two the Deputy Managing Director in charge of Finance and Administration Musa Abdulai ...

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Global Credit affirms Ecobank at AA-


Ecobank Ghana‘s credit rating has been affirmed at AA-(GH) and A1+(GH) in the long term and short term respectively; with a Stable Outlook. The current ratings are valid until December 2015 and reflect the bank’s established domestic franchise value, resilient financial performance, risk appropriate capitalization and adequate loan loss reserve, according to the Global Credit Rating Co. Ecobank Ghana is ...

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