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We didn’t pledge our ESB for loans – ex-UT, Capital banks’ staff

Capital-Bank- RIP600x330

Former workers of defunct domestic banks, Capital and UT, are rejecting claims that they pledged their End of Service Benefit (ESB) and Provident Fund (PF) for loans at the banks while working. The former workers in a statement argued that the funds must be released to them since it is their personal contributions made through an arrangement for monthly deductions ...

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IMF endorses crpto currency

IMF Managing Director Lagarde addresses Institute of International Finance in Washington

IMF head Christine Lagarde has dedicated a new blog post to the “potential benefits” of “crypto-assets such as Bitcoin.” The head of the International Monetary Fund (IMF) Christine Lagarde was buoyant about cryptocurrency in a blog post in support of the technology, published Monday, April 16. The post, which comes roughly one month after Lagarde cautioned against the “dark side” ...

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Zenith Bank hits GH¢400m capital requirement

Zenith Bank MD, Henry Oroh

Zenith Bank has attributed its strong capital base to what it refers to as the implementation of effective corporate governance strategies. The bank says, such plans have also made it easy to reduce the levels of non-performing loans and its impact on the books of the banks. Commercial banks have till December this year (2018) to meet the Bank of ...

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HFC bank changes name to Republic bank


HFC Bank has received license to change its name to Republic bank. Information available to Citi Business News however indicates that this is expected to take effect next Tuesday, April 24, 2018. The change of name is as a result of Republic bank owning majority stake in HFC Bank’s operations. A statement from the Ghana Stock Exchange on the development ...

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Go for Savings and Loans license if you can’t recapitalize—Prof. Quartey

Head of the Economics Department of the University of Ghana, Prof. Peter Quartey

As president Akufo-Addo prepares to form a committee to look into a petition presented by the Ghana Association Indigenous Banks, some observers have warned that Ghana’s banking sector risks facing serious challenges if attempts are made to extend the deadline of the capital requirement. According to them, the governor of the Bank of Ghana has a perfect opportunity to sanitize ...

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Alpha Capital: Customers, management in tussle over locked up cash


Customers of Alpha Capital Savings and loans, continue to demand for the payment of their investments from the company. According to them the delay in the release of their monies has affected their businesses as well as their lives. Alpha Capital Savings and Loans however claims it is in talks with investors in Israel to take over the company in ...

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Local banks hit govt for giving contracts to foreign banks


As President Nana Akufo-Addo prepares to set up a committee to look into a petition presented by the Association of Indigenous Banks to extend the deadline of the minimum capital requirement, members of the Association are accusing present and past governments of deliberately stifling the growth of local banks. They argue that governments have consistently overlooked the efforts of local ...

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‘We are ready and opened for business’—Ofori-Atta tells Japanese investors


Ken Ofori-Atta on Friday told Japanese businesses that the current stable macro and political environment is an opportune time for them to launch into the West African region using Ghana as the hub. “We are now combining politically stable environment with fiscal consolidation and macro stability and we would like, therefore, to get our traditional friends to be part of ...

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2017 GDP growth rate highest in 5 years

Bawumia and Ken

Fiscal consolidations embarked upon by government seem to have yielded some results as provisional figures recorded by the Ghana Statistical Service show that the country saw the highest GDP growth rate in the last five years. According to the figures, the GDP growth rate more than doubled in 2017 from 3.7 % in 2016 to 8.5 % in 2017 mainly ...

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Prospects for issuing Samurai bond good—Finance Minister

Ken Ofori Atta - Finance Minister

Finance Minister, Ken Ofori-Atta has stated that prospects for Ghana issuing a possible Samurai bond in the medium term looked good, judging from the interaction and reception, accorded the Delegation on the Non-deal investor road show to Tokyo. Speaking to selected international journalists in Tokyo at the end of the road show, he explained that the non deal road show ...

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