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Banking And Finance

2017 #CitiBizOlympics at Burma Camp [Photos]

Biz-Olympics

More than 50 companies in Ghana participated at the 2017 edition of Cit FM’s Business Olympics. The event was held at the Burma Camp Leisure Centre in Accra. The companies competed in various sporting disciplines including swimming,  7-aside-soccer, scrabble, volley, lime and spoon race, Basketball, Table Tennis, Armwrestling, Lawn tennis, and Tug of peace among others. The companies battled it out for ...

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Don’t use 2017 1st half performance in recapitalization

Raymond Amanfu

The Bank of Ghana (BoG) has insisted that banks will not be allowed to use 2017 half year financial results as part of the recapitalization process. The BoG this month increased the capital requirement of banks from 120 million cedis to 400 million cedis to strengthen the financial system, among other reasons. Speaking to bank executives at the National Banking ...

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Ghana wins maritime dispute case against Ivory Coast

ITLOS

The Special Chamber of the International Tribunal of the Law of the Sea (ITLOS), has ruled in favor of Ghana in the three-year-long maritime dispute between the country and Côte d’Ivoire. The Chamber in a unanimous decision on Saturday September 23, 2017, ruled that there has not been any violation on the part of Ghana on Côte d’Ivoire’s maritime boundary. ...

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Gov’t to give industry sector $2bn

Alan Kyerematen - Trade and Industry Minister

The Minister of Trade and Industry Alan Kojo Kyerematen has reiterated government’s commitment to support the manufacturing subsector with a sum of 2 billion dollars. This, the minister says is to help in expanding their businesses. President Nana Akufo-Addo has set up a 100 million dollar package to fund the National Entrepreneurship and Innovation Plan (NEIP) to support young entrepreneurs ...

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First Atlantic Bank gets new investor

First Atlantic Dzorwulu

Advanced Finance & Investment Group, manager of AFIG Fund II is set to commit some investments into the operations of First Atlantic Bank. The move is however subject to regulatory approval. A statement by First Atlantic Bank indicating the finalizing of the agreement between the two institutions said, ‘AFIG Funds’ investment in First Atlantic Bank will strengthen the Bank’s capital ...

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Banks anxious of interest rate cut

Zenith Bank MD, Henry Oroh

Bankers are anticipating a reduction in the policy rate as the Bank of Ghana’s Monetary Policy Committee (MPC) meets to review the strength of Ghana’s economy, Friday September 22, 2017. The meeting will be concluded on Monday September 25, 2017 with a decision on the policy rate for commercial banks to comply with. The MPC is also expected to outline ...

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Listing SOEs on stock exchange good move

stock market figures

Economist Eric Osei-Assibey has lauded government’s decision to list State Owned Enterprises (SOEs) on the Ghana Stock Exchange (GSE). He believes the decision will ensure that SOE’s remain accountable to the public. “I think it is good because then you are also allowing public participation and also many of them are currently undercapitalized so you want to ensure equity financing ...

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HFC bank to host Caribbean Trade Mission

Anthony Jordan proper

HFC Bank (Ghana) Limited in partnership with its parent company, Republic Financial Holdings limited is set to organize the maiden Caribbean Trade Mission in Ghana from next week; 26th September to 28th September at the Movenpick Ambassadorial hotel in Accra. The Trade Mission will see over 30 companies and institutions including business people, investors, policy makers and industry leaders from ...

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Albert Essien named Board Chairman of GHL Bank

Albert-Essien

GHL Bank has appointed Mr. Albert Essien as its new board chairman. He takes over from Mr. Jacob Kholi. Mr. Essien is a seasoned banker who served as the Deputy Group CEO of Ecobank and was in charge of Corporate and Investment Banking as the Group Head for fourteen (14) years. Mr. Essien commenced his banking career in 1986 with ...

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COCOBOD secures $1.3bn for 2017/18 cocoa season

Joseph Boahen Aidoo

The Ghana COCOBOD has signed an agreement with a number of banks to raise 1.3 billion dollars at an interest rate of 0.65% plus libor rate for the 2017/2018 purchase of cocoa beans. The syndicated loan which was signed in France today [20/09/2017] had 25 banks participating in the transaction. Speaking to journalists via a teleconference after signing the agreement ...

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Ghana Business News