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Naira crisis, cedi not immune -currency analysts warn

A woman holds 03 July 2007 in Accra a wa

Currency analysts have warned that the cedi may suffer some level of depreciation if oil prices on the global market continue to fall. The warning follows the continuous depreciation of Nigeria’s currency the Naira against major foreign currencies including the dollar and British pound for some weeks now. Decline in oil prices The naira’s depreciation has been mainly tied to ...

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Nigeria’s naira falls to record low


Nigeria’s naira touched a new record low of 183.05 against the dollar on Monday, December 1st,2014 driven by concerns over a sustained low oil price and expectations foreign investors would demand more dollars to pull out of local assets, dealers said. The currency was trading down 2.4 percent from Friday’s closing level. The central bank has struggled to keep the ...

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Civil servants to be paid via biometric E-zwich next year


The Controller and Accountant- General’s Department is expected to commence the payment of all civil servants by a biometric E-zwich platform in 2015. This follows an on-going pilot program to gradually ensure public sector workers are paid via the E-zwich payment system. The roll out plan was initially to start with the finance department of the Controller and Accountant- General’s ...

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Implementation of CET will not be postponed-Tekper

Seth Tekper, Finance Minister

The Ministry of Finance has told Citi Business News government will not defer the implementation of the ECOWAS Common External Tariff (CET). The tariff is to be implemented in January 2015. Ministers of Finance and Directors-General of Customs of ECOWAS Member States met in Accra in late November, 2014 to finalize preparations for the entry into force of the ECOWAS ...

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HFC bank board chairman resigns


The board chairman of HFC Bank Nana Adjei Duku has resigned. Nana Adjei Duku has been the board chairman for the bank since 2003. He took over that position from the late S.K Botchway who was a former deputy governor of the bank of Ghana. Managing Director of HFC bank Asare Akuffo who confirmed the news to Citi Business News ...

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Government rubbishes Bawumia’s allegations on Eurobond

Dr. Mahamadu Bawumia

Government has rubbished allegations by Dr. Mahamadu Bawumia that the 1 billion dollar Eurobond raised in September this year was used to artificially shore up the cedi from depreciating against major foreign currencies. According to the 2016 Vice Presidential Candidate of the New Patriotic Party(NPP), the money has been used to reduce government’s indebtedness at the Central Bank and not ...

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Invest in Africa secures US$ 1 million Grant to support SME training program


Invest in Africa (IIA) has signed a US$ 1million African Development Bank (AfDB) grant that will enable it support a unique business skills training programme for Small and Medium sized Enterprises (SMEs) in Ghana. IIA will use the grant provided by the AfDB’s Fund for Private Sector Assistance (FAPA) to implement a Business Linkage Programme designed to upgrade the capabilities ...

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High interest rates killing business – PEF


According to the Chief Executive Officer of PEF the high interest rates on loans is greatly affecting their profit margins, making it difficult for them to expand and grow their businesses. The Bank of Ghana (BoG) on 12th November,2014 increased the monetary policy rate by 200 basis point from 19 percent to 21 percent, as part of moves to tame ...

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Ecobank unveils customer service pledge


Ecobank Ghana has launched a customer service pledge which puts its customers at the centre of the company’s operations. The launch marked the display of the customer service pledge “Excellence In Everything We Do” which is replicated across the country. According to Ecobank Ghana the move step is another bold initiative and commitment of the bank to its potential and ...

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SSNIT to sell shares in HFC bank


Citi Business News has gathered state pension fund manager Social Security and National Insurance Trust (SSNIT) is likely to sell its shares in HFC bank to Republic bank. Citi Business News has learnt negotiations between the two parties on the sale are far advanced. Persons familiar with the matter say the board of HFC bank met on 19th November, 2014 ...

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Citi Business News