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Banking And Finance

BoG 2nd Deputy Governor, Johnson Asiama resigns

Dr. Asiama, Deputy Governor, BoG

The Second Deputy Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama has resigned. Citi Business News understands that his resignation took effect on January 02, 2018. Information available to Citi Business News also indicates that President Akufo-Addo has been informed of the resignation. It is unclear what reasons may have led to the early resignation of Dr. Johnson ...

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Economist urges Ken Ofori Atta to resign over $ 2.25bn bond

Ken Ofori-Atta - Finance Minister

Economist Dr. Lord Mensah has impressed on Finance Minister, Ken Ofori Atta to vacate his post over claims that he breached sections of the Public Financial Management Act (PFMA) in the issuance of the 2.25 billion dollar bond. In his view, the move could partly be blamed on the relatively high-interest rate the bond attracted. “If you know very well ...

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ICU pushes for low inflation to sustain jobs          

Solomon Kotei - General Secretary, ICU

The Industrial and Commercial Workers’ Union (ICU) has called on government to implement stringent measures that will further lower inflation in the country. According to the ICU, this will ensure that employers are able to sustain jobs and also absorb some of the teeming unemployed youth in the country. The Finance Minister, Ken Ofori-Atta during the 2018 budget presentation, announced ...

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Microfinance institutions support temporary halt of new licenses

bog microfinance

The Association of Microfinance Institutions has lauded the move by the Bank of Ghana (BoG) to halt the issuance of licenses to new micro finance companies in the country. According to the Association, the move will aid the central bank in its agenda to sanitize and strengthen the microfinance sector. The Governor of the Bank of Ghana, Dr. Ernest Addison ...

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Mixed reactions meet GH¢6 to $ 1 prediction

Ghana Cedi

There are mixed reactions to the prediction that the cedi will depreciate to 6 cedis to a dollar by 2022. The Economist Intelligence Unit (EIU) based in the UK, has predicted that the local currency will perform poorly against the dollar within the next four years due to some external pressures and political uncertainties. But some currency analysts have expressed ...

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BoG should invest 1% of dollar reserve into bitcoin – Chiefy Nduom

Papa-Wassa Chiefy Nduom

Vice President of Groupe Nduom, Papa-Wassa Chiefy Nduom, has urged the Bank of Ghana [BoG], to consider investing foreign currency reserves into bitcoin. Chiefy Nduom,  a Bitcoin enthusiast with a background in banking technology, believes that the bitcoin cryptocurrency could become digital gold for Ghana and other countries on the African continent. Just in 2018, bitcoin jumped to $14,951 on ...

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BoG probes Alpha Capital over locked up cash

WhatsApp Image 2018-01-02 at 20.00.36

The Bank of Ghana (BoG) has moved in to assist customers of Alpha Capital Savings and Loans, retrieve their locked up investments. The move comes after numerous complaints by the customers over their failure to get their monies despite reaching the maturity dates as scheduled. Citi Business News understands that the Central Bank’s intervention follows an official complaint to the ...

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Cedi to hit GHS6 to a dollar by 2022—Economist Intelligence Unit predicts

Ghana Cedi

The Ghana cedi is projected to hit 6 cedis to a dollar by 2022. This is the prediction of the Economist Intelligence Unit, a specialist publisher in the UK. The Economist Intelligent Unit, which has operated for about 60 years also warned that the local currency may suffer some external pressures that may cause the cedi to depreciate by next ...

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Top 20 business stories in 2017

Dr. Bawumia (L) and Ken Ofori-Atta (R)

Your most comprehensive business news website,  citibusinessnews.com brings you some of the top business stories in the year 2017. These news’, which cuts across different sectors of the economy also featured on our news bulletins on Citi FM. GCB takes over UT and Capital banks The Bank of Ghana in 2017 revoked the licenses of two indigenous banks, UT Bank ...

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Supreme Court awards dismissed adb employee Ghc100,000

adb

The Supreme Court has awarded damages of GHC 100,000 against Agricultural Development Bank (adb) for wrongfully terminating an employee’s contract. In 2012, the employee, Abena Pokua Ackah, who is the applicant, was handed a letter by adb which indicated that her appointment had been terminated for gross misconduct, and for bringing the name of the bank into disrepute. “You will be ...

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Ghana Business News