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BoG puts reference rate for April at 16.82%

Dr. Ernest Addison, Governor of the Bank of Ghana

The Bank of Ghana has pegged the Ghana Reference Rate for April 2018 at 16.82%. This means that all commercial banks will determine their interest rates on their loans with the figure as their reference. The new system also follows the central bank’s decision to review the previous Base Rate model which adopted a minimum lending rate for all banks. ...

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Local businesses worst loan defaulters in 2017 – BoG report

bank-of-ghana pic

Local private businesses were the worst culprits in repaying loans taken from commercial banks for 2017. According to the Bank of Ghana, the businesses constituted 80.6 percent of loan default attributable to the private sector for last year compared to the estimated 7.9 percent of loan default attributable to the private sector, recorded by foreign businesses. This is among the ...

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You can’t do business with gov’t without TIN—GRA warns

Emmanuel Kofi Nti - Commissioner General, GRA

The Ghana Revenue Authority has announced that individuals without a Tax Identification Number (TIN), effective today [April 3,2018] will not be allowed to acquire a Drivers’ license, open a bank account, get a passport, transact business with government, or register a business. The TIN, according to the GRA, is aimed at uniquely identifying potential tax payers to broaden the tax ...

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Govt targets $1.5bn sovereign bond in April

dollar proper

The Finance Minister, Ken Ofori-Atta has indicated that government may go to the international market to raise about 1.5 billion dollars by end of this month (April, 2018). This, is despite the International Monetary Fund (IMF) pressing on government to cut the target to 500 million dollars to control the country’s debt stock. Government had already stated in the budget ...

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Ghana’s 91-day bill yield dips to 13.31%

Ghana Cedi

The Bank of Ghana said the yield on its weekly 91-day bill eased to 13.31 percent at an auction on Thursday, compared to 13.36 percent at the last sale on March 23. The bank said it had accepted all 250.8 million cedis ($56.78 mln) worth of bids tendered for the paper, which will be issued on Tuesday. Ghana’s treasury bill ...

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Omni Bank urges record, corporate governance in pharmaceutical industry

WhatsApp Image 2018-03-28 at 2.18.29 PM (1) (1)

Pharmaceutical companies in the country have been urged to prioritize the improvement of their corporate governance and book keeping cultures. This, according to the Deputy Head of Business and Personal Banking at Omni Bank, Kofi Nyansafo will strengthen the operations of such companies and improve their profitability. A 2017 research by ACCA and KPMG on Corporate Governance, ranked Ghana 12 ...

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HFC Bank’S, Paula Baldwin named Most Outstanding Female Personality in Retail Banking

hfc

The General Manager in charge of Retail Banking of HFC Bank, Paula Baldwin has been recognised as the Most Outstanding Female Personality in Retail Banking in Ghana during the Feminine Ghana Achievements awards held at La Palm Beach Hotel. The Awards organized by The Business Executive, is in recognition of her immense contribution and impact in transforming the Retail Banking ...

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Barclays Bank Ghana posts GH¢386m in profits in 2017

BARCLAYS

Barclays Bank Ghana is confident of sustaining its profits and contribution to the new ABSA brand from this year onwards. The Bank’s optimism is premised on its performance for last year (2017) where it recorded a profit after tax of 386.17 million cedis. The Finance Director at Barclays Bank Ghana, Antoinette Kwofie disclosed this plan when she engaged journalists to ...

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SEC to introduce legislation to regulate REIT

sec

The Securities and Exchange Commission (SEC) has disclosed to Citi Business News plans to introduce a Real Estate Investment Trust (REIT) legislation, before the end of 2018. SEC believes the legislation when in force, will facilitate a robust real estate sector. The Real Estate Investment Trust focuses largely on owning, operating or financing the real estate sector. At the moment ...

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