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Mobile money interoperability starts on May 10

Dep Communications Minister, George Andah

Effective next month, government will begin the implementation of one of its key policies aimed at boosting financial inclusion, which is Mobile Money Interoperability. That affirmation is in line with the Vice Presidents’ assertion that the policy which will allow mobile money users to send and receive money from one network to the other, will be implemented in May. This ...

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Meralco must turnaround ECG – KITE


The Kumasi Institute of Technology and Environment (KITE), is anticipating positive growth in the power sector with the coming on board of a new consortium under the power compact two agreement. It follows the selection of Meralco Consortium by the Millennium Development Authority (MiDA) to manage the Electricity Company of Ghana [ECG]. According to the Executive Director of KITE, Ishmael ...

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Fidelity Bank rewards 3 customers with GH¢50,000 each [photos]

WhatsApp Image 2018-04-21 at 11.24.14 AM (1)

Fidelity Bank has rewarded three loyal customers with the sum of 50,000 cedis each in its grand draw to cap the 10x Richer Deposit campaign. The draw was held at a customer Appreciation Dinner at the Kempiski Hotel in Accra. The three winners are Anita Mensah from Market Circle branch in Takoradi, Mawutor Deodorney from the  Ashaiman Branch, and Shaibu ...

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Illegal couriers to persist over vacancy at Regulatory Commission


Attempts by the Postal and Courier Services Regulatory Commission to clamp down on illegal courier service providers have been temporarily halted as the Commission has been left without an Executive Secretary for about three months now. Citi Business News understands that the former Executive Secretary, Mr. Isaac Annan Riverson who has been at that position since 2015, had his contract ...

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KITE demands prioritised spending of oil revenue

oil block

The Executive Director of Kumasi Institute of Technology and Environment (KITE), Ishmael Edjekumhene has warned, revenue generated from the country’s petroleum sector will have little impact on economic development if government is unable to prioritize key areas to invest such revenue. According to him, research conducted has shown that governments, over the years, have failed to prioritize the use of ...

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Ghana’s debt nears distress levels – World Bank

Ken Ofori-Atta - Finance Minister

Ghana stands a high risk of returning to a debt distress situation if it fails to manage its rising debt levels. That is the caution from the World Bank. According to the Bank, this will also mean the country will find difficulty meeting key government expenditure and impact on investments into the country. These among others are the highlights of ...

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MiDA selects Philippines Electricity Company to manage ECG


The Millennium Development Authority (MiDA), has selected Meralco Consortium, to manage the Electricity Company of Ghana [ECG], under the power compact Two agreement. Meralco Consortium is led by the Manila Electricity Company from the Philippines. A statement from MiDA copied to Citi Business News said Meralco Consortium is known to have the highest combined technical and financial score, and has ...

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Probe auditors of defunct UT, Capital banks—Auditor General


The Auditor-General, Daniel Yaw Domelevo, has called for the prosecution of all auditors found culpable in the recent collapse of local banks in the country. Stakeholders within the banking sector have been calling for the internal and external auditors of collapsed UT and Capital Banks, as well as, the auditors of struggling uniBank to be held partly responsible for the ...

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BoG to crackdown on MFIs breaking rules

bog microfinance

The Bank of Ghana will soon take regulatory action against Microfinance Finance Institutions (MFIs) and financial houses that are refusing to payback investment of their customers. “Some of these microfinances actually went beyond the rule by investing in other businesses that they were not supposed to. They pick money on short term bases and invest in long term real estate ...

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Gov’t urged to clear remaining energy sector debt

Boakye Agyarko - Energy Minister

Government has been urged to issue the second tranche of the energy bond to help clear about 5.3 billion cedis debt in the energy sector. This, they say will restore confidence in both the financial and energy sectors. Government in November last year, sought to raise 6 billion cedis under the first tranche of the bond, to clear the 10 ...

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