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Four new members join Board of  GCB bank

The four new Board members of GCB Bank

Four additional members have been sworn onto the Board of GCB Bank Limited as directors. They are Mr  Samuel Amankwah, Chief Operating Officer (COO), Mr. Francis Arthur-Collins, Mr Ray Ankrah and Mr Osman Ayuba. This brings to ten the number of directors appointed to the Board of the Bank. In June this year, Mr. Nik Amarteifio, Mr. Richard Oppong and ...

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80% of microfinance companies struggling to recapitalize

Chairman of the Ghana Micro Finance Institutions Network, Collins Amponsah Mensah

The Ghana Micro Finance Institutions Network has told Citi Business News it is engaging with the Bank of Ghana to extend the deadline date for microfinance companies to recapitalize to 2 million cedis. The central bank as part of measures aimed at sanitizing the microfinance industry has directed all microfinance companies to increase their minimum capital requirement from 1 million ...

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Ghana saves millions monthly for restructuring domestic debt

Charles Adu Boahen -
 Deputy Finance Minister

The Ministry of Finance has disclosed that the restructuring of the nation’s domestic debt by issuing the 10 billion cedis bond in April is saving the country millions of cedis in interest payments every month. By this, the ministry explains that the move has created some fiscal space for government to channel the funds to other critical sectors of the ...

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Ghana to lose cocoa lands to galamsey if …

Joseph Boahen Aidoo

The CEO of COCOBOD, Joseph Boahen Aidoo fears the country could lose a significant size of cocoa lands to galamsey activities if funds to improve the livelihoods of farmers delay any further. As a result, the Ghana COCOBOD has impressed on the African Development Bank (AfDB) to expedite processes in granting request for funding to improve the livelihood of cocoa ...

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Govt to pay 17-19% interest on energy bond

Ken Ofori-Atta - Finance Minister

Government may not be paying anything less than 17 percent in interest for the energy bond. At least this is the indication from managers of the bond following the announcement of their estimated interest rate for the energy bond. Lead managers of the bond, tell Citi Business News the target is also largely due to developments and investor appetite thus ...

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Advertisers refute billboard fees arrears

collapsed bill board

The Advertising Association of Ghana (AAG) has clarified that its members do not owe the Accra Metropolitan Assembly (AMA) in fees for putting up billboards. According to the association, its members abide by the policies and instructions given them by AMA and thus disassociates itself from such assertion. The AMA, on Tuesday, October 24, gave advertisers a three-day ultimatum to ...

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Energy bond auctioning extended

dav

The closing date for the auction of the energy bond has been extended to Friday, October 27, 2017. This is a day ahead of the initial scheduled date of Thursday, October 26, 2017. Subsequently, the issuing date for the bond has been rescheduled to November 1, 2017. This also is a day ahead of the former October 30, date. This ...

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Drivers kick against new DVLA license, threatens demo

file photo

Members of the Ghana Drivers and Car Owners Association are planning to embark on a nationwide demonstration to kick against the implementation of the New Smart Driver’s License . The Driver and Vehicle Licensing Authority (DVLA) recently announced that it will launch the New Smart Drivers’ License on the 7th of November, as part of measures to address challenges  associated with ...

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Banks to cut back lending to energy sector

Economist Dr. Lord Mensah

Banks are expected to tighten their lending to the energy sector soon. It will follow the repayment of the accumulated energy debt to the affected banks. Currently, bids are being accepted for the first tranche of the bond to raise 6 billion cedis. This is expected to close by Friday, October 27, 2017. But Economist at the University of Ghana ...

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Gold prices push producer inflation up to 7.6%

inflation-300x160

The Producer Price Inflation (PPI) increased to 7.6 percent in September 2017. The figure went up by 1 percent from the 6.6 percent recorded in August 2017. The Producer Price Inflation measures the average change over time in the prices received by domestic producers for the production of their goods and services. The Acting Government Statistician, Baah Wadieh explains to ...

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Ghana Business News