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We didn’t pledge our ESB for loans – ex-UT, Capital banks’ staff

Capital-Bank- RIP600x330

Former workers of defunct domestic banks, Capital and UT, are rejecting claims that they pledged their End of Service Benefit (ESB) and Provident Fund (PF) for loans at the banks while working. The former workers in a statement argued that the funds must be released to them since it is their personal contributions made through an arrangement for monthly deductions ...

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IMF endorses crpto currency

IMF Managing Director Lagarde addresses Institute of International Finance in Washington

IMF head Christine Lagarde has dedicated a new blog post to the “potential benefits” of “crypto-assets such as Bitcoin.” The head of the International Monetary Fund (IMF) Christine Lagarde was buoyant about cryptocurrency in a blog post in support of the technology, published Monday, April 16. The post, which comes roughly one month after Lagarde cautioned against the “dark side” ...

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Two new airlines to join domestic flight business

Director General, Ghana Civil Aviation Authority - Simon Allotey

Two more airline companies are tipped to join Ghana’s aviation industry soon. This is according to the Ghana Civil Aviation Authority (GCAA). The Director General of the Authority, Simon Allotey explains that the coming on board of the two should drive competition and impact on the cost of domestic airfares. As Citi Business News explores this new announcement and what ...

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Govt must step in to make housing affordable—GREDA

Executive Secretary of GREDA - Sammy Amegayibor

Houses in Ghana will continue to be expensive until government implements pragmatic interventions to support the real estate sector. That’s the assertion of the Executive Secretary of the Ghana Real Estate Developers Association (GREDA), Sammy Amegayibor. Expressing his disappointment with government’s lack of support on the Citi Breakfast Show on Tuesday (April 17, 2018), Mr. Amegayibor said affordable housing can ...

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Gov’t to complete fibre-optic project by 2020

Ursula Owusu Ekuful - Communications Minister

The Minister of Communication, Ursula Owusu-Ekuful has told Citi Business News that government will complete the installation of a fibre optic network across the entire country, by the end of 2020. This, she believes will help government effectively deliver on its promise of digitizing the economy. As part of efforts to connect the country, then-President John Mahama inaugurated the Danish funded ...

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Zenith Bank hits GH¢400m capital requirement

Zenith Bank MD, Henry Oroh

Zenith Bank has attributed its strong capital base to what it refers to as the implementation of effective corporate governance strategies. The bank says, such plans have also made it easy to reduce the levels of non-performing loans and its impact on the books of the banks. Commercial banks have till December this year (2018) to meet the Bank of ...

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HFC bank changes name to Republic bank


HFC Bank has received license to change its name to Republic bank. Information available to Citi Business News however indicates that this is expected to take effect next Tuesday, April 24, 2018. The change of name is as a result of Republic bank owning majority stake in HFC Bank’s operations. A statement from the Ghana Stock Exchange on the development ...

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20 companies to receive stimulus package by end of April

Alan Kyerematen - Trade and Industry Minister

Twenty companies have been shortlisted by the Ministry of Trade and Industry to receive stimulus package in various amounts by the end of April, 2018. This is the assurance from the Ministry of Trade and Industry. According to the ministry, it has so far released over 141 million cedis to a total of six companies out of the eighty three ...

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Registrar General to sanction defaulting taxpayers

Registrar General Dept

The Registrar General’s Department has served notice that companies that fail to file their annual returns for 2017 before the end of April, will be severely penalized. According to the Department, failure to adhere to this directive after the deadline would attract a roll-over of penalty for the previous year of GH₵300 in addition to the current penalty of GH₵50, ...

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Go for Savings and Loans license if you can’t recapitalize—Prof. Quartey

Head of the Economics Department of the University of Ghana, Prof. Peter Quartey

As president Akufo-Addo prepares to form a committee to look into a petition presented by the Ghana Association Indigenous Banks, some observers have warned that Ghana’s banking sector risks facing serious challenges if attempts are made to extend the deadline of the capital requirement. According to them, the governor of the Bank of Ghana has a perfect opportunity to sanitize ...

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