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Inflation hits 12.3% in August

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Ghana’s inflation reached 12.3 percent in August 2017. This represents a negative 0.2 percent change in the inflation rate between July and August 2017. The inflation for July 2017 stood at 11.9 percent. Inflation measures the average rise in the prices of all consumer goods and services in the country. The inflation rate for August 2017 is the second time ...

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PwC asked to clarify jobs termination at UT, Capital banks

ut capital

Some labour analysts are demanding clarity from Price Waterhouse Coopers (PwC) in the decision to terminate the contract of employees of defunct UT and Capital banks. They argue that the terms indicated in the termination letters served the employees of the two banks may be short of the labour law which protects the interest of employees in cases of insolvency. ...

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Banks will meet new capital requirement—Nana Otuo-Acheampong

Nana Otuo Acheampong

Banking Consultant Nana Otuo Acheampong is positive banks will be able to meet the new capital requirement set by the Bank of Ghana (BoG). The Bank of Ghana officially announced this week that capital requirement for banks have been increased from 120 million cedis to 400 million cedis. Some financial observers have pointed out that some indigenous banks may not ...

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BoG to sanction banks for breaking rules

Raymond Amanfu

The Bank of Ghana(BoG) has warned banks in the country to desist from acquiring shares in companies that do not have pure financial obligations. According to the central bank, the phenomenon has led to banks diversifying their capital base which is unhealthy for the financial sector. Speaking at a breakfast meeting at the National Banking College, Head of Banking Supervision ...

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Cedi depreciation to hit 4th quarter

Ghana Cedi

The cedi should begin its losing streak against the dollar from next month (October) if nothing is done to stem the situation. This is the caution from currency analysts. Their arguments are premised on the potential rise in the demand for the dollar by importers and vendors ahead of the festive season. Citi Business News’ checks from the Bank of ...

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National  ID registration starts in November

bawumia

The Vice President, Dr. Mahamudu Bawumia has announced that government will commence the National Identification registration exercise in November 2017. This is a departure from an earlier announcement by the National Identification Authority (NIA), scheduling the exercise to start on September 15, 2017. Dr. Bawumia explained that the change in date is due to a decision to first complete the ...

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Opportunities & challenges of G20 compact with Africa (Article)

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The first meeting in Africa of Finance Ministers and representatives from the G-20 Compact with Africa (CWA) countries took place last week in Accra, Ghana. While Germany’s G-20 Presidency must be applauded for championing the Compact, Ghana’s Finance Ministry is to be commended for initiating what promises to be an exciting process of African peer to peer engagement. In my ...

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Contract of UT, Capital bank workers terminated

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Pricewaterhouse Coopers (PwC) has commenced issuing letters to staff of former UT and Capital Banks. PwC is undertaking this exercise in its capacity as the receiver of the purchase and assumption agreement between GCB Bank and the two defunct banks. Information available to Citi Business News indicates that the letters are being served to all employees of the two affected ...

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Investments on the Ghana Stock Market; has the foreign investor benefited?

GH ST EXCHANGE

Investors all over the world lookout for avenues to put their funds in order to get some returns and the Ghana Stock Exchange is one of the possible options.  In the article, “The performance of the GSE vs T-Bills”,published on citifmonline.com on 31st January, 2017, it was revealed that in the long term, the GSE returned marginally better than Treasury ...

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Bank loans to dip over new minimum capital

bog microfinance

The rise in the minimum paid up capital for commercial banks will further restrict lending to the private sector at least within the short to medium term. The development should be expected due to the operations of commercial banks which have limited the amount of credit offered businesses. The caution comes on the back of the increase in banks’ minimum ...

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Ghana Business News