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NPA suspends 8 companies

NPA

The National Petroleum Authority (NPA) has with immediate effect suspended eight Oil Marketing Companies (OMCs) and Bulk Distribution Companies (BDCs) from operating, beginning July 18, 2018. According to the NPA, the companies were involved in activities that led to the loss of revenue to the government of Ghana. The suspension ranges between one and three months, depending on the extent ...

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16 banks left to their fate over minimum capital

bank-of-ghana pic

The sixteen (16) banks yet to meet the minimum capital requirement will have to expedite processes to tap into available options before the December 31 deadline hits them in the face. That is the advice from Banking Consultant, Nana Otuo Acheampong. He explains that since such major decisions will require time, it will be appropriate to hook unto the few ...

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We must reduce large public sector work force—Ken Ofori-Atta

Ken Ofori Atta

Finance Minister Ken Ofori-Atta is appealing to labour and Civil Society Organizations to help government cut down the large size of Ghana’s public sector workers as the country exits the IMF programme by end of 2018. Reacting to a question on how previous IMF programmes have done little to help accelerate economic growth on Citi TV’s Point of View , ...

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VAT recalibration to stabilize prices—Ken Ofori-Atta

Ken Ofori Atta - Finance Minister

Finance Minister, Ken Ofori-Atta has explained that government’s decision to recalibrate the VAT will have less impact on prices in the long term. The Finance Minister, during the Mid-Year budget presentation in parliament announced that government has decoupled the 2.5 percent NHIL and 2.5 percent GETFund from VAT, which was initially at 17.5 percent. Describing the move as a better ...

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Republic Bank starts renounceable rights issue to recapitalize

Anthony Jordan

Republic Bank, a member of Republic Financial Holdings Limited (RFHL) of Trinidad and Tobago, has begun its renounceable rights issue through the Ghana Stock Exhange from 23 July to 10th August, 2018. A statement from the bank copied Citi Business News said the purpose of the Rights Issue is to enable the Bank meet the regulatory minimum capital requirement, develop ...

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Customers of First Allied Savings & Loans stranded over locked up cash

first_allied_logo

Customers of First Allied Savings and Loans have been left stranded as they are unable to withdraw money from the company. A visit to the Adabraka branch revealed that customers are given less than ten percent of amounts they wanted to withdraw. Some of them who spoke to Citi Business News said all efforts to withdraw money from the bank have ...

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15 banks set to meet GH¢400m minimum capital – BoG

Dr. Ernest Addison - BoG Governor

Fifteen banks are to meet the new minimum capital requirement by December this year. This is the information available to Citi Business News from the Bank of Ghana. This means that at least nineteen (19) banks will have to resort to various options available to them to meet the minimum capital by the set deadline. The Governor of the central ...

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BoG keeps policy rate at 17%

Governor of BoG, Dr. Ernest Addison

The Bank of Ghana has maintained the policy rate at 17%. The decision was arrived at after the central bank’s Monetary Policy Committee meeting on Monday, July 23, 2018. This is the first time the rate has been maintained after it was reduced by 300 basis points early this year. In March, the policy rate was reduced by 200 basis ...

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Bankers, businesses anxious over BoG’s policy rate

bank-of-ghana pic

There are mixed expectations ahead of the policy rate to be announced later this morning by the Bank of Ghana. The Monetary Policy Committee at its last meeting reduced the policy rate to 17 percent. Some bankers and businesses Citi Business News has been speaking to all argue that the central bank must provide a rate that is favourable for ...

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Shareholders of uniBank to recapitalize

Kwabena Duffuor is Founder of IFS and former governor of BoG

Shareholders of Unibank have resolved to recapitalize the bank to address both the solvency and liquidity challenges facing the institution. According to the Daily Graphic newspaper, the decision was taken by Dr. Kwabena Duffuor, a shareholder of the bank on behalf of shareholders of the bank. “We are also ready to progress discussions on the appropriate structure to handle and ...

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Citi Business News