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Analyst backs BoG’s forced retrieval of unpaid Eximbank loans

exim bank 2

Some Financial Analysts have lauded moves by the Central Bank to deduct money from commercial banks whose accounts were used to assess loans from the EXIM Bank. The decision follows Exim Bank’s inability to recover credit facilities channeled through them to the commercial banks for on-lending to customers. But Citi Business News understands most of the customers who took the loans cannot ...

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‘Wholesale’ banking licenses injurious to industry – Nana Otuo

Banking consultant and Head of the Osei Tutu II Centre for Executive Education and Research, Nana Otuo Acheampong

Banking Consultant, Nana Otuo Acheampong has implored Savings and Loans companies to exercise restraint in their quest to operate as banks as the implications could be dire. The Ghana Association of Savings and Loans Companies earlier warned that unfavorable conditions in the industry is compelling most of their members to pursue universal banking status. The companies are pursuing the move ...

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Special Import Levy accrues GHS 610m

Ghana Cedi

Government accrued over 610 million cedis from the Special Import Levy in 2017, Deputy Finance Minister, Kwaku Kwarteng has revealed. The figure is up from the previous amount of over 550 million cedis generated in 2016. In 2017, the President Akufo Addo administration through an Act of Parliament abolished the 1% special import levy but maintained the 2 percent special ...

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Selorm Adadevoh is MTN Ghana new CEO

Selorm Adadevoh - MTN Ghana CEO

MTN has appointed Mr. Selorm Adadevoh as the new Chief Executive Officer (CEO) of MTN Ghana. He takes over from Ebenezer Asante who is now the Vice President of the MTN Group. Mr. Adadevoh’s appointment is to take effect on Wednesday, June 20, 2018. Prior to his appointment, Mr. Adadevor was the CEO of Digicel and based in Haiti, which ...

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Gov’t must create enabling environment for innovation—Prof. Atuahene-Gima


The Founding President and Executive Dean of Nobel International Business School (NIBS), Professor Kwaku Atuahene-Gima, has challenged the Ministry of Environment, Science, Technology and Innovation, as well as the Ministry of Business Development to spearhead the development of an innovation culture in the country. According to him, Ghana’s challenge of value-addition and industrialization can be solved if an effective system is developed to ...

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Gov’t to introduce new tax measures in July


The Ministry of Finance has hinted that government may introduce some new tax measures in addition to some social interventions to shore up the revenue of the country during the presentation of the mid-year budget review next month. Even though the ministry did not state the kind tax measures it may be introducing, it however maintained that they are needed ...

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AirtelTigo fortunes least affected by CEO’s exit

Airtel Tigo

Telecom Analyst, Fouad Chaalabi has told Citi Business News he does not expect the resignation of the CEO of AirtelTigo, RoshiMotman, to negatively affect the fortunes of the company going forward. According to him, the systems and international standards of the parent companies of both Airtel and Tigo will ensure that the merged entity thrives even in the absence of ...

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AirtelTigo CEO, Roshi Motman quits

Roshi Motman - Outgoing CEO, AirtelTigo

AirtelTigo has announced that its Chief Executive Officer (CEO), Roshi Motman has decided to leave the company to pursue new opportunities. The company said CEO of Tigo Senegal, Mitwa Kaemba Ng’ambi would replace Ms Motman. Ms. Motman has enjoyed considerable successes during her time with first Tigo Ghana and subsequently AirtelTigo. Having joined Tigo Ghana in 2014, she steered the ...

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Gov’t defends measures to halt cedi depreciation soon

Gideon Boako - Spokesperson to Vice President, Dr. Mahamudu Bawumia

The government has maintained that it has put in place robust measures to halt the free fall of the cedi in the coming weeks. According to Dr. Gideon Boako, Spokesperson for the Vice President, Dr. Mahamudu Bawumia, efforts to reduce inflation and increase the availability of foreign reserves, point to a foreseeable halt in the depreciation of the cedi against ...

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Cedi depreciation eroding all our profits—GUTA to gov’t

The meeting which was held at the offices of GUTA in Accra had the government team compromising the Finance Minister, Ken Ofori-Atta, Deputy Finance Ministers, Kwaku Kwarteng and Abena Osei Asare, and the Chief Director at the Ministry Patrick Nomo., with GUTA President Dr. Joseph Obeng

The Ghana Union of Traders Association (GUTA) is pleading with government to put in the necessary measures to stabilize the cedi from further depreciation against the dollar. According to the traders, the recent depreciation of the cedi against the dollar has eroded their profits, since imports were made before the depreciation was recorded. The cedi is said to have depreciated ...

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