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Tag Archives: Ghana Business News

BoG takes over management of uniBank


The Bank of Ghana has announced that it has appointed audit firm, KPMG as administrator for uniBank. This means that the central bank has taken over the assets and management of uniBank. The Governor of the Bank of Ghana, Dr. Ernest Addison says uniBank is currently insolvent. Addressing a press conference in Accra, Dr. Ernest Addison stated that KPMG has ...

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Aker Energy quickens process to start oil drilling in 2021

CEO of Aker Energy - Jan Arve Haugan

Norwegian oil company, Aker Energy, has disclosed to Citi Business News it is hoping to start its oil exploration activities in Ghana by the end of 2021. The company explains that it is working to complete the necessary processes to get clearance from the government to start operations. The CEO of Aker, Jan Arve Haugan outlined the company’s investment plans ...

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Cashless economy: New Payment Bill before cabinet

bog microfinance

Cabinet is currently considering the new Payment Systems and Services Bill for onward submission to Parliament for passage soon. The eventual passage of the law should address all outstanding concerns that have emerged following the rise in the use of digital technology. The Head of the Payment Systems Department of the Bank of Ghana, Dr. Settor Amediku disclosed this to ...

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Banks resist crypto currency use in Ghana

Henry Baye  - Executive Director of Retail Banking for West Africa at Standard Chartered Bank

Some banks have expressed strong resistance to the adoption of crypto currency in Ghana describing it as grounds of breeding money laundering and other financial crimes. The banks have also cited the absence of a law as basis for their posture. There have been calls on the central bank to allow the use of crypto currencies due to the uptake ...

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Ghana’s inflation to hit single digit by April (Article)

inflation 2

Headline inflation increased to 10.6% year on year in February from 10.3% year on year in January, driven largely by higher food inflation. The rise in February’s print was broadly in line with our expectations and does not alter our view on policy rates in the year ahead, particularly as inflation is in an entrenched downtrend. With the policy stance still ...

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Businesses track ECG on reimbursement promise


Businesses are expecting that the Electricity Company of Ghana (ECG) would live by its assurance of implementing the reduction in electricity tariffs from the 1st of April as announced. Even though the reduction has been initially scheduled to take effect today, ECG maintains consumers should see it reflect from next month due to the monthly billing system. According to the ...

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Govt signs $39m deal to finance planting for food & jobs

Ken Ofori Atta - Finance Minister

Government has signed a 39 million dollar loan agreement with the African Development Fund (ADF) to support government’s planting for food and jobs program. The facility is to finance the Savannah Zone Agricultural Productivity Improvement Project (SAPIP). A statement from the Finance Ministry and copied to Citi Business News said the project will be implemented over a five year period, ...

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Consumer Rights Day: Telecom users to ditch poor service providers


March 15th of every year is celebrated as World Consumer Rights Day. The occasion is to demand that the rights of all consumers are respected and protected, and to protest against market abuses and social injustices which undermine those rights. As part of this year’s celebrations, Citi Business News has been finding out the level of satisfaction among consumers within the telecom industry and how ...

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Debt Audit Commission will only deepen bureaucracies – Govt

Chairman of Parliament’s Finance Committee, Dr. Mark Assibey-Yeboah

Government has described as a duplication of functions suggestions for the creation of a Debt Audit Commission to regulate the country’s borrowings and reduce its debt burden. Chairman of Parliament’s Finance Committee, Dr. Mark AssibeyYeboah explains that yielding to such requests will rather complicate the current issue as there already are institutions which have oversight responsibilities on all government’s borrowing ...

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Parliament to conclude report on Goldfields by end of March


Chairman of the Mines and Energy Committee of Parliament, Emmanuel Akwasi Gyamfi has told Citi Business News the committee will present its report findings on Goldfields to Parliament before it goes on recess. According to him, the committee has engaged the various stakeholders and is in the process of wrapping up their findings to be presented before the House. “Mr. ...

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Ghana Business News