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    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

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    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Encourage China to support Ghana’s debt restructuring – Akufo-Addo to Germany

    Government to securitize $3.3bn in Central Bank loans

    Ghana withdraws $672m back-tax demand from MTN Group

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

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    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

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    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

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Global Credit affirms Ecobank at AA-

bycitibusinessnews
December 24, 2014
in Banking And Finance, Business, Top Stories
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Ecobank Ghana‘s credit rating has been affirmed at AA-(GH) and A1+(GH) in the long term and short term respectively; with a Stable Outlook.

The current ratings are valid until December 2015 and reflect the bank’s established domestic franchise value, resilient financial performance, risk appropriate capitalization and adequate loan loss reserve, according to the Global Credit Rating Co.

Ecobank Ghana is currently the largest bank in Ghana with an asset size of GHS5.9billion as at end of 3rd quarter 2014.
The Bank posted a profit before tax of GH¢332.8million for the third quarter of 2014, a 90% jump from the 2013 figure of GH¢175.4million.

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Total income increased by 47% to GH¢621.1million from GH¢423.8million in 2013 with customer deposits also increasing by 47% to GH¢4.1billion as against GH¢2.7billion in 2013.

Loans and advances to customers grew by 50% to GH¢2.6billion.

On operational efficiency, cost to income ratio improved from 45% in 2013 to 40% in 2014 whiles achieving a return on average equity of 47% as well.

The bank’s non-performing loans, as at the end of September 2014, stood at 5.2 percent, down from 6.4% from same period last year.

Over the last 12 months, from 30th September 2013 to same period 2014, the bank’s share price has also increased by 63 percent

 

Source: Ecobank

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