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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

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    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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HFC re-strategises to reduce huge debts

bycitibusinessnews
May 5, 2016
in Banking And Finance, Top Stories
HFC Bank CEO, Robert Le Hunte

MD of HFC bank - Robert Le Hunte

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HFC bank says it has revised its strategies to reduce the bank’s Non-Performing Loans (NPL) in 2016.

At the bank’s Annual General Meeting held last week, it emerged that its loan impairment expense went up by a whopping 474 percent to end 2015 at 81,848,000 cedis.

According to the Managing Director of HFC, Robert Le Hunte, majority of the defaulters were in corporate, retail and housing industries.

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A critical review by new owners of HFC bank led to an increase in Non-Performing Loan (NPL) ratio from 10.43 in 2014 to 21.07 in 2015.

This also followed a decision by the new owners to increase the NPL portfolio from 72.9 million cedis in 2014 to 213 million cedis in 2015.

The move also led to an increase in impaired loans from 41.9 million cedis in 2014 to about 123.8 million 2015.

But Robert Le Hunte explains that the bank has re-trained its staff to track possible loan defaulters,

“We have spent a lot of time in training our staff in credit analysis; just to ensure that going forward we are making the necessary assessment of customers,” he stated.

Mr. Le Hunte added, “We have brought the team together, centralised it, almost tripled the number of staff looking at it. We have put a senior manager to be in charge of that so recoveries are now our strategic focus. With the new computer system that we have that gives much earlier detection, we are now focusing on it and we hope therefore to increase the recovery element.”

Meanwhile the bank believes however that despite these setbacks, its 2016 performance and beyond will be impressive.

The bank believes this will be made possible through its new strategic plan dubbed 3-in-3.

The three year strategy will focus on 5 core pillars including deposit mobilization, asset creation, improving recoveries, cost management and revitalizing the culture of the bank.

According to Robert Le Hunte the strategy is also expected to push the bank to achieve its objective of becoming a 1st tier bank in the next three years.

“The new direction of the bank is to leverage on the infrastructure and strong mortgage base to generate additional income and deepen its presence in retail, corporate and commercial and SME banking while building on the experience of RFHL.”

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

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