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

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

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

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

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

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

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Chase Bank owners to lose control on sale

bycitibusinessnews
March 31, 2017
in Africa, East Africa
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Chase Bank owners are set to be squeezed out of the industry after the Central Bank of Kenya (CBK) invited bids for a majority stake from local and foreign financial institutions.

Bidders have to submit proposals in three weeks, according to a statement issued by the regulator.

“Potential strategic investors interested in taking an equity interest in CBL (Chase Bank Limited) are hereby invited to provide an EoI, (Expression of interest) not later than 5pm (East Africa Time) on Friday, April 21, 2017,” said CBK in a statement.

The regulator expects to seal a deal with the successful bidder by the end of quarter one. Chase Bank was placed under receivership in April last year following a run on deposits after reports of liquidity problems spread online.

A sale will reduce main shareholders of the previously fast-growing bank, including former chairman Zaf Khan, into minority owners.

“The process and timing beyond June 26, 2017, will be informed by the structure proposed in the preferred investor proposal, but is currently intended that any resultant transaction will be completed before September 30, 2017,” said CBK.

The selected investor would have to inject capital to raise Chase Bank’s equity under a restructuring being pursued by the CBK.

CBK said that shareholders of the bank, as well as funding creditors, had been informed of the process.
CBK has appointed KPMG as its advisors in the process.

The bank was re-opened on April 27, last year, under the management of Kenya Commercial Bank and allowed to do all transactions including foreign exchanges and issuing loans albeit with reduced activities. To facilitate the sale process, CBK has extended the appointment of Kenya Deposit Insurance Corporation (KDIC) as a receiver manager for six months from April 7. CBK governor Patrick Njoroge last week said the regulator was committed to returning the bank to normalcy.

–

Credit: Business Daily

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