Author: citibusinessnews
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Ghana Airports Company (GACL) Earns Top Honor as ‘Most Profitable’ State-Owned Enterprise at PELT Awards 2022
Ghana Airports Company Limited (GACL) has earned the prestigious title of “Most Profitable State-Owned Enterprise” for the year 2022 at the Public Enterprises League Table (PELT) Awards, an event organized by the State Interests and Governance Authority (SIGA). In a citation presented at the ceremony, GACL was commended for achieving the highest profitability parameter under…
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IMF: Ghana has fulfilled obligations, awaiting creditor action on debt restructuring
The Director of the African Department at the International Monetary Fund (IMF), Abebe Aemro Selassie, has confirmed that Ghana has taken the required steps to secure the long-awaited financing assurance from its external creditors. He added that the IMF is patiently awaiting responses from bilateral creditors. “I have to tell you that whereas it took…
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Zenith Bank @ 18 – Celebrating a legacy of financial excellence
On the fateful morning of September 16, 2005, Zenith Bank Ghana embarked on its banking journey with a grand total of 45 staff members. This marked a transformative turning point in the banking and financial services landscape of the country. Zenith Bank swiftly surged ahead of the competition, fueled by a potent combination of determination,…
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Customer Service Week: Pan-African Savings and Loans provides medical services to clients
A leading non-bank financial institution, Pan-African Savings and Loans has demonstrated its appreciation to its loyal customers by organizing a free medical screening exercise as part of their planned activities for the customer service week. This initiative was aimed at prioritizing the well-being of their esteemed clientele while ensuring their continued satisfaction. The significance of…
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Former Capital Bank CEO Ato Essien jailed 15 years
Former Chief Executive Officer of defunct Capital Bank, Ato Essien has been sentenced to 15 years imprisonment with hard labour. This follows his failure to pay in full an amount of GH¢90 million he agreed to pay the state despite several lifelines given him since December 2022. Ato Essien pleaded guilty to 16 counts of…
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IMF clarifies Ghana’s growth rate projection
The International Monetary Fund’s (IMF) Resident Representative in Ghana, Dr. Leandro Medina, has clarified that the growth rate for the country has not been revised to 1.2% from the May 2023 forecast of 1.5%. Dr. Medina explained that the latest IMF World Economic Outlook projection of 1.2% growth for 2023 is based on an old…
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NPA sanctions seven OMCs for illicit fuel distribution
The National Petroleum Authority (NPA) has sanctioned seven Petroleum Products Marketing Companies (PPMCs) for illicit distribution of petroleum products. They are to pay fines for violating of Unified Petroleum Pricing Fund (UPPF) regulations, making false UPPF representations to the Authority, and engaging in third-party supplies. Failure by the affected companies to pay the fines will…
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Gold Coast Fund Management Company customers begin day 2 of protest at Finance Ministry
Customers of the defunct Gold Coast Fund Management Company have begun their second day of protest outside the Ministry of Finance, demanding the release of their locked-up funds. The group spent the night camped outside the ministry to send a strong message to the government, urging them to disburse the approved GH¢8.6 billion allocated by…
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September inflation falls to 38.1% from 40.1%
Ghana’s inflation rate fell to 38.1% in September 2023, from 40.1% in August, according to the Ghana Statistical Service (GSS). The GSS said the decline in inflation was due to a decrease in the prices of food and non-food items. Food inflation fell from 51.9% in August to 49.4% in September, while non-food inflation fell…
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IMF awaits Ghana’s agreement with bilateral creditors before releasing next tranche of $3bn bailout
The International Monetary Fund (IMF) says it is waiting for the outcome of Ghana’s engagement with its bilateral creditors before releasing the next tranche of the $3 billion bailout package. This was disclosed by the IMF Managing Director, Kristalina Georgieva, in a tweet on Wednesday after meeting Ghanaian officials to discuss the way forward. Ghana…