Author: citibusinessnews
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StanChart Ghana records massive drop in profits
Banking giant Standard Chartered Ghana recorded a massive dip in its profit for 2015. The bank’s profit for 2015 declined by a little over 68 percent. The bank saw its profit for 2015 drop to 66,148,000 cedis from the 208,271,000 cedi recorded in 2014. The bank’s profit before tax dropped to 91,062,000 cedis in 2015…
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NSE-listed firms to reveal reasons for exit of board members in new code
Companies listed on the Nairobi bourse will now have to disclose the reasons behind the exit of their board members and top managers such as chief executives and chief finance officers, as per fresh rules gazetted by the capital markets regulator. The Capital Markets Authority (CMA), in a new detailed corporate governance code, has set…
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Rating cut looms as Moody’s flags risks
SA HAS been put on notice for a downgrade by Moody’s Investors Service, and Finance Minister Pravin Gordhan and other government leaders will next week have to convince the agency otherwise with concrete plans to avert such a step. Until recently Moody’s had been the most upbeat among rating agencies about SA, but said yesterday…
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Kenya’s mining sector attractiveness slightly up, shows global report
The local mining sector’s attractiveness has slightly improved, according to the latest survey by Canadian think-tank Fraser Institute. The Fraser Institute 2015 survey has ranked Kenya 103 out of 109 jurisdictions that were covered. It was ranked 121 out of 122 in the 2014 report due to insecurity and ‘poor’ mining policies. ‘Poor’ policies especially…
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Zimbabwe signals shift in compensation plan for seized farms
Zimbabwe plans to start compensating mainly white farmers who lost their land and livelihoods during state-backed farm invasions that began in 2000 and triggered a near decade-long recession, the Finance Ministry said in a circular distributed to lawmakers. Farmers may be compensated for “both land and improvements,” as well as equipment acquired by the state…
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Airtel resolves service disruption
Airtel has resolved the service disruption that hit its network early this morning, March 9, 2016. The disruption in service Citi Business News has learnt was due to a system upgrade. Subscribers of the network early this morning were up in arms against the telecom provider after they were unable to make calls or browse…
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BoG pushes for increase in benefits for depositors
The Bank of Ghana is proposing an increase in the amount to be paid to depositors who lose their investments to financial institutions under the deposit protection bill. According to the governor of the central bank the figure must be reviewed upwards to allow confidence in the country’s financial system. The New bill, Citi Business News has…
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PWC to carry out liquidation of DKM assets – BoG Governor
The Bank of Ghana has indicated that auditing firm, Price Waterhouse Coopers will be undertaking the liquidation of the assets of DKM microfinance. According to the Governor, Dr. Henry Wampah, the processes have been commenced but the central bank is awaiting a response from the Registrar General’s Department concerning a 30 day revocation notice of license to…
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Business Today to host top women CEOs
Citi Fm’s consumer focused show Business Today will on Wednesday 9th March, 2016 host top three female CEOs. The three have excelled in various fields including banking and financial services, technology and fashion. The three CEO ‘s are Charlotte Lilly Baidoo- CEO of Women’s World Banking Ghana, CEO of Edel Technologies- Ethel Cofie and Mabel…
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BoG Governor must resign -MP
Member of Parliament for Manhyia South, Dr. Matthew Opoku Prempeh is insisting the Governor of the Bank Of Ghana (BoG) Dr Henry Kofi Wampah steps down as he believes the central bank has failed in supervising the microfinance sector. According to him, “as honorable members of this House who passed the Bank of Ghana act,…