Author: citibusinessnews
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BoG must increase capital base of banks – GT boss
Some players in the banking industry are calling for an increase in the capital base of universal commercial banks in Ghana to enable government rely on internal funds for infrastructural development in the country. [contextly_sidebar id=”In1lhhWe4s28TeiD9JhZvZj8YB67heDN”]According to them the Bank of Ghana must help increase the capacity of local banks to compete with foreign ones…
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AB InBev buys SABMiller for R1.4trn in record deal
Anheuser-Busch (AB) InBev has agreed to buy SABMiller for £68bn (about R1.4trn), raising its bid to clinch a record industry deal that brings one out of every three beers sold worldwide under a single company. The Budweiser maker offered 4 400 pence a share in cash for a majority of the shares in its nearest…
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Afenyo Markin questioned over alleged fraud
The New Patriotic Party (NPP) Member of Parliament (MP) for Efutu, Mr Alexander Afenyo Markin, has been invited by the Criminal Investigations Department (CID) of the Ghana Police Service to assist in investigations into allegations of fraudulent deals involving GH¢250,000 at the Agricultural Development Bank (ADB). [contextly_sidebar id=”LrAhuy7IdxYpgJsAlMzqODJwb3yb1cBO”]This followed a petition to the Director General…
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Eurobond cash to hit BoG account tomorrow
Citi Business News has gathered that the 1billion dollar Eurobond that was issued last week will hit the Bank of Ghana (BoG)’s account tomorrow. [contextly_sidebar id=”HROgjLQ5tldDvKJDGp5rNnJUm7RoEbLw”]This comes after government managed to issue a 1billion dollar Eurobond priced at a coupon rate of 10.75 percent lower than the 11.5 percent earlier demanded by investors. However at…
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ECG buyer must have a local partner- MiDA
Managers of Ghana’s power compact aimed at transforming Electricity Company of Ghana (ECG) under concession arrangements, Millennium Development Authority (MiDA) have served notice that foreign companies interested in the concession arrangements must have a local partner. [contextly_sidebar id=”eBDPbIUsJFQPXQFQEgVE8lQobnECzJzw”]According to MiDA promoting local content and participation is important for the growth and skilled transfer of Ghana’s…
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Nana Addo justifies sale of Ghana Telecom to Vodafone
The 2016 Presidential Candidate of the New Patriotic Party (NPP) Nana Akuffo Addo has justified the sale Ghana Telecom to Vodafone. [contextly_sidebar id=”oFUvVrvzOzNRTPnJizczVBo8yRxFprIR”]According to Nana Addo Ghana Telecom had to be sold because it was inefficient at the time. Ghana Telecom was solely owned by government before 70 percent was sold to Vodafone. It was…
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World Bank projects 5% growth for Ghana
The World Bank is projecting that Ghana will grow by at least 5 percent by 2016. [contextly_sidebar id=”BuSFWFbHvTw8wr8viuHs6C2q4zbdv6MA”]Though Ghana’s growth is projected to increase, others countries within sub-Saharan African will drop this year to about 3.7 percent from the 4.6 percent recorded in 2014. This is the lowest growth since 2009. This was disclosed by…
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GCAA gives Starbow the green light to continue operations
The Ghana Civil Aviation Authority has given domestic airline Starbow the green light to continue with its operations despite the recent accident involving one of its aircrafts in Tamale in the Northern region. [contextly_sidebar id=”GlBAmQzP2wUcIoYKsPcQsWNIlf5weobl”]Starbow has recorded two major close shave accidents in two years despite receiving an IATA Operational Safety Audit (IOSA) certificate for…