Author: citibusinessnews
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Minimum capital for microfinance companies won’t be reduced-BoG
The Bank of Ghana (BoG) has rejected calls by the Ghana Association of Microfinance Companies (GAMC) for a downward review in the new minimum capital requirement of GHc2 million set for microfinance institutions. [contextly_sidebar id=”n1gXCrBcBYf3ZxZEcgr1zASLDlhwCVgn”]Speaking on the maiden edition of Citi Fm’s consumer focused show, Business Today, the national vice board chairman of GAMC, Ekow Boham…
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Ghana to review downwards oil revenue targets again
The Ministry of Finance has hinted it will consider going back to cabinet to review oil revenue targets for the second time this year. [contextly_sidebar id=”F8QKf64F1auIJQvndUbl2deOwDfZ58xg”]”One of the main areas where we’ve suffered some major impact is crude oil prices , just after we read the budget , we in March at a media briefing…
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Banker questions Ghana’s oil investments
Investment Banker and CEO of Africa Investment Group, Dr. Sam Ankrah has questioned government’s investments choice for the country’s oil revenue. [contextly_sidebar id=”gKnvZK1lkHkCXcQteEQfSju8pgn6UBMI”]According to him ‘why are we investing our stabilization and heritage funds which has accrued up to $448M in foreign portfolios at a rate of 2% and 2.5% respectively? And our banking and…
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Cedi crisis pushes prices of foodstuff up
Esoko Ghana has attributed the price increase of commodities in August,2015 in the country to drought and the volatility of the cedi. [contextly_sidebar id=”yI1zHwyukXtCakNsEnhijND1zDPHzs6l”]According to Esoko Ghana, the inability of suppliers to meet market demands contributed to the trend. Commodities like tomatoes, gari, cassava, millet among others saw an increase in prices across the markets…
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Single Window System will reduce corruption at the ports- GRA
The Ghana Revenue Authority (GRA), is confident the new Pre-Arrival Assessment Repot System (PAARS) at the country’s ports will reduce the massive corruption that has characterized shipping operations. [contextly_sidebar id=”9MOOOARyGnNzBdzDtpBSv1dLKSGTt0zM”]The system which took off on the 1st of September,2015 allows for the issuance of Customs Classification and Valuation Report (CCVR), which replaces the Final Classification…
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Bankers welcome BoG’s approval of Islamic banking in Ghana
Banking Consultant Nana Otuo Acheampong has welcomed the decision by the Bank of Ghana (BoG) to issue the first Islamic banking license in the country. [contextly_sidebar id=”sfyvNhVzaFfQR1v8cmSwxNg23yTC1snP”]The Bank of Ghana has revealed it will complete the process to issue the first Islamic banking license in Ghana in the next 4 months. The business model of…