Author: citibusinessnews
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BoG merges monetary policy & reverse repo rate
The Bank of Ghana (BoG) has merged the Monetary Policy Rate and the Reverse Repo Rate which is the effective rate at which Bank of Ghana lends to commercial banks. [contextly_sidebar id=”QgTaquTwDhekJPkJvpyGhnKgYMyseZUi”]The merger takes effect from tomorrow August 13, 2015. According to the Bank of Ghana, the merged rate shall continue to be referred to…
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Dollar rises as China devalues yuan
The US dollar lurched higher on Tuesday as China allowed its yuan to fall to levels last seen in 2012, a shift that could provide a competitive boost to exports for the world’s second-largest economy. [contextly_sidebar id=”ikTGDHaw58YTOfYnm65eKoVBAlFdFwlU”]Asian stocks turned mixed as investors weighed the implications of the surprise move, which seemed to end months of…
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Societe Generale and Prudential launch unique education plan
Societe Generale Ghana and Prudential Life Insurance Ghana have launched a new product called the sound education plan to help parents obtain the best future for their children. [contextly_sidebar id=”tbRw2EGqWxXIeT0DhOVKNc489uX4FlXY”]The sound education plan is to help parents plan and to save for school or university fees while also receiving a high level of interest. This…
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NCA sanctions Tigo
Regulator of the telecom industry the National Communications Authority (NCA) has sanctioned telecom operator Tigo for violating its Traffic Channel (TCH) congestion obligation in the Central region. [contextly_sidebar id=”f9oU7nn6WyBmqaLccL1iPUltAJknB4YZ”]It’s unclear whether Tigo’s sanction will be in the form of a fine or otherwise. The latest development follows a report released by the NCA following the…
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Inject GHC 50 million into operations or remain shut,BOG to DKM
Citi Business News has gathered that the Bank of Ghana has directed DKM Microfinance Limited to inject a total of GHC 50 million into its operations before it will be allowed to commence operations. [contextly_sidebar id=”KtG2m0cRg316penCuRm01eyRbH6q8SWq”]Documents cited by Citi Business News reveal that the directive is part of recommendations made by the BOG after receiving…
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Domestic airlines to lay off over 100 workers
Citi Business News has gathered that over 100 workers of domestic airlines in the country are likely to be laid off in the coming days. [contextly_sidebar id=”Cv79rk4SU8gxO5mAzML4aYoLaIBWPQmn”]This comes after Ghana Airport Company Limited (GACL) directed domestic airline operators to handover their ground handling operations at all airports to private companies Aviance Ghana Limited and AHS Menzies.…
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Aggrieved DKM customers to demonstrate against BoG
Some aggrieved customers of DKM Microfinance in the Brong Ahafo Region are threatening to embark on a massive demonstration this Friday August 14, 2015 following the continuous freeze on their investments by the Bank of Ghana (BoG). [contextly_sidebar id=”qiFXCb8qTaqAbBKLhLdLIc9gEqgJJ7Cv”]The customers have also vowed to prevent the regional branch of the central bank from working. According…
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Tullow cuts crude production
The Lead operator of the Jubilee field, Tullow oil has cut crude production by 27,000 barrels due to the continuous reinjection of gas into the oil wells. [contextly_sidebar id=”CuFnAv2sVWuvjnuYyM45cfS0T0cn7oNA”]According to the deputy Minister of petroleum Benjamin Dagadu, Tullow oil is now producing 76,000 barrels per day. The recent problems with the compressors on FPSO Kwame…