Author: citibusinessnews
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BoG to begin distributing held up cash of DKM Customers
Barely a week after President Mahama appealed to the Bank of Ghana (BoG) to speed up efforts to pay held up cash of DKM customers, Citi Business News has gathered the central bank may this week begin the distribution of depositors cash. [contextly_sidebar id=”NLeVaIWygG2J0o3AhyMV141vA362MEZb”]It follows the completion of the audit report into the operations of…
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Ghana won’t be like Greece – Economist
An economist Dr. Ebo Turkson, has dismissed assertions that Ghana could end up like Greece which is currently buried under huge debts. [contextly_sidebar id=”DM95Eb2YGaD8vJMmY88bpvItVXDVljwV”]“I will not side with those who think that Ghana will become like Greece one day. I don’t think so,” he stressed on the Citi Breakfast Show. Greece’s debt crisis is said to…
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Brent dips below $60 as Greek vote prompts stability fears
Brent slid below $60 a barrel for the first time since April amid speculation Greece’s rejection of austerity measures will prompt its exit from the euro area. Futures dropped as much as 1.6% in London, falling for a second day. Sixty-one percent of voters backed Prime Minister Alexis Tsipras’s rejection of further spending cuts and…
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Gov’t won’t renegotiate IMF bailout terms – Terkper
Government has categorically stated that it will under no circumstance renegotiate the 3-year International Monetary Fund (IMF) bailout programme. [contextly_sidebar id=”Fu9Cdq7iBsXt1guuvXiZksuQoJaTK62s”]The Minister of Finance, Seth Terkper pointed out that renegotiating the terms of the bailout at this point is impossible since Ghana is already on track. He explained that the bailout is not “an imposition…
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Cedi records biggest gain in 2015
The local currency last week recorded its biggest gain against the US dollar this year, when it closed trading on Friday gaining 7.8 percent in value over the greenback. [contextly_sidebar id=”zZklC8rk5Fb1pY8ZN9M4ap2wwCFcvHJJ”]The cedi’s strong performance is in marked contrast to what the market has become accustomed to over the first half of this year, when the…
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adb trades off 25% shares to foreign investor
Agricultural Development Bank (adb) has signed a Memorandum of Understanding (MoU) with a foreign company known as Atlas Mara Limited for an initial equity investment of $50 million. This is contrary to earlier assertions by the bank that it will not have foreigners or foreign companies either participate or own shares in the bank’s quest…
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IBM appoints new Country General Manger for Ghana
IBM (NYSE:IBM) today announced the appointment of Angela Kyerematen-Jimoh as Country General Manager, IBM Ghana. [contextly_sidebar id=”zLtQqjwXkGAHKttTPjFRLxLbSmv8EFXU”]She succeeds Joe Mensah who served as IBM Ghana Country General Manager for the past five years. Ms. Kyerematen-Jimoh will be responsible for all of IBM’s Sales, Marketing, Services and Global Delivery Operations in Ghana. She is a seasoned…
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adb IPO takes off
Agricultural Development Bank (adb)’s Initial Public Offer (IPO) has commenced. The IPO commenced this morning July 3,2015. [contextly_sidebar id=”jW4tTxjBsvRahRbUKz2Trm4Cso8NiP1s”]Early this year the bank was forced to put the launch on hold after government who is majority shareholder of the bank called for a temporary suspension following agitations from workers of the bank. The bank…
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We have enough dollars to support the cedi – BoG
The Bank of Ghana (BoG) has assured it has enough foreign exchange to pump into the economy to stabilize the cedi against major foreign currencies. [contextly_sidebar id=”RyEhJQhsbMlM29UvBK2Ef6EMRbYmk7o7″]The Bank of Ghana last week hinted of moves to inject $20 million daily into the money market to stabilize the cedi. The move follows the continuous poor performance of…