Author: citibusinessnews
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adb must go ahead with sale of shares – BoG
The Bank of Ghana has backed embattled adb bank’s decision to list on the Ghana Stock Exchange as it continues its investigations into allegation of bad corporate governance and financial malfeasance in the running of the bank. [contextly_sidebar id=”nNs5AUOKPcDLpTanNIJXCraoqc1eTEfq”]This comes at a time when adb bank has suspended plans to float shares after agitations by…
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Inflation hits 16.8 percent
Inflation for the month of April increased to 16.8% from the 16.6% recorded in March 2015. [contextly_sidebar id=”rQWczSMFp0xY6wdbfwjfbyfaXXQk50PD”]The monthly change rate for April was 1.8% while that of March was 1.0%. The food inflation for April was 7.2% same as March 2015 while non food inflation recorded 23.2% moving up 0.1% from that of March…
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NCA to go ahead with ICH implementation following court ruling
The National Communications Authority (NCA) says it will go ahead with the implementation of the of the Interconnect Clearing House (ICH) following a court ruling on its implementation today. [contextly_sidebar id=”C5CmkvQIUZJ0v8UMQsMpftp54LFsTH3V”]A commercial high court in Accra this morning 13th May, 2015, declined to rule on an injunction application filed by the Member of Parliament for…
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BoG increases monetary policy rate to 22 percent
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate by 100 basis point to 22 percent. [contextly_sidebar id=”FvCousUTOnjAp0JaGOeVwXUWDbMM9Sa7″]The latest move comes at a time where the central bank has come under severe pressure to reduce its lending rate following the country’s high interest rates. The surge in the…
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Samba Foods officially on GAX
Indigenous Company, Samba Foods has officially commenced trading on the Ghana Alternative Exchange (GAX) following a successful Initial Public Offering (IPO). [contextly_sidebar id=”vI2h6MNL0f07QD1kJkIVum2aUg2SsQ5N”]Samba becomes the first company to list on the alternative market. The company through its month-long IPO was able to realize its target of GH 2.5 million by offering over 3 million ordinary…
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ECG to drag Ashanti region residents to court
The Electricity Company of Ghana (ECG) has served notice of plans to sue residents and companies in the Ashanti region who are still indebted to the company. [contextly_sidebar id=”oLfRMn3A7ulMzSo8Ed7K2fjW6e6wZ39c”]According to ECG it estimates the debts to run in excess of 90 million Ghana cedis and it is bent on retrieving all these monies. Hundreds of…
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Diamond Capital dissociates itself from DKM diamond microfinance
Microfinance company Diamond Capital has stated it has no links with DKM Diamond Microfinance. [contextly_sidebar id=”rtIS9ECUM4rlz5j09lBbJnoTHU2s404k”]According to the Managing director of diamond capital Selasie Woanyah ‘ the Board of Directors and Management of Diamond Capital Ltd and DCI Microfinance Ltd wish to dissociate the companies from a company called DKM Diamond Microfinance which is headquartered…
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Banks must stop buying T Bills -ISSER
The Director of the Institute of Statistical, Social and Economic Research (ISSER) Professor Felix Asante, has lashed out at commercial banks in the country for their heavy investments in treasury bills. [contextly_sidebar id=”A9TBbWS949nt1AWq6cPI0Lzk5qyEL322″]Most of the 28 commercial banks in the country have been spending more than 50% of their investment portfolios on buying Treasury bills…
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Ghana considers joining Asian bank
The Minister of Trade and Industry Dr. Ekow Spio – Garbrah has told Citi Business News that Ghana may consider joining the Asian Infrastructure Investment Bank (AIIB) set up by the Chinese government. [contextly_sidebar id=”jtQiCCqXkBrugQAV0HeyGwnoqhMZqknL”]According to the Trade Minister conditions and opportunities for the AIIB may be better and flexible than that of Bretton Woods…
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BoG shuts down DKM Microfinance
The Bank of Ghana (BoG) has suspended the operations of microfinance company, DKM Diamond Microfinance Company Limited. [contextly_sidebar id=”IWZI4aFSfbZBhmRpL5xutFkesjnwJVnh”]The company which began operations in 2005 had its operations suspended by the central bank after it violated the banking Act. According to the Bank of Ghana the company carried its operations in a manner that was…