Author: citibusinessnews
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Inflation hits 15.9%
Inflation for the month of August hit a record high of 15.9 %. This is the highest recorded since January 2010. Last month’s inflation increased from 15.3 % recorded in July to the current 15.9 %. The food inflation rate increased from 5% recorded in July to 5.1%. The group was dominated by the mineral…
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Infograph: Market share of banks in Ghana
Ecobank Ghana emerged the biggest bank in Ghana for the year 2013. This was revealed in the 2014 Ghana Banking survey conducted by audit and advisory firm, Price Waterhouse Coopers (PWC). Ecobank emerged largest with a market share of 12.9% based on its total operating assets. GCB came second with a market share of 9.4%.…
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Infograph: Profitability rating of banks in Ghana
The Bank of Baroda emerged the most profitable bank for the year 2013. This was revealed in the 2014 Ghana Banking survey conducted by audit and advisory firm, Price Waterhouse Coopers (PWC). Bank of Baroda came top for the 3rd year in a row after posting a profit after tax margin of about 88% last…
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LeapFrog to inject ₵375 million into Ghana
Ghana’s growing financial services sector could be boosted by investments totaling up to GH₵375 million (US $100m) from a new fund announced today by LeapFrog Investments. The GH₵1,5 billion (US $400m) fund will invest in high growth businesses in Africa and Asia. LeapFrog is the world’s largest dedicated equity investor in emerging markets financial services,…
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Gas plant to cater for 70% of Ghana’s LPG needs
The Ghana gas plant is to cater for 70% of the country’s Liquefied Petroleum Gas (LPG) needs when the plant comes on stream by the close of the year. According to the Minister of Energy and Petroleum Emmanuel Kofi Buah “The good news is that in the coming years we are going to have a…
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Bank of Baroda still most profitable bank in Ghana
The Bank of Baroda emerged the most profitable bank for the year 2013. This was revealed in the 2014 Ghana Banking Survey conducted by audit and advisory firm, PriceWaterhouseCoopers (PWC). Bank of Baroda came top for the 3rd year in a row after posting a profit after tax margin of about 88% last year. The survey…
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BoG to offload shares in ADB by year end
Barring any last minute hitches the Bank of Ghana (BoG) will finally offload its shares in the Agricultural Development Bank (ADB) by the end of this year. it follows moves by ADB to list of the Ghana Stock Exchange (GSE). ADB a universal bank, with a focus on agric, initiated the move some years back,…
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Chamber of Commerce legal tussle reignites
The legal tussle between the Ghana Chamber of Commerce and Industry (GCCI) and former regional executives of its Sekondi -Takoradi branch will resume on October 23 at the Sekondi high court. Three former executives of the Sekondi Takoradi Branch of GCCI led a splinter group to rebel against the mother union , accusing them of…
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COCOBOD signs $2billion loan on Thursday
The cedi is expected to see some significant stability as well as strengthen against major international currencies in the coming weeks. This follows the finalisation of the agreement for the 2 billion dollar cocoa syndicated loan for the 2013/2014 cocoa season. Barring any last minute changes, partner banks to COCOBOD’s syndicated loan will on Thursday…
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BoG to commence MPC meetings
The Monetary Policy Committee (MPC) of the Bank of Ghana will commence its meetings to review developments in the economy from Monday, 15th September,2014. The meetings will end with a press conference which will be addressed by the Governor of the Bank of Ghana Dr. Henry Kofi Wampah on Wednesday, 17th September,2014. The meeting will also end with…