Author: citibusinessnews
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MTN Ghana’s shareholders to get dividend of 4 pesewas per share
MTN Ghana is set to pay out a dividend of 4 pesewas per share to shareholders following its strong 2019 financial performance. The company last week released its financials where it declared a profit after tax of GH¢1 billion representing more than 33.5 percent the figure it recorded in 2018. A press release issued by…
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Receiver for Microfinance, S&L companies pays GH¢700 million to customers
The Receiver for the 347 Microfinance institutions, 23 savings and loans and finance houses, whose licenses were revoked last year, has announced the commencement of processes to complete final payments to depositors. In a press release issued on Monday, March 2, 2020, the Receiver explained that full and final payments are ongoing in line with…
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Gov’t, BoG must continue prudent policies to keep cedi stable – Societe Generale’s Deputy MD
The Deputy Managing Director of Societe Generale Bank, Ghana, Ernest Kuetche, is urging the government to keep the local currency stable against major trading currencies such as the US dollar. Despite its constant struggles, the local currency, according to the Bank of Ghana, has appreciated about four percent in value against the dollar since the…
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Akufo-Addo urges lenders to abolish ‘Africa Risk Premium’
President Nana Akufo-Addo has called for the removal of Risk Premium from the credit rating structure for African countries seeking financial assistance on the international capital market. Risk Premium is the additional return or premium demanded by investors to compensate them for the higher risk associated with investing in a foreign country. Delivering a speech…
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Anadarko must settle $500 million tax obligation before they exit Ghana – KT Hammond
The Member of Parliament for Adansi Asokwa, Kwabena Tahiru Hammond, is demanding the payment of US$500 million dollars in tax revenue by petroleum firm Anardarko, before they exit the country. The Energy Ministry is set to approve the sale of the Ghana operations of Anadarko Petroleum Corporation, to one of the country’s oil production partners,…
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Registrar-General assures DKM customers will get locked deposits soon
Customers of defunct DKM Microfinance Company, who are still owed monies are to receive their due when the amounts allocated for that purpose, hit the accounts of the Registrar General’s Department. President Akufo-Addo has assured that the affected customers from 2015, are to benefit from the five billion cedis set out for payment to depositors…
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MiDA to construct sub-stations for three major health facilities
The 37 Military Hospital, the University of Ghana Teaching Hospital and the Noguchi Memorial Institute of Medical Research, are to benefit from two primary substations to be constructed at Kanda and Legon respectively. The project, which forms part of the Ghana Power Compact Program, is also to assist in reducing technical losses at the Electricity…
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Locked up funds: More than 13,000 microfinance, S&L customers paid – CBG
The Consolidated Bank, Ghana, says the process to pay customers of defunct microfinance companies, savings and loans companies and finance houses has been smooth. According to the bank, as of Friday, February 28, 2020, over 13,000 customers had been paid fully. The bank added that the number of customers paid includes 490 companies, 581 social…
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Coronavirus: Dettol sales surge as markets fall again
Sales of Dettol and Lysol products have surged as the spread of the coronavirus outbreak continues. The disinfectant is seen as providing protection against the spread of the disease, although its effectiveness has not yet been scientifically proven. In China, demand for Dettol-branded hand gels is outstripping supply, owner Reckitt Benckiser has said. The shortages…
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New report casts doubt on govt’s ability to repay US$2 billion Sinohydro loan
A new report by the Natural Resource Governance Institute says Ghana may find it difficult to repay the US$2 billion Sinohydro loan expected to be paid with proceeds from the country’s bauxite resources. The report, titled ‘Resource Backed Loans: Pitfalls and Potentials’, says countries that depend on resource backed loans like the Sinohydro-bauxite deal ran…