Author: citibusinessnews
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Ghana International Bank reaches agreement with UK’s FCA over £5.8m fine
The Ghana International Bank (GHIB) says it has reached a settlement agreement with the UK’s Financial Conduct Authority (FCA) in its investigation into GHIB’s unsatisfactory anti-money laundering (AML) controls. The FCA had earlier fined the bank 5.8 million pounds after discovering some deficiencies in its anti-money laundering systems. Between January 2012 and December 2016, the…
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UK watchdog fines Ghana International Bank for poor anti-money laundering systems
Britain’s Financial Conduct Authority (FCA) has fined Ghana International Bank (GHIB) 5.8 million pounds ($7.1 million) for failings in its anti-money laundering controls. The FCA said the bank provided correspondent banking services to other lenders, allowing them to provide products and payment services they would otherwise be unable to provide. Between January 2012 and December…
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Bank of Namibia Governor pays courtesy call on BoG Governor
A 4-member delegation, led by the Governor of the Bank of Namibia, Mr. Johaness !Gowaxab on Friday, 17th June 2022, paid a courtesy call on the Governor of the Bank of Ghana, Dr. Ernest Addison, to seek mutually-beneficial relationships between the two central banks and also to learn best practices from the Bank of Ghana.…
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Government is committed to stabilizing cedi – Ofori-Atta
Minister for Finance, Ken Ofori-Atta has assured that government remains committed to implementing measures to address the perennial depreciation of the Ghana cedi against its major trading partners. The Minister gave the assurance when he responded to a question posed to him in Parliament by the Member of Parliament (MP) for Bongo Constituency, Edward Abambire…
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GH¢18.19bn mobilised for Covid-19 fight; GH¢12bn was utilised – Ofori-Atta
The government mobilised a total of GH¢18.19 billion to mitigate the impact of the Covid-19 pandemic in the country for 2020 and 2021. Government ended up spending GH¢12 billion out of the total figure generated within the period in question. This was disclosed by the Minister of Finance, Ken Ofori-Atta, when he delivered a statement…
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UKGCC marks Royal Ascot Ladies Day in Ghana to raise funds for UGMC
As part of efforts to promote bilateral trade between the UK and Ghana, the UK-Ghana Chamber of Commerce (UKGCC),on 18th June 2022, held the maiden edition of the Royal Ascot Ladies Day Event in Ghana to celebrate the iconic annual UK cultural event. Ascot, one of Britain’s most well-known racecourses, holds a special week of…
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#CitiBusinessFestival: Five key insights from forum on Ghana’s trade competitiveness
The Citi Business Festival’s forum on surviving the uncertainties of consumer markets discussed ways of surviving uncertainties of consumer markets following the COVID-19 pandemic. The forum featured Theresa Yamson, the CEO of Phyto-Riker; Robert Ahomka-Lindsay, former Deputy Minister of Trade and Industry; Michael Kottoh CEO of Konfidants, Charles Addo, the Retail Banking Director at Absa…
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Industrialization is Ghana’s only way of withstanding market volatilities – Ahomka-Lindsay
A former Deputy Minister for Trade and Industry, Robert Ahomka-Lindsay says Ghana must take seriously its industrialisation drive to ensure that its economy is able to withstand volatilities on the international market. According to him, the current structure of the country’s economy overly exposes it to changes in western markets and makes it vulnerable. Speaking…
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#CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO
A major factor hindering the garment industry from thriving is the lack of access to financial support, Chief Executive Officer of Cyndex Garment Manufacturers, Cynthia Baffour has said. At the Citi Business Festival’s forum on Citi TV, Ms. Baffour emphasized the need for the garment industry to be financially supported to run its operations. She posited…
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Some importers repacking foreign goods to look ‘made-in-Ghana’ – Konfidants boss
Ghana’s efforts to promote the consumption of locally manufactured products are being hampered by the unscrupulous re-packaging of imported goods. This is one of the key concerns of Michael Kottoh, Managing Partner of Konfidants, an international advisory firm, on the country’s ailing made-in-Ghana agenda. He says most products on the shelves of supermarkets tagged to…