Category: Banking And Finance
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![[Article] Seth Terkper writes: The true status of the NPP’s 17+ tax measures (1)](https://citibusinessnews.com/wp-content/uploads/2019/07/FINANCE-MINISTER.jpg)
[Article] Seth Terkper writes: The true status of the NPP’s 17+ tax measures (1)
Introduction The 2017 Budget tax “reliefs” have been extolled for almost three years and, likely will be likely repeated ad nauseum in 2019 and 2020. However, the 2019 Mid-Year Review may also result in more explicit reversals of some “nuisance” tax measures that have adversely affected the tax structure. Progress in the third successive year…
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Gov’t to make Accra a Financial Services Hub
Finance Minister Ken Ofori-Atta has disclosed that government is planning to make Accra a financial hub to attract major banks in West Africa to site their headquarters in Ghana. Currently, the African Development Bank has its headquarters in Abidjan, Ivory Coast, while Ecobank has its headquarters in Lome, Togo. Speaking at a ceremony to showcase…
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Be realistic about fiscal prospects — Terkper tells Ofori-Atta
The former Finance Minister Seth Terkper has stated that there is the need for the Akufo-Addo government to be realistic about where they intend taking the country. With the Finance Minister Ken Ofori-Atta scheduled to present the mid-year budget review to Parliament on Monday, his predecessor is arguing that the government is crumbling under the…
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Government receives GH¢20 million dividend payment from GCNet
The Ghana Community Network Services Limited (GCNet) last Wednesday presented a cheque for GH¢20 million to the government being dividend payment for the 2018 financial year. Government through the Ghana Revenue Authority (GRA) owns 20 percent shares in GCNet. Receiving the cheque, the Finance Minister, Mr Ken Ofori-Atta, reiterated the important role of GCNet in…
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GCB Bank pays GH¢16.9m dividend to government
GCB Bank last Wednesday presented a cheque for GH¢16.9 million to the Finance Minister, Ken Ofori-Atta, being dividend payment for the 2018 financial year. The bank’s presentation follows a strong financial performance in the year under review where it declared more than GH¢300 million net profit. Speaking at a short ceremony to present the cheque,…
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Former banks’ employees could face up to 10-year ban
The Bank of Ghana has announced that former employees or shareholders of commercial banks that are found to have flouted the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), could be banned for up to 10-years from working or owning shares in the sector. The central bank on Thursday, July 25, 2019, published its…
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Ghana’s debt levels worrying — World Bank Country Director
The World Bank Country Director Pierre Frank LaPorte has stated that Ghana’s rising debt levels places it at pre-HIPC levels and must be checked to prevent the figure from escalating further. According to him, the government’s increased borrowing to pay outstanding debts and not to be re-invested is risky for an emerging economy like Ghana…
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We’re not receivers for God is Love, Jasper Motors etc — Eric Nipah
The receiver for the 347 microfinance companies collapsed by the Bank of Ghana has advised the public to disregard a statement asking customers of some defunct deposit-taking institutions to submit documentation for their claims to be processed. A press release issued by PwC’s Eric Nana Nipah said the statement calls on customers of Jasper Motors,…
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BoG moves to scrutinize appointments of all key staff of banks
The Bank of Ghana has announced it will now assess people appointed by financial institutions into key positions using its new fit and proper persons directive. The directive is the central bank’s latest move to ensure sound corporate governance as a way of instilling confidence in the banking sector. According to the Fit and Proper…
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Bond Savings and Loans seeks GHS300m from stock market
Bond Savings and Loans company has stated that it will be raising about GHS300 million capital from the Ghana Stock Exchange to inject into its operations. The company in 2017 raised GHS70 million out of GHS100 million target. According to the Chief Executive Officer, George Ofosu Hene, the firm wants to expand its operation and…