Category: Banking And Finance
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UNICOF calls for calm as it engages First Atlantic Bank management
The Union of Industry, Commerce & Finance Workers (UNICOF), has begun talks with management of First Atlantic Bank over the layoff of 100 workers. According to the Union, the layoffs will worsen the plight of the affected workers. Speaking about the situation, the Deputy General Secretary of UNICOF, Michael Biney urged the affected workers to…
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ARP Apex Bank makes financial improvement in 2018
ARB Apex Bank, the ‘mini’ Central Bank of the 144 Rural and Community Banks has announced that the bank recorded improvements in most of the important financial indicators in 2018. The bank disclosed this at its Annual General Meeting organized in Ho in the Volta Region. According to the financial statement of the bank, it…
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Laid off workers of First Atlantic Bank reject redudancy package
The 100 workers laid off following the merger between First Atlantic Bank and Energy Bank have rejected completely the redundancy package offered to them by the new entity created out of the merger. According to persons close to the bank, the affected workers were offered a severance pay of 1.5 months basic salary for each…
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Make SSNIT independent to prevent gov’t interference—Economist
Economist Professor Godfred Bokpin is calling for a policy that will limit the powers of government in appointing the head and Board of Directors of the Social Security and National Insurance Trust (SSNIT) to protect pension funds. President Akufo-Addo during the Workers Day celebration announced that the government will issue a 700 million cedis bond…
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38 forex bureaux face closure by Bank of Ghana
The Bank of Ghana has threatened to close down forex bureaus that are not complying with its operational regulations. In a letter sent to the Forex Bureaux Association and sighted by Citi Business News, the BoG named 38 forex bureaus that were not complying with the central bank’s regulations. The affected 38 forex bureaux are…
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100 workers of First Atlantic Bank laid off after merger
About 100 workers of First Atlantic Bank have been laid off after the bank completed its merger processes with Energy Bank, Citi Business News has gathered. The merger of the two banks is said to have led to duplication of roles, leading to the redundancy. Also, a restructuring of the bank’s operations resulted in the…
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Former workers of Esich Life Assurance demand contribution made into Provident Fund
Some former workers of Esich Life Assurance are pleading with the National Insurance Commission (NIC) to help them retrieve their contributions made into a Provident Fund while the company was operational. Esich Life Assurance was said to have links with defunct Capital Bank. The NIC has currently appointed an administrator for the company. Speaking to…
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GRA launches policy to prosecute recalcitrant taxpayers
The Ghana Revenue Authority (GRA) will use prosecutions as a major weapon against non-compliance, tax evasion and tax customs fraud. The GRA is, therefore, asking income earning persons, potential and existing recalcitrant taxpayers to amend their ways since its prosecution policy will deal with persons who violate the country’s tax laws. The policy outlines the…
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MTN pays 17 million cedis as interests on mobile money
MTN Ghana has commenced payment of 17.1 million cedis to 10,630, 175 customers as interest earned for the first quarter of 2019. The payments commenced on Sunday [April 28, 2019]. A statement from MTN to Citi Business News said the 2019 first quarter payments brings to over 156.2 million cedis in interest paid to Mobile…
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Economist lauds BOG’s directives on forex importation and exportation
A financial economist Dr. Lord Mensah has welcomed the Bank of Ghana’s(BoG) directives on the importation and exportation of foreign currency in and out of Ghana. The Central Bank in a notice to the general public has warned of serious repercussions for any person arriving in or departing from Ghana with undeclared amounts in excess…