Category: Banking And Finance
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Ghana must legislate against transfer mispricing–Tax analyst
Some Tax Analysts are pushing for a legislation that will ensure that government deals extensively with companies that involve in transfer mispricing. They insist the action remains a major challenge which has to be dealt with if government wants to attain its set revenue target for the year. Transfer pricing is the rules and methods…
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We won’t use taxpayers’ money to pay Menzgold customers – Gov’t
The government has shut the door on any hope customers of the embattled Menzgold Company Limited have of being cushioned or settled with taxpayers’ money. This follows continued cries for government intervention from such customers despite the Finance Minister earlier stating that the government will not pay customers their monies locked up in the company. “While government sympathizes customers on the…
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Inflation for December increases marginally to 9.4 percent
The inflation rate for December 2018, increased marginally to 9.4 percent, from the 9.3 percent recorded in November 2018. By this, government missed its 2018 end of year inflation target of 8.9 percent as set in the 2018 budget. Inflation measures the rate of change in prices of goods and services over a period of…
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Menzgold customers do not need compensation – Dr. Lord Mensah
Economist, Dr. Lord Mensah has kicked against any form of compensation for embattled customers of gold dealership company, Menzgold. He explains that such a support is likely to encourage other forms of financial activities that breach the country’s financial laws. Dr. Lord Mensah’s comments come in the wake of recent calls by customers of Menzgold to…
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First Atlantic Bank meets minimum capital
First Atlantic Bank has announced that it has met the 400 million cedis minimum capital requirement. According to the bank, its new capital position exceeds the 400 million cedis. In a statement to confirm the bank’s new position, the bank said it will continue to be a credible and dependable financial partner to all its…
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Global Growth to Slow to 2.9 percent in 2019—Report
Global economic growth is projected to soften from a downwardly revised 3 percent in 2018 to 2.9 percent in 2019 amid rising downside risks to the outlook, the World Bank said on Tuesday. International trade and manufacturing activity have softened, trade tensions remain elevated, and some large emerging markets have experienced substantial financial market pressures. Growth among…
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SSNIT increases pension benefits by 11 percent
The Social Security and National Insurance Trust (SSNIT) has increased the benefits of pensioners by 11 percent. The decision, according to SSNIT was taken after considering the rate of increase of prices of goods and services, adjustment in public sector salaries, as well as available funds with the company. Speaking at a press conference, the…
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World Bank President resigns
World Bank Group President Jim Yong Kim today announced that he will be stepping down from his position after more than six years in which the institution’s shareholders provided strong support to multiple initiatives to ensure that the Bank Group retains strong leadership in the world of global development. “It has been a great honor to…
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BoG has done a ‘grave injustice’ to Heritage Bank by revoking its license – Former directors
The former Board of Directors of now defunct Heritage Bank Limited (HBL), has lamented claims by the Bank of Ghana (BoG) that it set up the bank with suspicious capital and that the central bank has done them a ‘grave injustice’ by revoking its license. Last week, the Bank of Ghana (BoG) revoked the license…
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Consolidated bank given bond cash – BoG Governor
The Bank of Ghana has clarified that it has made available cash from the bond issued in the name of the Consolidated bank. According to the Governor of the central bank, Dr. Ernest Addison, the move has helped in positioning the bank to undertake its business as usual. His comments come on the back of…