Category: Banking And Finance
-
Compromising on rules could collapse financial sector—Senior Minister
Senior Minister Yaw Osafo Maafo has warned that Ghana’s financial system could face an imminent collapse if industry personalities continue to compromise the rules and regulations put in place to protect the system. He made the comments at the Securities and Exchange Commission’s(SEC) 20th anniversary Dinner and Awards Night here in Accra. The Securities and…
-
Ghana’s debt increases to 170.8 billion cedis – BoG
Ghana’s total debt stock has reached 170.8 billion cedis as at September 2018. A summary of economic figures released by the Bank of Ghana shows that between July and August 2018, the country added 11.4 billion cedis to its debt stock. But calculating this as a percentage of GDP, Ghana’s debt represents 57.2 percent. The…
-
GRA must open more offices to make TIN registration easier—Consultant
Tax consultant Abdallah Ali Nakyea has called on the Ghana Revenue Authority to open more offices across the country to help speed up the issuance of Tax Identification Numbers (TIN) and also help with effective revenue mobilization. His comments follow several complaints by some Ghanaians in their attempt to secure their TIN. While some say they’ve been…
-
MTN wins 17th edition of Ghana Club 100 Awards
Scancom Ghana Limited, owners of MTN has been adjudged the best company at the 17th edition of the Club 100 awards event. Ghana Oil Company, GOIL came second with Goldfields Mining Company placing third. The Club 100 Awards is a prestigious event that is used to acknowledge the hard work, growth and contribution of corporate…
-
BoG to publish names of staff involved in collapse of 7 banks
The Bank of Ghana has said it is soon going to publish a report that will show members of the central bank who played a role in the collapse of the seven banks. The move is aimed at helping the Bank of Ghana promote ethical behavior among its staff. Speaking to journalists on the second…
-
Court remands uniBank employee over GH₵11.2m fraud
Kwame Osei Yeboah, an employee of the defunct uniBank who was absorbed into Consolidated Bank Ghana Limited (CBG), accused of illegally transferring GH₵11.2 million of depositors’ money to some microfinance companies, has been remanded into police custody by an Accra Circuit Court. He is to reappear on December 4, 2018. Presenting the facts to the…
-
GN Bank, Premium Bank in merger talks again
Information available to Citi Business News indicates that GN Bank and Premium Bank have recommenced merger talks. The two banks are seeking to merge before the end of the year. This is also to allow them meet the December deadline for the new 400 million cedis minimum capital requirement. The two companies are likely to…
-
adb workers want President to pull breaks on merger with NIB
The Professional and Managerial Staff Union (PMSU) of adb has petitioned President Akuffo Addo to intervene in the planned merger of adb and NIB into one entity. The workers’ union is protesting the creation of a National Development Bank through a merger of the two state owned banks. Meanwhile the Minister of Finance says the government is yet…
-
22 banks likely to meet new capital requirement—Consultant
With less than six weeks to the end of the December 31st deadline for banks to meet the central bank’s minimum capital requirement, a banking consultant Nana Otuo Acheampong says he is not expecting more than 22 banks by next year. The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison stated at the…
-
Ambitious 2019 revenue less achievable – IFS
The Institute of Fiscal Studies (IFS) has expressed fears over the government’s ability to meet its revenue projection for next year [2019]. The think tank argues that the government will have to work to attract a lot more people to pay taxes if it is to meet the set targets. The concerns raised by the…