Category: Banking And Finance
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GHS1.4 billion interbank investments locked up in CBG
A total of 1.4 billion cedis belonging to other financial institutions is locked up with the Consolidated Bank as management of the bank says it does not have the cash flow to pay bulk depositors. Some of the customers are financial institutions including Microfinance and Savings and Loans Companies who were saving with the five…
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Finance Ministry to write off $141m GRIDCo debt
The Finance Ministry may write off about 141 million dollars debt sitting on the books of GRIDCO. The debt was incurred after GRIDCO was formed out of the Volta River Authority. The debt has in recent times affected the operations of the state power delivery company, making it unattractive to investors. Speaking to Citi Business…
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AfDB to approve $600m loan for COCOBOD
The African Development Bank (AfDB) is close to approving a $600 million loan package for COCOBOD, a Reuters report has said. The funds will allow COCOBOD to build warehouses to stockpile beans and protect itself against price falls, AfDB president, Akinwuni Adesina said. Mr. Adesina explained that the financing would support initiatives planned by Ghana…
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GCB Bank investigates unapproved withdrawal of customers monies
GCB Bank has begun investigations into circumstances under which monies were withdrawn from customers accounts by some unknown persons. Some customers of the bank have been complaining that unspecified amounts were withdrawn from their accounts without their authorization over the weekend. The incident is said to have occurred on Friday, when some customers randomly received…
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Consolidated Bank Ghana records five fraud cases
The Consolidated Bank Ghana(CBG) limited has recorded five cases of fraud within its first three months of operation. Management of the bank disclosed this when it met workers of the bank at a town hall meeting in Accra, last Saturday. According to the management, the culprits who were workers of the bank withdrew money from…
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![President Akufo-Addo opens Ghana Commodity Exchange [audio report]](https://citibusinessnews.com/wp-content/uploads/2018/11/nana-bell-1.jpg)
President Akufo-Addo opens Ghana Commodity Exchange [audio report]
President Akufo-Addo has inaugurated the Ghana Commodity Exchange(GCX) for the buying and selling of listed agricultural commodities in the country. The aim of the exchange is to establish linkages between agricultural and commodity producers and buyers to secure competitive pricing. There is more in the report. Speaking at the inauguration, President Akufo-Addo assured that government…
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CBG workers compete for limited slots
Workers of the Consolidated Bank Ghana (CBG) Limited are to compete against themselves in an interview process, for a slot if they are to continue to work with the bank after March next year. The workers numbering over a 1000 lost their jobs when UniBank, Sovereign, Royal bank, Beige bank and Construction bank were consolidated…
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Ghana’s Commodity Exchange to commence full operations today
President Akufo-Addo is expected to outdoor the official operations of Ghana Commodity Exchange (GCX) today, Tuesday, November 6, 2018. The GCX is a regulated market that links buyers and sellers of commodities to trade by rules while assuring the market of quality, timely delivery, and settlement. Minister for Information, Kojo Oppong Nkrumah who disclosed this…
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GCB begins instant cash issue
GCB Bank Limited (GCB) is instantly issuing its ATM Readycash card at selected branches across the country. These cards are chip-based and very secure and have come to replace the mag-stripe cards currently in use. In all 83 out of the 183 branches of the Bank, mostly in regional capitals, market centres and district capitals…
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UT Holdings, UT Logistics sued over refusal to pay loans
Offshoot of defunct UT Bank— UT Holdings and UT Logistics, have been sued by receivers of the bank, PricewaterhouseCoopers (PwC) for non-payment of some loans acquired before the collapse of the bank. According to the suit before an Accra High Court, an amount of GHc51 million and US$8 million respectively, were invested into UT holdings…