Category: Banking And Finance
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Pay depositors’ cash before winding up – BoG to operators
Financial companies seeking to wind up their operations voluntarily yet are unable to meet their debt and other obligations in full within a year, risk imprisonment. That is but one of the cautions the Bank of Ghana has issued in its latest directive on voluntary winding up of banks and specialized deposit taking institutions. The…
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MTN’s presence boosts stock market’s capital to GH¢65bn
The total value of the Ghana Stock Exchange has reached 65 billion cedis. It follows the successful listing of MTN on the stock market, on Wednesday [September 5, 2018]. As a result, the telecom company has started trading its shares on the Ghana Stock Exchange. MTN concluded its IPO in July which allows the public…
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Receiver sues uniBank shareholders for GHC5.7 billion
The Receiver for uniBank, Nii Amanor Dodoo has sued the 17 shareholders of the now-defunct bank over the repayment of a GHC 5.7 billion debt. The GHC 5.7 billion debt, according to the receiver, was left by the shareholders. The plaintiff, Nii Amanor Dodoo, contends that the defendants “have breached their duties as directors of uniBank…
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Gov’t checks overspending with Fiscal Responsibility Act
The government will soon introduce a Fiscal Responsibility Act, which will ensure successive governments do not spend beyond specific fiscal thresholds. Senior Minister, Yaw Osafo Maafo, announced this at the 2018 edition of the Ghana Economic Forum on the theme, “Building a competitive economy for sustainable growth.” He also said government will establish a Fiscal…
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Labour Ministry intervenes in layoffs at Consolidated bank
The Employment and Labour Relations Minister, Ignatius Baffour Awuah has stated that he will by the end of the week meet with stakeholders and workers of the Consolidated Bank alongside some labour unions to address their concerns. Among other things, the meeting would seek to deliberate on labour plans for the consolidated bank and what would…
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Republic Bank launches ‘Republic Medical Loan’
Republic Bank Ghana, a subsidiary of Republic Financial Holdings limited, has launched a new loan product, Republic Medical Loan, specifically to provide Private Health Care Providers with working capital and other bridge financing options. The objective of the loan product is to improve the health service delivery of the nation by empowering the private health…
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Century bond to check overpriced projects – Prof Quartey
The government should be able to finance major infrastructural projects and avoid budget overruns if it is to be successful with the maiden century bond. That is the assertion of Economist at the University of Ghana, Professor Peter Quartey. His comments come on the back of justification for the issuance of the bond by the…
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Ghana must improve strategy & capacity in Chinese negotiations – Ofosu-Dortey
A lawyer and Senior Partner at AB & David Law affiliates, David Ofosu-Dortey has said that Ghana’s seeming fixation with China as the most preferred trade partner is based on the country’s lack of strategy. According to him, Ghana has for a very long time engaged trade partners like China without a detailed strategy hence often…
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ICU negotiates exit packages for Consolidated bank staff
The Industrial and Commercial Workers’ Union (ICU) is to meet the receiver of the Consolidated Bank Ghana soon, over the exit packages for workers of the five collapsed banks. The labour union is hopeful its intervention will reduce the impact of job layoffs on the livelihoods of the affected employees. According to the General Secretary…
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BoG reduces cash in circulation with re-opened bonds
The Bank of Ghana (BoG) could be mopping up excess liquidity in the economy with the re-opening of three Government of Ghana bonds. By this, the central bank is seeking to reduce money in circulation to tame inflation and other economic impacts. The settlement for the three bonds is expected to be made today [September…