Category: Banking And Finance
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BoG ‘merges’ uniBank, Beige and 3 other struggling banks
The Bank of Ghana has consolidated five local banks into what it calls the Consolidated Bank Ghana limited. The banks are Beige Bank, Construction bank, Royal bank, uniBank and Sovereign bank. This means that the banks are merged. According to the Governor of the Bank of Ghana, Dr. Ernest Addison, some of the banks obtained their…
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Collection of taxes on luxury vehicles starts today
The Ghana Revenue Authority(GRA) is set to commence the collection of taxes on luxury cars from today. A statement released by the authority explained that the taxes will only affect cars with engine capacity above 2950. According to the statement, vehicles with engine capacity of 2950 to 3549 capacity will pay GHS1,000 cedis while vehicles…
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Most banks not equipped to block cybercrime—Analyst
Most banks in the country have not put in the necessary security measures to avert their system from being infiltrated by cyber criminals, that is a revelation by the Cyber Forensic analyst with E-Crime Bureau Philemon Hini. According to him, financial institutions have relegated cyber security issues only to IT departments of their companies leaving…
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Gov’t could meet GHS300m tax target from luxury vehicles
Economist, Dr. Ebo Tuckson is hopeful government could meet its 300 million cedis revenue target from luxury cars. Government announced through the mid-year budget review that it will raise the said amount between August and December 2018. Dr. Tuckson says his confidence in governments’ ability to collect more, due to the large number of vehicles…
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MTN ends GH¢3.47 bn IPO today
MTN is to complete its Initial Public Offering (IPO) by close of day today [July 31, 2018] barring any last minute changes. The telecom company is ceding thirty-five percent (35%) of its shares to the public to complete the regulatory processes after it secured one of the 4G spectrum license. It’s been a little over…
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New BoG Directive to prevent bank collapse – Nana Otuo
Banking Consultant, Nana Otuo Acheampong is hopeful that the new directives on Financial Holding Companies should avert possible collapse of banks in the near future. The Bank of Ghana in its latest directive for the financial sector, has outlined the operation of Finance Holding Companies which insists on restricted areas they cannot venture. The Directive…
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CID Stops GH¢326m bank theft
The Financial Forensics Unit (FFU) of the Criminal Investigation Department (CID) of the Ghana Police Service has arrested 12 suspects in the biggest ever cybercrime burst in recent history. A circuit court last Friday remanded 11 out of the 12 suspects into police custody to reappear on August 9, 2018 as investigations continue. Friday evening,…
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Govt to raise GH¢300m from tax on luxury vehicles
The government is to rake in at least 300 million cedis in revenue from taxes on luxury vehicles by the end of this year. The tax, which forms part of the new policy measures introduced in the midyear budget review, is to help bridge the gap in revenue for the first half of the year…
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BoG gets tough on Financial Holding Companies with new directive
The Bank of Ghana has revived its supervisory role with yet another directive for the financial sector. In the latest move, the central bank throws its spotlight on the Financial Holding Companies. As a result, the regulator wants managers of Financial Holding Companies to comply with the provisions so as not to jeopardize the sanctity…
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IES joins calls to stop amendment to AMERI deal
Opposition has intensified against the new arrangement on the AMERI power deal which is currently before Parliament. The latest to resist the new plan is the Institute of Energy Security (IES). The energy think tank believes the country risks paying more when the deal is agreed upon, in its current form. The IES also cautions…