Category: Banking And Finance
-
FBN Bank falls on Mother Company in Nigeria to recapitalize
FBN Bank has stated that it will rely on its mother bank in Nigeria to raise 25 percent of the money it needs to meet the minimum capital requirement set by the Bank of Ghana. According to the bank, such a move will put it in a good position to meet the 400 million cedis…
-
Don’t blame banks for high interest rates—Former ADB MD
Former Managing Director of ADB Bank Daniel Asiedu has jumped to the defense of commercial banks charging high interest rates. Commercial banks in the country have refused to reduce their lending rate to correspond with the Bank of Ghana’s base rate which is currently at 18 percent. Most of the banks charge over 30 percent…
-
Finance Minister presents Mid-Year Budget next week
The Ministry of Information has told Citi Business News the Finance Minister, Ken Ofori Atta will be presenting the mid-year budget review to parliament next week. The Information Ministry is however yet to announce the day. The Finance Ministry has already told Citi Business News government will be introducing new tax measures to boost domestic…
-
Gov’t cautioned on removing tax waivers for multinational companies
The Ghana-Israel Business Chamber has cautioned government against reneging on agreed contracts with international companies even as it seeks to evaluate the impact of tax waivers given to such companies. The General Secretary of the chamber, Edem Yevutsey believes businesses will hesitate to invest in Ghana if they feel that government cannot be trusted to…
-
BoG limits reappointment of Directors, CEOs of insolvent banks
Former managers of financial institutions who have been implicated in any act of insolvency or folding up of their companies risk not assuming any managerial role within the banking industry. This is because the central bank is getting tougher with its rules governing the financial sector. The latest guideline to be issued by the Bank…
-
![‘Black market’ trade impeding cedi’s stability [Audio]](https://citibusinessnews.com/wp-content/uploads/2016/02/cedis-604x330-1.jpg)
‘Black market’ trade impeding cedi’s stability [Audio]
Forex bureau operators want the Bank of Ghana to clamp down on the growing operations of black marketers in the foreign exchange business. The illegal business has been cited as one of the major constraints to stabilizing the cedi. The comments come in the wake of debates on the need to stem the cedi’s losing…
-
Barclays Ghana appoints Abena Osei-Poku as MD
Barclays Bank of Ghana has announced the appointment of Abena Osei Poku by the Board of Directors, as Managing Director of the Bank, taking over from Patience Akyianu who will be leaving the bank at the end of September this year. Abena’s appointment if approved by the Bank of Ghana will be effective October 1,…
-
Hafez Ghanem takes over as World Bank’s Vice President for Africa
The World Bank has appointed Hafez Ghanem as the new World Bank Vice President for Africa, effective July 1. A development expert with over 30 years of experience, Ghanem will lead an active regional portfolio consisting of over 600 projects totaling more than $71 billion. Under Ghanem’s leadership, the World Bank will continue to support…
-
BoG sets ground rules for mergers & acquisitions
Banks seeking to acquire other banks or merging to become a bigger entity may start heaving a sigh of relief as the Bank of Ghana discloses guidelines to facilitate any such process. The move also forms part of the means by the commercial banks to meet the new minimum capital requirement by the Bank of…
-
Cedi’s free fall: GCB Bank expands FX business
GCB Bank has disclosed of a major expansion drive to increase the trading in foreign exchange to help businesses get access to major international trading currencies. GCB Bank tells Citi Business News that it is increasing the scope of FX trading to minimize the impact of the shortage of foreign currency in the system. The…