Category: Markets
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Ghana moves up in latest anti-money laundering ranking
A new anti-money laundering and terrorist financing report published by Swiss-based Basel Institute of Governance has seen Ghana moving up six places. Last year, Ghana ranked 66th out of 125 countries in the Anti Money Laundering Index. But with a score of 5.29, the country jumped to 60th position in the latest rankings released by…
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Stock analyst hopeful GSE will bounce back after woeful performance
The General Manager of UMB Stockbrokers Ben Ackah says he is cautiously optimistic about the fate of the Ghana Stock Market for the rest of the year. He made his position known after the market hit its lowest level in about 2 years, mainly due to the happenings in the financial sector. The GSE Composite…
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Ghana Stock Exchange to suspend PBC’s listing
The Ghana Stock Exchange (GSE) is to suspend the listing status of licensed cocoa buyer, PBC Limited, from the bourse, come this Thursday, August 15. It follows the company’s inability to comply with two requirements of the GSE, it said in a statement issued Tuesday morning. It mentioned the breached regulations as failure to publish…
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Ekow Afedzie appointed acting MD of Ghana Stock Exchange
The current Deputy Managing Director of the Ghana Stock Exchange (GSE), Ekow Afedzie, has been appointed to act as the Managing Director effective August 1. Kofi Yamoah, current Managing Director is expected to retire at the end of October 2019 but will commence his terminal leave from August 1. Mr. Afedzie has worked…
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Buyers boycott Ghana cocoa after new floor price — sources
The world’s second-largest cocoa producer offered to sell beans for the first time since introducing a surcharge, and found no buyers, according to people familiar with the matter. Ghana’s Cocoa Marketing Company, responsible for selling the nation’s cocoa, offered beans for 2020-21 to traders on Wednesday, said the people, who asked not to be identified…
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Ghana stock market performance reach 21 month low as banking sector clean-up effects bite
Ghana stocks headed for the lowest in 21 months as investors sold shares to free up cash as they contend with the fallout from banking reforms in the West African nation. The Ghana Stock Exchange Composite Index retreated 1.5% as of 12:09 p.m. in Accra Wednesday, heading for the lowest close since October 2017. Ghana’s…
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Gold Coast Fund to petition Economic Management Team for support to pay customers
Gold Coast Fund Management company, a subsidiary of Groupe Nduom, is looking to petition the government’s economic management team, as it seeks financial support to help meet customers’ demands. The company, licensed by the Securities and Exchange Commission (SEC), has been struggling to pay customers whose investments have matured in the past 12 months or…
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Ofori-Atta to present mid-year budget review on July 24
The Finance Minister Ken Ofori-Atta is expected to present the government’s supplementary budget statement to Parliament on July 24. The presentation was earlier scheduled to be made on July 17 but has now been pushed a week ahead. The Public Financial Management Act, 2016 (PFMA) Act-921, requires that the Finance Minister presents a Mid-Year Review…
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Develop strong negotiation position to benefit from AfCFTA — TWN-Africa
Third World Network Africa (TWN-Africa), a Pan-African research and advocacy organization, has charged the government to focus on developing a strong negotiation position, in order to benefit from the African Continental Free Trade Agreement (AfCFTA). This comes a day after Ghana was selected as host country for the secretariat at the 12th African Union Extraordinary…
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Vehicle dealers freeze planned demo against luxury vehicle tax
The Vehicle and Asset Dealers Association of Ghana (VADAG) has rescinded its decision to hold a series of protests against the luxury vehicle tax. The Association in a press statement said their decision to withdraw from the “KUM YEN PREKO” demonstration was taken after careful consideration and amicable engagement with government. The demonstration being championed…