Category: Business
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World Bank approves US$250 million for establishment of Development Bank Ghana
The World Bank Board of Executive Directors on Thursday, October 29, 2020, approved US$250 million from the International Development Association (IDA) to support the establishment of the Development Bank of Ghana (DBG) also known as the National Development Bank. The move is to help to increase access to long term finance and boost job creation…
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Volume of trade on bond market rises by 34% to 75 billion from Jan – Sept, on the back of equities market uncertainty
Stakeholders within the financial sector are confident investors will continue to turn to the fixed income market, away from the equities market, until a time when the Coronavirus pandemic has been brought under control. The poor performance of many companies on stock markets across the world and the uncertainty surrounding the quality of returns of…
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Building trust is key to attracting the right investment – Togbe Afede XIV
President of the National House of Chiefs and Founder of SAS Finance Group Ltd, Togbe Afede XIV, has stated that one key ingredient a country or entrepreneurs need to attract the right kind of investment and development is trust. According to him, when it comes to the growth of businesses, nothing could be more important…
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Banking sector clean-up was not managed well – Togbe Afede XIV
Ghanaian Entrepreneur and President of the National House of Chiefs, Togbe Afede XIV, says the banking sector clean-up could have been handled better by government. According to him, government could have carried out a better scrutiny to prevent the collapse of the huge number of financial institutions that lost their licenses. Togbe Afede, who once…
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Bolt launches Web App to make ride-hailing services more accessible
Bolt, a leading ride-hailing platform in Ghana, has launched the Bolt Web App, a cost-effective alternative for riders to request a trip on a web browser. The Bolt Web App is a great option for riders using mobile phones with limited capabilities in terms of high-performance user experience, internal phone storage or even those who…
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ADB receives ISO:27001 certification
The Agricultural Development Bank (ADB) has earned the International Organization for Standardization (ISO) 27001; 2013 Certification following a rigorous process by PECB Group based in Canada. The Managing Director of the Bank, Dr. John Kofi Mensah, in a statement copied to Citi Business News said the certification process started last year and was successfully completed…
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STC blames 50% drop in revenue on Coronavirus-induced border closure
Managing Director of Intercity STC Coaches Limited, formerly State Transport Company (STC), Nana Akomea has blamed the continuous loss of revenue for the company, on the Coronavirus-induced border closure in Ghana. Ghana’s land borders remain shut, seven months on after they were initially closed on March 22 to curb the spread of the novel coronavirus…
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Solidaridad empowers farmers to improve productivity
At Kofiase, a community in the Mampong municipality of the Ashanti Region of Ghana, members of a Village Savings and Loan Association (VSLA), are on their way to getting a bumper harvest due to an investment in improved oil palm seedlings. For years, the over 4,000 residents of the community who are predominantly farmers, with…
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Stanbic Board appoints Kwamina Asomaning as Chief Executive as Alhassan Andani retires
After 14 years of steering the affairs of Stanbic Bank Ghana Limited, Chief Executive (CE) Alhassan Andani will retire on November 30, 2020. The Board of Directors, with the approval of the Central Bank, has selected Kwamina Asomaning, currently the Executive Director of Corporate and Investment Banking, as the new Chief Executive. Kwamina Asomaning, Kwamina…
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We don’t expect tax hikes or new taxes in 2021 Q1 budget – GNCCI
Ahead of the Finance Minister, Ken Ofori-Atta’s presentation of the budget for the first quarter of 2021 on Wednesday, October 28, different groups of the Ghanaian society have been speaking about their expectations. The presentation, known as the Expenditure in Advance of Appropriation, is normally read in elections years to ensure the smooth running of…