Category: Business
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2019 Citi Business Festival starts today
The most anticipated business festival, the Citi Business Festival will be launched on the Citi Breakfast Show (CBS) on Citi FM later this morning. The launch will also feature an interview with the 2018 National Best Farmer, James Boateng. The Citi Business Festival is a month-long on air and outdoor event programmes held annually in…
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Full list of microfinance institutions shut down by Bank of Ghana
The Bank of Ghana has descended on Non-bank financial institutions as part of measures to sanitize the financial sector. The central bank on Friday, May 31, 2019, announced that it had revoked the licenses of some 347 microfinance institutions in the country. It also took similar action against some 39 microcredit institutions operating in Ghana.…
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Bank of Ghana clean-up leaves only 137 microfinance companies in good standing
Ghana currently has 137 microfinance companies in good standing after about 347 of such institutions had their licenses revoked by the Bank of Ghana on Friday, May 31. The central bank in a statement said the institutions whose licenses were revoked were either insolvent or had ceased operations. The Bank of Ghana in the statement…
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Bank of Ghana revokes licenses of 347 microfinance; 39 microcredit companies
The Bank of Ghana has revoked the licence of 347 microfinance companies as well as 39 microcredit companies, a statement issued by the central bank has said. The revocation of the licences of these institutions, the statement said, is to get rid of insolvent and dormant institutions that have no reasonable prospects of rehabilitation and…
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Stakeholders call for better collaboration to ensure success of ECOWAS Brown Card Scheme
Stakeholders in the insurance sector in the West African Sub-region have called for greater collaboration amongst the different ECOWAS Brown Card secretariats to ensure prompt payment of claims. 37 years after the signing of the ECOWAS Brown Card Insurance Scheme Protocol, some players have raised concerns about the difficulty in settling claims under the ECOWAS…
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Insurance products must be well explained to gain trust—Bedrock Insurance CEO
Stakeholders in the insurance industry have urged insurance companies to build trust by properly explaining insurance policies to clients before they sell to the public. The call comes after several complaints from policyholders who complain of being shortchanged by insurance companies whenever there is an accident and they file for claims. Speaking to Citi Business…
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Government paying US$140m to IPPs every month — BoG
Governor of the Bank of Ghana, Dr. Ernest Addison has revealed government is currently paying more than US$140 million every month for power produced by independent power producers, regardless of whether the power is used or not. Dr. Addison speaking at Monday’s Monetary Policy Committee press briefing in Accra said the amount is a drain…
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500 small-scale miners engage in alternative livelihoods
The Government has introduced an alternative livelihood programme for 18 districts severely affected by illegal mining ‘galamsey’ as part of plans to discourage the practice in the country. The programme, currently underway in five regions of the country and involves 500 small-scale miners (galamsey operators), was being championed by the Inter-Ministerial Committee on Illegal Mining…
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GHS1.4 billion used in the closure of Heritage, Premium banks — BoG reveals
Governor of the Bank of Ghana, Dr. Ernest Addison, has revealed that an amount of GHS1.4 billion was used in the resolution of Heritage and Premium banks, following the revocation of their banking licences early this year. Speaking at Monday’s Monetary Policy Committee press conference, the governor stated that the amount was the shortfall realised…
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GCB Bank to expand to other West African countries
Ray Sowah, Managing Director of GCB Bank, has revealed that the Bank plans to expand its operations into the West Africa sub-region, beginning with the English-speaking countries. A statement from the Bank to the Ghana News Agency noted that the Bank was also exploring with a foreign partner to form a joint venture to provide…