Category: Business
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Banks well-positioned to survive sudden exchange rate depreciation — Dr. Addison
Governor of the Bank of Ghana, Dr. Ernest Addison has said that the bank’s latest rigorous assessment of the banking industry’s ability to withstand shocks has revealed that banks have additional capital and liquidity buffers in the event of shocks from exchange rate and interest rate movements. The local currency has depreciated by more than…
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Special court for financial sector will deal with various issues — Ray Sowah
Managing Director of GCB Bank Ray Sowah has stated that the suggestion by the Central Bank for the Chief Justice to establish a special court to deal with financial cases will help settle financial disputes amicably. The Governor of the Bank of Ghana, Dr. Ernest Addison urged the Chief Justice to establish special courts to…
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Bank of Ghana maintains policy rate at 16 percent
The Monetary Policy Committee of the Bank of Ghana has voted to maintain its policy rate for the second time running citing inflationary pressures that must be controlled. Speaking at the MPC press briefing on Monday, Dr. Ernest Addison said the MPC’s decision became necessary to sustain the gains the committee had made over the…
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Mining support service companies protest 500% increase in permit charges
Mining support service companies are impressing upon the Minerals Commission to reduce what they say is a 500 percent increase in permit charges. In a letter sent to the Minerals Commission and sighted by Citi Business News, the companies complain they were previously charged between GHS10,000 and GHS5000 for Sole Proprietorship per annum for a…
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Ghana adds 21.4 billion cedis to debt stock in three months
Data released by the Bank of Ghana (BoG) has shown that the country’s total debt stock increased by 21. 4 billion cedis in the first quarter of this year. This means that Ghana added 21.4 billion cedis to its debt stock between January and March this year. According to the data, Ghana’s total debt now…
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Tax collection among SMEs must be improved—Zenith Bank MD
The Managing Director (MD) of Zenith Bank Ghana, Henry Oroh has called for more effort to improve tax compliance among Small and Medium Enterprises (SMEs) in the country. He maintained that such a move will help improve domestic revenue mobilization to help government achieve its development agenda. Speaking to Citi Business News after Zenith Bank…
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Air Namibia suspends Accra-Lagos-Windhoek route over diplomatic row
Air Namibia has suspended its Accra-Lagos-Windhoek route over what appears to be a diplomatic row between Nigeria and Namibia which has led to passenger numbers dropping significantly. The suspension which took effect on Friday, May 24, 2019 was communicated to all staff, a source told Citi Business News. Air Namibia launched the route Windhoek –…
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Taft Group signs MoU with Ghana Commodity Exchange
Taft Group of companies, led by Taft Capital, on Monday 20 May 2019 signed a Memorandum of Understanding (MoU) with Ghana Commodity Exchange (GCX) in a bid to transform Ghana’s Agriculture sector. The agreement seeks to provide the exchange with innovative solutions through ICT, access to markets, Warehousing, Logistics, and Funding. The MoU sees the…
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Banking sector reforms fortified economy — President Akufo-Addo
President Nana Addo Dankwa Akufo-Addo on Wednesday defended government’s decision to reform the banking sector, saying the measure had ensured the stability of the country’s economy. “The measures we took saved the banking industry from a very dire situation,” he said when he opened the new headquarters building of the CalBank situated at 23 Independence…
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Standard Bank initiative connects African businesses to China
Standard Bank, the parent bank of Stanbic Ghana, has launched an initiative dubbed: “African China Agent Proposition” (ACAP) aimed at assisting African importers to source and validate quality goods from competitive suppliers in China. The initiative is expected to ease the cash flow of African importers by providing access to financing while empowering them…