Category: Business
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Fourth Ghana CEO Summit opens in Accra
The Fourth Business Chief Executive Officers (CEOs) Summit opened in Accra on Monday to explore the capacity of the ongoing technological revolution to transform the Ghanaian economy. The two-day Summit, which attracted more than 400 CEOs from across Africa, is being hosted by the Ghana CEO Network on the theme: “The Futuristic Economy: Technology-Driven…
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Banks collapse: Only GHS731 million out of GHS10.1 billion loans recovered — Governor
Governor of the Bank of Ghana, Dr. Ernest Addison, has revealed that out of the GHS10.1 billion loans taken on by the receivers of the nine banks, only GHS731 million has so far been recovered. Dr. Addison said the receivership process has been painstakingly slow with other loan defaulters and shareholders of the defunct banks…
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Govt will engage private sector to drive technological dev’t—Dr. Bawumia
The Vice President, Dr. Mahamudu Bawumia has reiterated that government will engage the private sector to drive the technological needs of the country. This, he said will create competition to enable the private sector deliver at a reasonable cost. Dr. Bawumia was speaking at the Third Africa Leadership Conference organized by the International Advertising Association…
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First Atlantic Bank writes to Labour Department over redundancy concerns
The Management of First Atlantic Bank has clarified that it is ready to meet all demands to be inquired of the bank by the Labour Department in respect of the redundancy exercise at the bank. A response from the bank to the Chief Labour Officer and sighted by Citi Business News said that it is…
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Tema fisher folks want a Marine Bank
Fisher folks at the Tema Canoe Beach have appealed to government to establish a marine bank in the country to provide the needed financial support to the fishing sector. Nii Odametey, Tema Awudum Chief Fisherman, explained that if the country had a bank totally dedicated to the marine sector, fisher folks would access soft loans…
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Bank of Ghana could have handled the banking reforms better — Mahama
Former President John Dramani Mahama has stated that the current government could have handled the banking sector crisis in a much better way. He believes setting a minimum capital for all banks to meet was not the best solution especially as all banks play various roles in the economy. A total of nine banks lost…
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Delays in resolving financial issues in court affecting banks—Bankers Association
The Ghana Bankers Association is calling on the Judicial Service to expedite the adjudication of financial cases. According to the association, slow judicial processes have partly contributed to the high non-performing loans in the country. The Ghana Bankers Association laments that one of the major factors that led to the challenges in the banking sector,…
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Rising inflation rate could derail economic targets—Prof. Quartey
Professor of Economics at the Institute of Statistical Social and Economic Research (ISSER) Prof. Peter Quartey, has expressed concerns about the rising inflation rate in the country. From the beginning of the year, the Consumer Price Inflation (CPI) rate has risen consecutively on 3 occasions. The CPI, which measures the change over time in the…
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GASIP engages farmers to boost productivity
Ghana Agricultural Sector Investment Programme (GASIP) has held a validation workshop to formalise business engagement with farmer-based organisations (FBOs), and other agricultural value chain actors, and engage them in partnerships that enhance their productivity. The move was also to facilitate market access for the FBOs and the value chain actors to increase their incomes in…
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IACG addresses misconceptions on insurance claims payment
The Insurance Awareness Coordinators Group (IACG) an organization formed by stakeholders in the insurance sector to help address challenges has told Citi Business News there are new ways to report insurance companies that fail to pay claims promptly. The level of insurance penetration in Ghana is very low compared to other subsectors in the financial…