Category: Business
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Felix Addo appointed Advisor for National Investment Bank
The Bank of Ghana has appointed Mr. Felix Addo as an Advisor for the National Investment Bank(NIB). The news comes after the central bank hinted in a press statement dated 4th January that it has appointed an Advisor has been appointed for the bank. A statement released by the Bank of Ghana today[25th January, 2019]…
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Vodafone must list on GSE after acquiring 4G spectrum—Kofi Yamoah
Managers of the Ghana Stock Exchange have disclosed that they are working with the Ministry of Communications to compel telecom company Vodafone to float part of its shares on the bourse as a requirement after it purchased a 4G spectrum. Justifying the need for Vodafone to list on the stock exchange, the Chief Executive Officer…
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Stakeholders in tourism industry lament high taxes
Some players in Ghana’s Tourism sector have called on government to reduce the numerous taxes slapped on them as it impedes their operations. Although they are hopeful that parliament will deliberate on the issue, they are hoping an immediate action is taken on it. According to a Parliamentary report, some 21 taxes slapped on tourism…
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Contracting McKinsey improved revenue collection in 2018–GRA
The Ghana Revenue Authority (GRA) says contracting the services of consulting firm Mckinsey accounted for the improved revenue collection for the year 2018. In July 2018, the GRA engaged the services of consultancy firm, McKinsey, to provide advice to the authority and train its personnel to improve revenue collection. However some analysts thought the move…
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Insurance Industry not in financial distress–NIC
The National Insurance Commission (NIC) has debunked messages making rounds on social media suggesting that some insurance companies are in financial distress. The NIC warned that circulating such false information about a section of the financial sector could cause serious challenges to players in the industry. The press release copied to Citi Business News and…
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Mining firms expectant of gold price boom as prices pick up
Mining companies are expecting gold prices to sustain the increase for this year to impact on their profits. The price of the commodity has since 2016 failed to see significant increases as projected by mining firms. The drop in price has affected the profits of the mining industry which has also impacted their contribution in…
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Beige Bank receiver chases over 1,000 loan defaulters
The receiver of defunct Beige Bank is chasing over 1,000 loan defaulters of the bank. The names of individuals and companies have been published as the first batch of defaulters in state newspaper The Ghanaian Times. The individuals and entities have been indebted to the bank between 2013 and 2017. Some of the companies listed…
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Bidding for oil blocks: 14 companies progress to next stage
Fourteen out of the sixteen companies that applied to explore oil blocks put on offer by the government, have qualified for the next stage of the bidding process. According to the Ministry of Energy, the fourteen companies will now have up until May 21, 2019 to submit their bids for three (3) out of the…
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Staff of defunct Construction Bank owe a chunk of its loans-Report
A report on the inventory of assets and property of the five consolidated banks has revealed that Construction Bank’s entire loan portfolio of GHs 620, 000 were term loans given to nine of the company’s employees. The report, which covers the five banks, —Beige, Unibank, Construction, Sovereign and Royal banks, gives the value of assets…
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Albert Essien chairs GAT as banks get GH¢2bn support
Renowned Banker Albert Essien, has been appointed as Board Chairman of the Ghana Amalgamated Trust (GAT). In a statement issued by the Finance Ministry, the former MD of Ecobank will work with Eric Nana Otoo as Managing Director of the company. The Ghana Amalgamated Trust (GAT) was set up by the government to support solvent…