Category: Business
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Govt must set realistic targets for inflation—Economist
Economist, Dr. Lord Mensah has blamed the failure of government’s inability to meet its end of period inflation target for 2018, on the Finance Ministry’s decision of setting unrealistic targets. The inflation rate for the final month of 2018, December, increased marginally to 9.4 percent, from the 9.3 percent recorded in November 2018. The marginal increase…
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‘We’ll help our members to obey BoG regulations’—Savings and Loans Association
The Savings and Loans Association of Ghana has assured that it will do all it can to help its members abide by new rules that will be announced by the Bank of Ghana to protect the financial sector. The Bank of Ghana (BoG) has indicated that it is set to turn its attention on the…
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Frontclear concludes landmark transaction with Fidelity Bank and Societe Generale
Frontclear, Fidelity Bank Ghana and Societe Generale, has completed a USD40-million cross-currency total return swap transaction. The trade marks a first-of-its-kind cross-border deal in Ghana, and it follows on Frontclear’s two-year technical assistance to the country’s money market development. Cross-border transactions in Ghana typically face operational and legal challenges, such as constraints to use local…
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Ex UT, Capital bank workers to receive exit pay this week?
Former workers of Capital and UT banks are likely to receive their severance packages later this week if the Joint Receivers complete the processes on the modalities for payment. The representatives of the workers, that is, the Union of Industry, Commerce and Finance workers (UNICOF) are to meet the Joint Receivers for the payment plan. This…
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![Banking crisis affects business of susu collectors [Audio report]](https://citibusinessnews.com/wp-content/uploads/2019/01/susu-collector-and-customer-in-ghana1-1.jpg)
Banking crisis affects business of susu collectors [Audio report]
It appears the banking sector crisis that led to the collapse of nine banks has trickled down to the micro level affecting the operations of Susu collectors. Interactions with some stakeholders in the susu collection business have shown that confidence in their operations is fast going down due to challenges in the financial sector that…
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Article: Ghana’s High Lending Rate Regime- Causes, Impacts, Way Forward
Introduction Ghana’s financial system has facilitated the smooth flow of funds between several economic units (i.e. individuals, businesses, and agencies) at the community, regional and national levels since the 1950’s when Bank of Ghana was set up to regulate banking transactions in the country. However, historically and in present times, the provision of credits by…
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Aker energy to increase oil revenue by 15% by 2021
Ghana could be earning about 640 million dollars or (15%) in oil revenue by next the next two years with the coming on board of Aker Energy’s new production wells. The oil company has announced that its oil exploration works in the Deepwater Cape Three Points block has been successful as it shows oil quantities…
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Workers of Heritage, Premium Banks given three-month contract
The receiver of collapsed Heritage and Premiums banks, Mr Vish Ashiagbor of PricewaterhouseCoopers (PwC), has terminated the employment contracts of workers of the two erstwhile banks. In place of this, each of the workers, numbering about 200, has been given a three-month contract to work with their new employer, Consolidated Bank Ghana Limited (CBG). The…
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Ghana must legislate against transfer mispricing–Tax analyst
Some Tax Analysts are pushing for a legislation that will ensure that government deals extensively with companies that involve in transfer mispricing. They insist the action remains a major challenge which has to be dealt with if government wants to attain its set revenue target for the year. Transfer pricing is the rules and methods…
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Aker Energy makes successful oil discovery in Ghana
Aker Energy has announced that its oil exploration in the Deepwater Cape Three Points block in Ghana have been successful. The company explained that initial works done show that its Pecan4A well in the block could be holding some 450 to 550 million barrels of oil. This, the company said has paved the way for…