Category: Business
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BoG approves Omnibank, Sahel Sahara merger
The Bank of Ghana has approved the merger between Omnibank and Sahel Sahara Bank (BSIC). The consent was contained in a letter to the Managing Directors of the two banks from the central bank The two banks agreed to come together following the increase in the minimum capital requirement for commercial banks from 120 million…
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ENI gas inexpensive – Government
The government has clarified the cost of gas that it is taking from the Offshore Cape Three Points being operated by ENI is costly. According to the Ministry of Energy, the price of 40 million dollars per month cannot be possible as there have been negotiations for a drop in the price of gas from…
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Publish names of banks that have met GHS400m capital—BoG told
Some stakeholders in the banking sector are expecting the Bank of Ghana to announce the list of banks that have met the minimum capital requirement to end speculations in the sector. At the last press conference for 2018 to announce the policy rate, the governor of the Bank of Ghana, Dr. Ernest Addison stated that…
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Bank of Baroda-Stanbic deal an assumption not take over—bank clarifies
All deposits and loan portfolio of Bank of Baroda have been handed over to Stanbic bank effective yesterday[January 1, 2019]. The move follows an assumption between the two banks. A statement from Bank of Baroda to Citi Business News dismissed reports of a takeover indicating that it is rather voluntarily winding up its Ghana operations…
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Stanbic Bank ‘takes over’ Bank of Baroda
The Ghana unit of Standard Bank of South Africa, Stanbic Bank Ghana Limited, has absorbed customers of the local subsidiary of Indian-state lender, Bank of Baroda under an arrangement that comes at no cost to the former. Multiple sources involved in the arrangement say the transaction was sealed in the tail end of December 2018,…
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Brussels airlines commits to Ghana operations
Brussels Airlines has announced its commitment to expand and improve its services in the country following high demand resulting from growth in the economy. Ghana Country Manager for Brussels Airlines, Rita Macedo said Brussels airlines had already increased its frequencies from four to six flights in June this year; and now decided to continue operating…
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The Accra Bourse: The highs and lows of 2018
The bullish performance of the Accra Bourse in 2017 led most analysts to predict a continuation of the trend on the back of favorable economic indicators expected in the year 2018. Stability of the cedi, lowering of interest rates, declining inflation, stable power supply, amongst others are some of the reasons given for the positive…
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The Concept of Open banking: a critical juncture for the finance industry
Flying across the world for pleasure or business has become so common today that it’s almost like taking a bus. There are seamless connections for passengers and baggage from almost anywhere to anywhere, it’s an efficient and affordable means of travel and were it not for the painful security and immigration protocols, it may almost…
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Energy Ministry opens prequalification application for oil blocks
The Ministry of Energy has opened applications for prequalification from interested companies for the oil blocks the government has put up for competitive bidding. The application is opened to who submitted Expression of Interest (EoI) for the competitive bidding for three Blocks (GH_WB_02, GH_WB_03 and GH_WB_04) in the Western Basin and direct negotiations in respect…
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Your investments are safe—Gold Coast Holdings assures customers
Gold Coast Holdings has assured its customers and the general public that their investments are safe and secured. According to the company, it is making good progress in transforming the Structured Finance product that thousands have benefited from to become an even more beneficial one. The assurance comes after some customers of the company formed…