Category: Business
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Customers of Gold Coast Fund Management petition presidency over locked up funds
Some aggrieved customers of investment company, Gold Coast Fund Management are threatening to demonstrate on January 7, 2019 to demand payment of their funds. The customers, yesterday petitioned the Securities and Exchange Commission, the Bank of Ghana and the Presidency over their locked up funds. The group, the Concerned Gold Coast Fund Management Customers, is…
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Ghana’s economy grows by 7.4% in third quarter
Ghana recorded a 7.4 percent economic growth rate ending September 2018. This is according to the third quarter estimates released by the Ghana Statistical Service. The figure represents a decrease compared to the 8.7 percent recorded for the same period last year [2017]. For the third quarter of this year which spans July to September,…
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Criminal investigations into banks’ collapse underway – Nana Addo
President Nana Addo Dankwa Akufo-Addo, has revealed that a Special Investigations Team has been put in place to undertake criminal investigations into the failures of all seven banks for possible prosecutions by the relevant State agencies. Addressing the media at an end of year press conference on Wednesday, 19th December, 2018, President Akufo-Addo assured that “no…
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BoG must strengthen non-bank sector of economy—IMF boss
Managing Director of the IMF, Christine Lagarde has charged the Bank of Ghana to address the weaknesses in the non-bank sector of the economy to make the financial sector more resilient. Madam Lagarde commended the Central Bank for undertaking various reforms to strengthen the banking sector, including the revocation of licenses of some seven Banks.…
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Exchange rate pressures may push policy rate up—Economist
Pressures from the cedi depreciation could compel the central bank to increase the policy rate by first half of 2019, economist Adu Owusu Sarkodie has projected. According to him, the demand for dollars in December due to the festive season could have an effect on the exchange rate forcing the Bank of Ghana(BoG) to use…
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IMF warns government against over borrowing
Managing Director of the IMF, Christine Lagarde has warned government against excess borrowing, stating that it could derail economic gains achieved by the country. Madam Largarde is in the country for a two-day visit to complete processes for Ghana’s exiting of the programme with the IMF. Speaking at a conference organized by her outfit in…
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CAL Bank gets shareholders’ backing to meet minimum capital
Shareholders of CAL Bank have voted for the bank to move 50 million cedis from its income surplus to stated capital in order to meet the minimum capital requirement. This was at an Extraordinary General Meeting held on Monday [December 17, 2018]. This also follows the bank’s decision to solely rely on capitalization of income…
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![How a credit card differs from a debit card [Article]](https://citibusinessnews.com/wp-content/uploads/2018/12/credit-cards-1.jpg)
How a credit card differs from a debit card [Article]
At this point, I am confident that the haziness that clouded the knowledge of credit cards has been cleared somewhat. However, how the card differs from a debit card is still an issue for many and in this article, I will attempt to clarify the differences, beginning with some scenarios. Scenario One Kojo’s wife had…
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IMF’s Christine Lagarde starts two day visit to Ghana
The Head of the IMF, Christine Lagarde is in Ghana for a two day visit. Her coming is ahead of the nation’s exit from the Fund by the end of this year. Madam Christine Lagarde’s visit is viewed by some analysts as symbolic as it may signify the Fund’s impression with Ghana’s overall performance under…
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Enforce rules after lifting ban on small scale mining–Mineworkers union
The Ghana Mineworkers’ Union has urged government to ensure that the new policy that has been launched to guide small scale mining activities in the country, is followed. This they say will ensure that Ghana does not return to the days of mass pollution of its water bodies. The Chairman of the Inter-ministerial committee on illegal mining,…