Category: Business
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Energy Bank-First Atlantic Bank merger needs additional investor—Consultant
A Banking Consultant, Dr. Richmond Atuahene has stated that the proposed merger between Energy Commercial Bank and First Atlantic Bank will require strategic investors to meet the 400 million cedis capital requirement before the deadline. Describing the issue as crucial, he maintained that the two banks have little time to seek new investors hence must…
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India central bank governor resigns amid rift with govt
India’s central bank governor unexpectedly resigned amid public clashes with the government, roiling markets and igniting fresh speculation over how independent the institution is from politics. Urjit Patel quit, citing “personal reasons,” ahead of a board meeting on Friday, at which government representatives are expected to push the Reserve Bank of India to do more…
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Ameri welcomes Amewu’s ‘enhanced’ agreement
Ameri Energy has demonstrated its willingness to work with the government of Ghana on the new agreement it has brought forth. CEO of Ameri Energy, Mustafa Ahmed said in a statement: “We are always happy to address any misconceptions about our work and we’ve engaged in a constructive dialogue with the government and all stakeholders.…
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Energy Commercial bank, First Atlantic Bank to merge for GH¢400m capital
Energy bank and First Atlantic bank have begun merger talks in order to raise the 400 million cedis minimum capital requirement for banks. Citi Business News understands that a Memorandum of Understanding (MoU) has been signed awaiting further action from the two sides. Per the MoU, Energy Commercial Bank and First Atlantic Bank will join…
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Energy Commercial bank IPO fails; seeks strategic investors
Energy Commercial Bank is presently in discussions with some strategic investors to acquire a stake in the bank through a private placement in order to meet the Bank of Ghana’s minimum capital requirement of 400 million cedis. The discussions are expected to be completed soon to enable the bank meet the December 31 deadline. A…
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Energy Bank engages strategic investors to meet capital requirement
Energy Commercial Bank is presently in discussions with some strategic investors to acquire a stake in the bank through a private placement in order to meet the Bank of Ghana’s minimum capital requirement of GHS400 million. The discussions are expected to be completed soon to enable the bank recapitalize to the tune of GHS400 million…
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Bailing out victims of financial scams sends bad signals-Prof Quartey
Professor of Economics at the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey, has cautioned government against bailing out customers of financial scams in the country. According to him, government’s decision to pay customers of DKM for the losses they incurred when the company collapsed, will only embolden other victims of similar…
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Ghana-Togo deliberate on maritime boundary for oil blocks
Government is hoping to reach an amicable agreement with the Togolese government on the Ghana-Togo Maritime Boundary demarcation. This is the third time the two countries are meeting to properly demarcate the boundaries which is suspected to hold oil and gas in commercial quantities. Lessons from Ghana-Ivory Coast dispute Ghana last had a maritime dispute…
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Plans to recapitalize ADB threatens merger with NIB
It is emerging that the proposed merger between ADB and NIB may not come off following a recapitalization plan outlined by ADB. The Finance Minister, Ken Ofori Atta has stated of plans to establish a National Development Bank with the merger. The latest comes with about three weeks to the deadline for the minimum capital…
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FBNBank receives $72.5m to meet BoG capital requirement
FBNBank Ghana Limited has received an amount of US$72.5 million from its parent bank, First Bank of Nigeria to shore up its capital to meet the Bank of Ghana’s new minimum capital requirement of 400 milion cedis. In statement issued on Tuesday, by the Managing Director of the Bank, Mr. Gbenga Odeyemi said with this,…