Category: Business
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BoG to publish names of staff involved in collapse of 7 banks
The Bank of Ghana has said it is soon going to publish a report that will show members of the central bank who played a role in the collapse of the seven banks. The move is aimed at helping the Bank of Ghana promote ethical behavior among its staff. Speaking to journalists on the second…
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Court remands uniBank employee over GH₵11.2m fraud
Kwame Osei Yeboah, an employee of the defunct uniBank who was absorbed into Consolidated Bank Ghana Limited (CBG), accused of illegally transferring GH₵11.2 million of depositors’ money to some microfinance companies, has been remanded into police custody by an Accra Circuit Court. He is to reappear on December 4, 2018. Presenting the facts to the…
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GN Bank, Premium Bank in merger talks again
Information available to Citi Business News indicates that GN Bank and Premium Bank have recommenced merger talks. The two banks are seeking to merge before the end of the year. This is also to allow them meet the December deadline for the new 400 million cedis minimum capital requirement. The two companies are likely to…
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adb workers want President to pull breaks on merger with NIB
The Professional and Managerial Staff Union (PMSU) of adb has petitioned President Akuffo Addo to intervene in the planned merger of adb and NIB into one entity. The workers’ union is protesting the creation of a National Development Bank through a merger of the two state owned banks. Meanwhile the Minister of Finance says the government is yet…
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22 banks likely to meet new capital requirement—Consultant
With less than six weeks to the end of the December 31st deadline for banks to meet the central bank’s minimum capital requirement, a banking consultant Nana Otuo Acheampong says he is not expecting more than 22 banks by next year. The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison stated at the…
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Ambitious 2019 revenue less achievable – IFS
The Institute of Fiscal Studies (IFS) has expressed fears over the government’s ability to meet its revenue projection for next year [2019]. The think tank argues that the government will have to work to attract a lot more people to pay taxes if it is to meet the set targets. The concerns raised by the…
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Ghana’s tax laws unfavorable to local companies—Tax consultant
According to them, the country has not benefited much from such a regime as lot of companies who are given the incentives are multinationals who mostly repatriate their profits to their home countries. Free Zones companies for instance enjoy up to ten years tax holiday. Speaking to Citi Business News after a 2019 post budget…
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Delay in policy implementation causing revenue shortfall—Ofori-Atta
The Finance Minister, Ken Ofori Atta has attributed the shortfall in revenue despite new tax measures to the delay in enforcing the tax policies. He is however anticipating that the government should be able to improve its revenue collection going forward with the rolling out of some of the tax measures in the 2019 budget.…
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Forex Bureau operators defy BoG directives to check ID cards of customers
Forex Bureau operators are yet to comply with a directive by the Bank of Ghana asking them to check identity cards of customers before doing business with them and also issue receipts for every transaction. The BoG three weeks ago served notice to Forex Bureau operators that it was going to reinforce the directives as…
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Aviation Ministry reviews cost of aviation fuel
The Minister of Aviation, Joseph Kofi Adda has disclosed to Citi Business News his outfit is reviewing the cost of aviation fuel in Ghana as it works to ease the cost of doing business for airline operators. The outcome of the review is expected to be forwarded to the Finance Ministry for further action which…