Category: Business

The inflation rate for October 2018 dropped to 9.5%, down by 0.3% from the 9.8% recorded in September 2018. According to the Ghana Statistical Service(GSS), the figure is lowest rate that has been recorded in the past five years sine 2013. However, this rate has been measured without the revised economic rebasing figures. Inflation measures…

The Internal Auditors Association Ghana (IAAG), has called for an amendment of the Internal Audit Agency Act, 2003 (Act 658) to enable auditors within government agencies perform their duties decently. Their calls come on the back of the Finance Minister’s remarks in parliament during the 2018 Mid-year Budget Review in July, where he called for…

With just about 24 hours for the Finance Minister Ken Ofori Atta to present the 2019 Budget on, some civil servants are calling for economies that will improve their wellbeing. According to them, government must try to reduce the prices of petrol and electricity tariffs to make life easier for them. Citi Business News visited…

A new 2018 ranking of Ghanaian banks conducted by Credmap Technology, based on an assessment of their credibility has put Standard Chartered Bank at number one out of 20 banks. Zenith Bank (Ghana) Limited came 2nd, followed by Ecobank Ghana Limited in the 3rd position, United Bank for Africa (Ghana) Ltd in the 4th position,…

The Minority in Parliament is projecting an addition of GHc16 billion to Ghana’s public debt stock. The public debt stock as at August 2018, stood at GHc159.4 billion up from GH¢122 billion some two years ago. According to the Minority, government’s appetite for borrowing has been compounded by the need for them to raise capital…

Gold Coast Fund Management, last week started payments to its Individual Structured Finance (SF) clients nationwide. This payment comes ahead of the planned schedule for the official installment payments due to begin on March 1, 2019 over a three year period. Gold Coast Fund Management had earlier issued a statement informing its customers of a…

The nine months unaudited Financial Statement of Zenith Bank has shown that the bank’s stated capital hit 400 million cedis by 30th September, meeting the minimum capital requirement ahead of the deadline by December 31st 2018. Earlier, the Chief Executive Officer of the Bank, Henry Oroh had indicated that the bank had raised the capital…

A total of 1.4 billion cedis belonging to other financial institutions is locked up with the Consolidated Bank as management of the bank says it does not have the cash flow to pay bulk depositors. Some of the customers are financial institutions including Microfinance and Savings and Loans Companies who were saving with the five…