Category: Business
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GCB begins instant cash issue
GCB Bank Limited (GCB) is instantly issuing its ATM Readycash card at selected branches across the country. These cards are chip-based and very secure and have come to replace the mag-stripe cards currently in use. In all 83 out of the 183 branches of the Bank, mostly in regional capitals, market centres and district capitals…
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UT Holdings, UT Logistics sued over refusal to pay loans
Offshoot of defunct UT Bank— UT Holdings and UT Logistics, have been sued by receivers of the bank, PricewaterhouseCoopers (PwC) for non-payment of some loans acquired before the collapse of the bank. According to the suit before an Accra High Court, an amount of GHc51 million and US$8 million respectively, were invested into UT holdings…
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Prices of fuel drop marginally
Fuel prices have dropped marginally by a little over 1 percent at some Oil Marketing Companies (OMC’s) across the country. Citi Business News checks at the pumps this morning show that the top three OMCs, Goil, Shell and Total Ghana are selling both Petrol and Diesel at GHC 5.15 pesewas across the country. The reduction…
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Pastor Otabil, 14 others sued for the collapse of Capital Bank
The receivers of the defunct Capital Bank, Vish Ahsiagbor and Eric Nana Nipah, working with PricewaterhouseCoopers (PwC) have sued sixteen former directors of the bank. The fifteen persons include former board chair, Pastor Mensah Otabil, founder William Ato Essien and the Chief Executive Rev. FitzGerald Odonkor. In the suit, the receivers stated that the collapse…
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![Forex Bureau directives must be properly implemented [Audio report]](https://citibusinessnews.com/wp-content/uploads/2018/11/20812699-1.jpg)
Forex Bureau directives must be properly implemented [Audio report]
Some financial observers are warning that many Ghanaians will be pushed to trade with black market operators if the Bank of Ghana’s directives on foreign exchange trading are not properly implemented. According to them, in as much as the directive seeks to further formalize the financial space, a proper monitoring and enforcement system needs to…
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Telcos increase cost of voice calls
Some telcos have started announcing new rates following the decision to adjust tariffs due to the VAT recalibration. The telcos through the Telecoms Chamber announced that the decoupling of the 2.5 percent NHIL and 2.5 percent GETFund have affected their operations. The chamber last month announced that Airtel Tigo, MTN and Vodafone will adjust their…
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![Ghana Commodities Exchange to boost Agric sector [Audio Report]](https://citibusinessnews.com/wp-content/uploads/2018/11/kadri-1.jpg)
Ghana Commodities Exchange to boost Agric sector [Audio Report]
Government has disclosed plans to use the Ghana Commodities Exchange to solve some challenges in the agriculture sector to help improve the welfare of farmers. The Ghana Commodities Exchange is aimed at creating a platform that will enable farmers have direct link to buyers and sellers of farm produce in order to help them maximize…
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PEF calls for review of Corporate Tax Policy
The Private Enterprise Federation (PEF) has entreated government to take a second look at the Corporate Tax System in the country. PEF argues that the corporate tax system is grossly unfair especially to Small and Medium Scale Enterprises (SME’s) as they are forced to pay the same 25 percent flat rate paid by large and…
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Fuel prices to drop by 4 percent—IES
Prices of fuel are expected to see a drop of between 2 and 4 percent. The Institute of Energy Security (IES), has predicted. Fuel prices went up in the last pricing window in the middle of October bringing a litre of both petrol and diesel to 5 cedis, 21 pesewas. Explaining the reasons behind the…
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Ghana improves in World Bank Ease of Doing Business Report
Ghana has made progress to improve the ease of doing business, according to the World Bank Group 2019 Doing Business Report. Doing Business 2019 is the 16th in a series of annual reports investigating the regulations that enhance business activity and those that constrain it. Doing Business presents quantitative indicators on business regulation and the…