Category: Business
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BoG to save cedi’s free fall with $650mn of cocoa syndicated loan
About 650 million dollars from the cocoa syndicated loan is to hit the Bank of Ghana’s account today. This is because the COCOBOD will make the first draw down from the loan to be lodged at the central bank’s account. The figure represents fifty percent of the 1.3 billion dollars that the Ghana COCOBOD secured…
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BoG closes down Dancom Microfinance Limited, arrests directors
The Bank of Ghana has shut down Dancom Microfinance Limited for operating illegally. The Directors of the company have also been arrested and are being prosecuted for operating without a license. “…Dancom Microfinance was engaged in deposit-taking activities without licence contrary to section 6(1) of the Banks and Specialized Deposit-Taking Institutions Act, 2016(Act 930).” “The…
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We’ve saved deposits of 1m Ghanaians in cleaning banking sector – Nana Addo
President Nana Addo Dankwa Akufo-Addo has revealed that the rationalization of the banking sector, undertaken by his government, has ensured that deposits of one million, one hundred and forty-seven thousand, three hundred and sixty-six (1,147,366) Ghanaians were saved. Speaking at the inauguration ceremony of the new Standard Chartered Head Office on Wednesday, 3rd October, 2018, President…
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![Inside Emirates Airbus A380 [Photos]](https://citibusinessnews.com/wp-content/uploads/2018/10/IMG_20181002_141821-1.jpg)
Inside Emirates Airbus A380 [Photos]
Emirates Airlines’ Airbus A380 on Tuesday [October 2, 2018] made a historic one off visit to Ghana. The airbus is one of the fleet of large bodied aircraft owned by the Dubai based airlines. Ghanaian Captain, Solomon Quainoo piloted the Airbus A380. The move is also to test the ability of the new Terminal 3…
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![Ghanaian-piloted A380 aircraft receives rousing welcome [Photos]](https://citibusinessnews.com/wp-content/uploads/2018/10/Emirates-A380-1.jpg)
Ghanaian-piloted A380 aircraft receives rousing welcome [Photos]
History was made today in the country’s aviation section as the world’s biggest passenger aircraft, Airbus A380, belonging to Emirates Airlines, made a debut touch down in Ghana. The double-decker aircraft arrived at the newly constructed Terminal 3 of the Kotoka International Airport on Tuesday afternoon to a rousing welcome by some airport staff and…
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Dr. Nduom leads campaign to stop panic withdrawals
Following recent developments of panic withdrawals within the financial sector, the Chairman of GN Bank, Dr. Papa Kwesi Nduom will lead a team of bank officials to begin a tour of the ten regions on Wednesday 3rd October with the theme “STOP THE PANIC WITHDRAWALS AND STRENGHTEN OUR INDIGENOUS BANKS”. The team will use the…
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Databank dissociates itself from investment website ‘INVEST-XD’
Investment company, Databank, has warned the general public against investing with a website, INVEST-XD. Managers of the INVEST-XD website, are allegedly encouraging the public to invest with them in Databank’s products such as Databank MFund, claiming it has a partnership with the investment firm. But in a statement copied to Citi Business News, Databank said…
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Fuel prices to remain unchanged in October
Fuel prices are to remain stable for the first pricing window of October [spanning October 1-15, 2018]. This is a prediction by the Institute of Energy Security (IES). The IES attributes the findings to various indicators such as the cedi’s performance and marginal increase in the price of Brent crude. Prices of fuel went up…
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Avoid hasty tax policies with rebased economy – Economist
Economist, Dr. Lord Mensah has called for a count by count assessment of all sectors of the economy before undertaking any tax reform following the rebasing of the economy. According to him, such a move will make up for the shortfall in revenue generation. The Ghana Statistical Service recently announced that the economy had expanded…
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adb embarks on expansion drive in Ashanti & Northern regions
ADB Bank is to commence the financing of selected projects in the Ashanti and Northern regions. This will also see the bank expand its branch network to the two regions. A statement from ADB to Citi Business News said, “the bank’s new focus is to work with small and medium size indigenous businesses with the…