Category: Business
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Ghana Reinsurance pays GH¢9m dividend to government
The Ghana Reinsurance Company has paid a dividend of 9 million cedis to the government of Ghana. The payment represents a 50% increase over year 2016 dividend payment to government. The payment comes at a time when the Minister for Lands and Natural Resources has called on companies to ensure they pay dividend to government…
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Passion Air secures second aircraft for Accra-Tamale route
Passion Air has taken delivery of its second aircraft for its operations. The airline which is the latest to join the domestic aviation space will now expand its routes with the new aircraft. The new aircraft comes a little over a month into the start of operations by Passion Air. The aircraft also heralds the…
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Zenith Bank walks to mark 13th year in Ghana
Zenith Bank has held its annual health walk to mark the company’s 13 years of operating in Ghana. The event which took place at the bank’s new head office at the Independence Avenue in Accra, saw scores of staff, customers, members of the public as well as affiliated institutions walk through some principal streets of…
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IMF blames cedi’s woes on weak communication
The International Monetary Fund (IMF) has stated that the lack of effective communication by the government on foreign exchange policies, has partly contributed to the cedi’s depreciation. The Fund believes that the lack of clarity also made the public resort to speculations which impacted the local currency’s performance. A report issued by the IMF’s mission…
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IMF clearance speeds up processes for China’s $2bn – Akoto Osei
The Minister for Monitoring and Evaluation, Dr. Anthony Akoto Osei, has stated that government will speed up negotiations on the two billion dollar SinoHydro bauxite deal, following the International Monetary Fund’s (IMF) rejection of the Minority’s request to classify the deal as a loan. Speaking to Citi News, Dr. Akoto Osei maintained that the clarification…
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Ghana’s growth prospects strong; revenue shortfall must be tackled- IMF
A team from the International Monetary Fund (IMF) which undertook the seventh review of Ghana’s performance with regards to the IMF’s extended credit facility says the country’s growth prospects remain strong, but expressed worry over revenue shortfalls. The team was in Accra from September 17-27, 2018, and held various discussions focusing on recent developments, fiscal…
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Don’t panic, we are still strong – Savings & Loans Association
The Ghana Association of Savings and Loans Companies is assuring clients and the general public that the sector is still robust despite recent issues facing the financial sector. A statement from the association to Citi Business News admitted to challenges with some Savings and Loans Companies. But it is confident such issues should be resolved…
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Menzgold to pay customers their monies from Friday
Management of gold dealership company Menzgold, has announced that customers can visit branches of the company to demand their matured investment from tomorrow [Friday], September 28, 2018. Addressing a press conference today, Thursday, Corporate Affairs Manager of Menzgold, Nana Yaw Ofei, explained that the company will pay all its customers that were trading with them…
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Stay off our business; Menzgold sues BoG, SEC
Embattled gold dealership company, Menzgold, has sued the Securities and Exchange Commission (SEC) and the Bank of Ghana. The company in its suit is seeking from the court an order directing the two institutions to stop interfering in its business. Menzgold also asked the court to stop the Bank of Ghana and the SEC from publishing what…
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BoG challenges jurisdiction of court hearing Duffuor’s case
The Bank of Ghana has challenged the capacity of the General Jurisdiction Court hearing the lawsuit brought against it by a shareholder of Unibank, Dr. Kwabena Duffuor. The Central Bank on August 1, 2018, collapsed uniBank along with four other local banks on grounds of insolvency among other irregularities, to create a new bank known…