Category: Business
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Savings and Loans Industry still strong—Advans Savings and Loans CEO
A Deputy Chief Executive Officer of Advans Savings and Loans, Francis Owiredu has stated that the issue of panic withdrawals is being blown out of proportion. Although he admits that some financial institutions have been affected by it, he argues that it is not something the financial industry should be alarmed at. Various financial institutions…
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Pay 15% dividend to govt— Finance Minister to SOEs
Effective next year, State Owned Enterprises (SOEs) will pay at least 15 percent of their gross profit to government. The directive issued by the Finance Ministry follows failure of the government companies to declare their profits to the Ministry. According to a 2017 State Owned Report, all 86 state enterprises refused to submit their audited…
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Groupe Nduom seeks investors’ support into business
The Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom is assuring customers of Gold Coast Holdings and GN Bank of addressing their cash withdrawal needs to a large extent, from Monday [October 1, 2018]. The two institutions within the group, have been hit by panic withdrawals by customers over the past few weeks. This has…
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Zenith Bank gets global data security certification
Zenith Bank has been awarded Payment Card Industry Data Security Standard and ISO 27001 certificates confirming the bank’s strong systems to guard against cyber attacks. The certification follows months of building systems to protect Zenith bank’s data and customers’ deposits. The move also comes at a time where the cyber fraud cases in the financial…
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We’ve not blocked Menzgold’s dividend payments – SEC
The Securities and Exchange Commission (SEC) has denied reports by gold dealership Company, Menzgold, that it has stopped it from paying dividend on its gold vault business to customers. SEC says its decision was rather to stop Menzgold from taking deposits on that particular service. But Menzgold insists it is unable to pay their customers their…
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$50bn century bond to be captured in 2019 budget—Ken Ofori Atta
Finance Minister, Ken Ofori Atta has hinted that the next budget reading will announce processes in issuing the government’s ambitious 50 billion dollar century bond. According to Mr Ofori Atta, the issuance of the bond should help address major challenges confronting the country such as the cedi depreciation. The decision to issue the 50 billion…
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Fuel transport: ACEP proposes utilization of pipelines
The African Centre for Energy Policy (ACEP) wants the mandate of the Bulk Oil Storage and Transportation Company, BOST to be reviewed to deepen its storage capacity. ACEP explains that this should help in finding a lasting solution to the intermittent challenges associated with fuel transportation in Ghana. The comment also follows the sit down…
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19 banks likely to meet recapitalization deadline—Dr. Addison
The Governor of the Bank of Ghana (BoG) Dr. Ernest Addison has disclosed that 19 banks are likely to meet the 400 million cedis capital requirement by end of the year. This indicates an increase from a previous 15 figure announced by the governor earlier this year. As at the beginning of the year 2018,…
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BoG writes off GHS1.2bn bad loans
The Bank of Ghana (BoG) has written off 1.2 billion cedis Non Performing Loans (NPLS) on the books of banks in the country. This means that the central bank will consider 1.2 billion worth of credit given out as bad loans that cannot be retrieved. Non-Performing Loans was at 21.3 percent as at August 2018.…
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Debt stock to rise further with weak industrialization – Economists
Economists have warned that the country’s rising debt stock will continue until the government changes the structure of the economy. Latest figures released by the Bank of Ghana show that the country’s debt stock has reached 159.4 billion cedis. This represents 65.9 percent of the GDP which is the total value of all goods and…