Category: Business
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Reduce taxes, stabilise cedi to bring down fuel prices – TUC
The Trades Union’s Congress (TUC), is asking the Akuffo-Addo government to review a number of taxes that contribute to the astronomical increases in the prices of petroleum products. It also wants pragmatic steps taken to strengthen the Ghana cedi against other major currencies. These demands by TUC come at a time when there is public…
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BoG maintains policy rate at 17%
The Monetary Policy Committee (MPC)of the Bank of Ghana has maintained the policy rate at 17 percent after its 84th meeting. This is the second consecutive time that the central bank has maintained the policy rate. Speaking at a press conference, Dr. Addison explained that the decision to hold the figure at 17 percent is…
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Businesses, bankers push for drop in BoG’s policy rate
The Monetary Policy Committee (MPC) of the Bank of Ghana may take any decision but increase its policy rate for banks. These are the indications from businesses and banks ahead of the announcement of the policy rate later on Monday [September 24, 2018]. The MPC has since the beginning of the year reduced its policy…
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Over 70% of bank workers want to leave their jobs-Report
A 2018 Human Resource Banking Survey has revealed that over 70 percent of workers in the banking sector, want to leave the industry. The survey was conducted by Human Capital experts, Acreaty Ghana between February and May this year. It was conducted among 14 banks including, Fidelity Bank, GCB Bank, Ecobank, Barclays, Omni Bank, Stanbic…
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Ghana’s total debt hits GHS159.4bn
New data released by the Bank of Ghana puts the country’s total debt by July at 159.4 billion cedis, representing 65.9 percent of the GDP. The external component of the debt stood at 18.2 billion U.S dollars, while the domestic debt hit 73.8 billion cedis. The data which was published after the Monetary Policy Committee…
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GH¢400m capital: Remaining 3 months optimum for banks
Barely three months to the deadline for meeting the minimum capital requirement for banks still presents an opportunity for more banks to hit the mark. That is the assertion of Banking Consultant, Nana Otuo Acheampong. He explains to Citi Business News the banks whose capital may not have reached the 400 million cedis level, still…
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AGI upbeat of a reduction in policy rate
The President of the Association of Ghana Industries (AGI), Dr Yaw Adu Gyamfi has said that members of the association are hopeful that the Bank of Ghana will reduce its lending rate again as it announces a policy rate today, Monday 24th September 2018. They believe that the development should reduce interest rates paid on…
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Financial stability: World Bank gives Ghana $30m support
The World Bank has approved a $30 million International Development Association (IDA) credit to support the Government of Ghana strengthen its financial sector stability. The support is also to improve inclusiveness for users of formal financial services and the financially excluded, particularly women, rural communities and farmers. Commenting on the gesture, the World Bank Country…
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Nigeria’s central bank revokes license of Skye Bank
The Central Bank of Nigeria (CBN) has revoked the licence of Skye Bank Nigeria Plc. CBN Governor and the Managing Director of the Nigeria Insurance Deposit Corporation (NDIC), Godwin Emefiele, disclosed this on Friday at a media briefing in Lagos. He also announced the change in the name of Skye Bank to Polaris Bank which…
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Operators want cap on global money transfers reviewed
Some players operating in the mobile money sector are calling on the Bank of Ghana to review the limit of transactions that is currently permitted on remittances done via mobile money. They believe such a move will promote inter-regional trading activities. According to the proponents, the current limit of 500 dollars per transaction is low and restricts business…