Category: Business
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PIAC probes GNPC over Takoradi assets & revenue losses
The Ghana National Petroleum Corporation (GNPC) has the next seven days to explain to the Public Interest and Accountability Committee (PIAC), circumstances surrounding the Corporation’s acquisition of properties in the Western region. The move has been viewed by some as a conflict of interest which flouts administrative rules. The Chairman of PIAC, Dr. Steve Manteaw…
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Cedi to hit 5 to a dollar as external pressures soar – Analyst
Some currency analysts are projecting that the cedi will continue its losing streak against major trading currencies until external factors influencing its performance, subsidise. The local currency has been depreciating against the dollar particularly for some time now with some analysts it will hit the 5 cedis mark soon. As at close of business on…
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Republic Bank MD leads trade mission to the Caribbean
The Managing Director of Republic Bank Ghana Limited, Mr. Anthony Jordan will lead a Ghanaian business delegation to the Caribbean for the 3rd Republic Bank Trade Facilitation Summit. The Trade Facilitation Summit will commence on Monday, 10th September to Tuesday, 11th September, 2018 at the Ports of Spain, Trinidad and Tobago. The mission from Ghana…
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IMF to prioritise Banking crisis, GDP growth in 7th review
As the International Monetary Fund (IMF) prepares for the seventh review of Ghana’s performance under the economic assistance program, some economists have outlined issues that are likely to top the discussions. Among them are the government’s efforts at maintaining fiscal discipline as well as controlling the public sector expenditure. The Fund is to meet the…
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KIA’s Terminal 3 goes live with international flights
From the 15th of September 2018, all international airlines will depart and arrive at the Terminal three of the Kotoka International Airport (KIA). It follows the successful completion of live flights over the past week. Aviation authorities believe the move should reduce pressure on the current Terminal two and improve Ghana’s position in the aviation…
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FBN Bank Nigeria reiterates commitment to recapitalize subsidiary in Ghana
First Bank of Nigeria Limited (“FirstBank” or the “Group”), a foremost Nigerian bank with over US$15 billion in assets and US$1.9 billion in shareholders’ funds as at December 31, 2017 confirmed, that the recapitalization of its wholly owned subsidiary, FBNBank Ghana to the revised minimum capital requirement was progressing according to plans. This is on…
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Home-based carrier likely to list on stock market – Minister
Aviation Minister, Joseph Kofi Adda has hinted of a possible listing of the new national carrier on the stock exchange to allow the public own a stake in the company. This he says should improve the capitalization of the new entity and make it more efficient. The Minister made the remarks in response to a…
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Businesses push for direct Yuan conversion in Ghana
The introduction of the Chinese Yuan as a major trading currency in Ghana will bring flexibility and ease of doing business. This is the take by business associations in Ghana. By this, they have reiterated calls for government and the Bank of Ghana to make the Chinese Yuan accessible in Ghana. They also contend that…
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Single Treasury Account to be operational by end of 2018
The Finance Ministry has disclosed that it is wrapping up processes to consolidate the over 15,000 government accounts within the commercial banks into a single account with the Bank of Ghana, by the end of the year. The Single Treasury Account policy is under the Financial Management Act, 2016, (Act 921). The law requires that…
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Banking sector cleansing is for stronger local banks–Nana Addo
President Akufo Addo has stated that his vision for the banking sector is to have few but stronger local banks which can compete with their foreign counterparts. He has disputed claims suggesting that the administration is looking at creating avenues for foreign banks to thrive at the expense of local ones. Many arguments seeking the…