Category: Business
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Cyber crime rises but industry recovers GH¢160m in 2017
An estimated 80% of the value of all cyber fraud cases was recovered in 2017, the Bank of Ghana has stated. However, instances of cyber fraud continue to rise as the figure went up by about 42% between 2016 and 2017. The central bank is therefore embarking on new strategies to reduce the crime to…
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‘Gov’t must probe $9.8m oil revenue loss’ – Steve Manteaw
The Chairman of the Public Interest and Accountability Committee (PIAC), Steve Manteaw has asked the government to investigate circumstances under which the country lost some $9.83 million as a result of underpricing of some oil products by the Ghana National Petroleum Corporation (GNPC). Mr. Manteaw believes a “mere directive” by the Finance Minister, Ken Ofori…
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‘It makes no sense to deliberately collapse local banks ‘ – Akufo-Addo
President Akufo-Addo has said that his government is not on a deliberate mission to collapse the country’s indigenous banks. Speaking for the first time on the recent shake-up in the banking sector that has resulted in the collapse of seven local banks, he said the moves are necessary to streamline the sector and strengthen it.…
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Ghana’s Pension laws must be reviewed-Dr. Nduom
Dr. Papa Kwesi Nduom, Board Chairman of GN Bank has reiterated calls for a revision of the pension law in Ghana, to enable pension funds to be used in helping local banks meet the Central Bank’s minimum capital requirement of 400 Million Ghana Cedis. The Bank of Ghana has given all universal banks in the…
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Ofori-Atta questions GNPC boss over $9.8m oil revenue loss
The Minister for Finance, Ken Ofori-Atta, has asked the Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC), Dr. K.K Sarpong to explain circumstances that led to the country losing $9.83 million in oil revenue, as a result of under-pricing of oil products by the Corporation. The Minister is demanding that the GNPC answers…
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Access Bank introduces Remita Payroll processing solution
Customers and non-customers of Access Bank can now say goodbye to the difficult and unending hours spent to process their payroll, payments, reporting and reconciliations with the introduction of Remita Payroll. This has been made possible through a strategic alliance between Access Bank, one of Ghana’s leading retail banks, and SystemSpecs, a pioneer software development…
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NIC undertaking due diligence in insurance industry
The National Insurance Commission(NIC) has announced that is undertaking due diligence in the insurance sector to prevent it from entering into a crisis. There have been calls by industry watchers asking the commission to restructure the industry. The commission says it will soon announce new regulatory reforms which will be transparent and effective. In an …
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Pay depositors’ cash before winding up – BoG to operators
Financial companies seeking to wind up their operations voluntarily yet are unable to meet their debt and other obligations in full within a year, risk imprisonment. That is but one of the cautions the Bank of Ghana has issued in its latest directive on voluntary winding up of banks and specialized deposit taking institutions. The…
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MTN’s presence boosts stock market’s capital to GH¢65bn
The total value of the Ghana Stock Exchange has reached 65 billion cedis. It follows the successful listing of MTN on the stock market, on Wednesday [September 5, 2018]. As a result, the telecom company has started trading its shares on the Ghana Stock Exchange. MTN concluded its IPO in July which allows the public…
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Receiver sues uniBank shareholders for GHC5.7 billion
The Receiver for uniBank, Nii Amanor Dodoo has sued the 17 shareholders of the now-defunct bank over the repayment of a GHC 5.7 billion debt. The GHC 5.7 billion debt, according to the receiver, was left by the shareholders. The plaintiff, Nii Amanor Dodoo, contends that the defendants “have breached their duties as directors of uniBank…