Category: Business
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‘Excess’ staff of Consolidated bank to get alternative jobs
Deputy Finance Minister, Charles Adu Boahen has disclosed of an ambitious plan by the government to address issues of redundancy with the consolidation of five local banks. He explains that the government is working to reduce the number of workers who may be laid off for one reason or another, when the processes of consolidation…
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Stabilization Fund records over $300m
The Stabilization Fund has accrued monies in excess of $300 million by the end of the first quarter of 2018. According to a report released by the Bank of Ghana, the fund had a closing book value of $428,662,005.05 at the end of the first half of the year. This means that the fund had…
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Licensing banks without regulation allows stealing – Ofori-Atta
The Finance Minister, Ken Ofori-Atta, has said the acquisition of a banking license without regulation becomes a license for financial institutions to steal from the state and depositors. Justifying government’s actions in the banking sector at the Danquah Institute Forum in collaboration with Citi FM on the theme, ‘The Banking Clean Up, Are Depositors Safe?’, …
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Gov’t still focused on merging adb, NIB banks—Ofori-Atta
Finance Minister Ken Ofori-Atta has reiterated that government is focused on merging the adb Bank and the National Investment Bank(NIB). The Finance Minister announced in the 2018 budget presentation last year that government was considering merging adb and NIB banks to serve industry and the agriculture sectors. Reports on the merge has been low as…
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Citi FM, Danquah Institute forum to discuss collapse of banks
The Danquah Institute, a public policy research centre, in collaboration with Citi FM will today host a special panel discussion at Alisa Hotel to look at the recent collapse of banks in the country. Special guest of honour will be the Finance Minister, Ken Ofori-Atta. The forum which will be moderated by Citi FM’s Bernard…
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Dr. Duffuor sues BoG over revocation of Unibank’s license
A major shareholder of defunct uniBank, Dr. Kwabena Duffuor has sued the Bank of Ghana over the revocation of the license of uniBank. To this end, he has filed a suit at the Accra High Court seeking an injunction on the Bank of Ghana’s processes of consolidating five local banks. Dr. Duffuor is seeking that the…
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‘Our system blocked 2017 fraud attempt’—Cal Bank
Indigenous Bank, Cal Bank has assured its customers that the bank has strong security system that detect and stop any form of fraudulent transfer of funds. The assurance comes after a recent report circulating in the media and on social media about an attempted fraud of over GHS110m in 2017 on Cal Bank. According to…
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Experts speak on banking sector clean up
Special Guest Speaker: Ken Ofori-Atta, Minister for Finance Seven Ghanaian banks have collapsed since August 2017, after the Bank of Ghana, working with the Ministry of Finance, embarked on a comprehensive clean-up exercise in a bid to repair, restructure and strengthen the banking sector. As Ghanaians continue to express grave concerns about the loss of…
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Tax on imported aviation spare parts to be slashed
Operators of domestic airlines are to heave a sigh of relief with the amount of money they spend on aviation spare parts. It will follow the reduction in taxes on such products by the government. The Ministry of Aviation is currently engaging the Ministry of Finance for a rebate in the taxes paid by domestic…
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AngloGold Ashanti dismisses fake recruitment for Obuasi, Iduapriem mines
Anglogold Ashanti is cautioning the public to be wary of a fake recruitment process for its Obuasi and Iduapriem mines. The company tells Citi Business News some unknown persons have succeeded in luring unsuspected persons into paying monies to secure employment in the mining company’s two mine sites. “These individuals and/or companies write to unsuspecting…