Category: Business
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Compliance level for banks’ recapitalisation risky – Economist
Economist, Dr. Lord Mensah has described as quite disappointing, the number of banks that are yet to meet the minimum capital requirement. According to him, the development shows how most of the banks are struggling to meet the deadline by end of year [2018]. “It is quite disappointing because banking operations is basically sourcing for…
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Fuel price increases by 8.6% from January to August
Analysis done by Citi Business News indicates that fuel prices have increased by 8.6 percent from January to August this year.[2018] A recent report by the Institute for Energy Security pointed out that fuel prices went up by 2 percent for the month of August. So what is accounting for the increase witnessed between January…
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Change BOST’s mandate to address fuel price hikes – IES
The Institute of Energy Securities (IES) is calling for a change in the mandate of the Bulk Oil Storage And Transportation (BOST) to help address the constant increase in fuel prices. According to the Executive Secretary of IES, Paa Kwesi Anamoah Sekyi, an analysis of the trend in fuel prices on the international market can better…
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BoG gives “No Objection” to OmniBank, Sahel Sahara bank merger
OmniBank and Sahel Sahara Bank have received a “No Objection” letter from the Bank of Ghana (BoG) as part of the processes required for a merger. By this, the central bank has given the permission to the two banks to commence the necessary processes that will lead to the merger. According to Omni Bank, the…
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Shareholders of uniBank unhappy with leaked KPMG report
The shareholders of erstwhile uniBank have expressed disquiet about a purported KPMG Report on the bank in the public domain. According to the shareholders, attempts to secure a copy of the report from the Bank of Ghana has proved futile even though the document is reported to be in the possession of some people. The…
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Over a dozen banks yet to meet GH¢400m minimum capital
At least fifteen (15) banks are yet to announce their position on meeting the new minimum capital requirement with four months to the deadline. This is because Citi Business News’ analysis has shown that six (6) banks have reached the target with seven (7) others undertaking various measures to recapitalize. The six banks include; the…
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FBN Bank rewards customers in 2nd mini draw
FBN Bank Ghana Limited, one of the universal banks operating in the country, has rewarded 10 of its loyal customers as part of its “Save and win Promo”. The draw, the second in its edition, was held at the Spintex Road, Accra branch of the bank. In a draw supervised by Mr Ekow Nkoom from…
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Republic Bank raises GHS255m to meet capital requirement
Republic Bank (Ghana) Limited has met the Bank of Ghana’s new minimum capital requirements ahead of the set deadline of December 2018. The announcement comes after the Bank successfully completed its Rights Issue to raise an additional GHS 255 million from its Shareholders. The Offer which opened from July 23rd to August 10th, 2018 received…
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Passion Air joins domestic aviation industry
Patrons of domestic air travel should get access to alternatives by the end of August 2018. This is because a new airline, Passion Air, has joined the space to provide air transport services for the local market. This brings to two, the number of airlines operating in Ghana’s domestic aviation market. Speaking at the official ceremony…
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Electronic money transfer causes massive drop in cheque usage
The number of bank transactions involving cheques have gradually been reducing over the years. This development has been attributed to the increase in the digitization of payment systems in the country. The use of cheques has been with us for as long as the banking itself. But with the number of payment options available to…