Category: Business
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Cedi depreciates by 5.83% in July – BoG
Latest data from the Bank of Ghana dubbed the Summary of Economic and Financial Data has shown that the cedi depreciated by 5.83% by July this year compared to the same period last year. The cedi until recently saw a sharp depreciation against the dollar, creating some uncertainty among business associations, calling for the free…
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BoG to reduce policy rate further – Absa Research
Absa Research says it is anticipating that the Bank of Ghana will reduce its policy rate towards the end of the year in line with recent developments in the economy. Its projection is premised on the fact that inflation which refers to the general rise in the prices of goods and services will reduce in…
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16 banks left to their fate over minimum capital
The sixteen (16) banks yet to meet the minimum capital requirement will have to expedite processes to tap into available options before the December 31 deadline hits them in the face. That is the advice from Banking Consultant, Nana Otuo Acheampong. He explains that since such major decisions will require time, it will be appropriate…
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VAT recalibration to stabilize prices—Ken Ofori-Atta
Finance Minister, Ken Ofori-Atta has explained that government’s decision to recalibrate the VAT will have less impact on prices in the long term. The Finance Minister, during the Mid-Year budget presentation in parliament announced that government has decoupled the 2.5 percent NHIL and 2.5 percent GETFund from VAT, which was initially at 17.5 percent. Describing…
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Republic Bank starts renounceable rights issue to recapitalize
Republic Bank, a member of Republic Financial Holdings Limited (RFHL) of Trinidad and Tobago, has begun its renounceable rights issue through the Ghana Stock Exhange from 23 July to 10th August, 2018. A statement from the bank copied Citi Business News said the purpose of the Rights Issue is to enable the Bank meet the…
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Customers of First Allied Savings & Loans stranded over locked up cash
Customers of First Allied Savings and Loans have been left stranded as they are unable to withdraw money from the company. A visit to the Adabraka branch revealed that customers are given less than ten percent of amounts they wanted to withdraw. Some of them who spoke to Citi Business News said all efforts to withdraw…
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15 banks set to meet GH¢400m minimum capital – BoG
Fifteen banks are to meet the new minimum capital requirement by December this year. This is the information available to Citi Business News from the Bank of Ghana. This means that at least nineteen (19) banks will have to resort to various options available to them to meet the minimum capital by the set deadline.…
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BoG keeps policy rate at 17%
The Bank of Ghana has maintained the policy rate at 17%. The decision was arrived at after the central bank’s Monetary Policy Committee meeting on Monday, July 23, 2018. This is the first time the rate has been maintained after it was reduced by 300 basis points early this year. In March, the policy rate…
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Bankers, businesses anxious over BoG’s policy rate
There are mixed expectations ahead of the policy rate to be announced later this morning by the Bank of Ghana. The Monetary Policy Committee at its last meeting reduced the policy rate to 17 percent. Some bankers and businesses Citi Business News has been speaking to all argue that the central bank must provide a…
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Shareholders of uniBank to recapitalize
Shareholders of Unibank have resolved to recapitalize the bank to address both the solvency and liquidity challenges facing the institution. According to the Daily Graphic newspaper, the decision was taken by Dr. Kwabena Duffuor, a shareholder of the bank on behalf of shareholders of the bank. “We are also ready to progress discussions on the…