Category: Business
-
Importers decry high demurrage charges again
Importers and Exporters are appealing to government to ensure shipping lines reduce their charges on demurrage at the ports. According to them, they are being exploited by the shipping lines as they charge huge demurrage on their containers which erodes all their profits on a daily basis. Enumerating the effect on their operations, Executive Secretary…
-
Dusk Capital to raise GHȼ 500k through IPO
Indigenous investment firm and fund manager, Dusk Capital, has officially launched an IPO to raise GHȼ500,000 for its Unit Trust. The Dusk Unit Trust IPO is designed to promote investment culture amongst Ghanaians through a collective investment scheme approach. The Unit Trust is highly regulated by the Securities and Exchange Commission (SEC), managed by Dusk…
-
Barclays Africa changes name to ABSA Group effective today
Barclays Africa has changed its name to ABSA Group effective today [11 July,2018]. It follows the completion of a corporate name and brand change on the Johannesburg Stock Exchange (JSE). As a result, the Bank will trade on the JSE with the new code (ABG). Speaking at the ceremony this morning in South Africa, the…
-
FBN Bank falls on Mother Company in Nigeria to recapitalize
FBN Bank has stated that it will rely on its mother bank in Nigeria to raise 25 percent of the money it needs to meet the minimum capital requirement set by the Bank of Ghana. According to the bank, such a move will put it in a good position to meet the 400 million cedis…
-
Don’t blame banks for high interest rates—Former ADB MD
Former Managing Director of ADB Bank Daniel Asiedu has jumped to the defense of commercial banks charging high interest rates. Commercial banks in the country have refused to reduce their lending rate to correspond with the Bank of Ghana’s base rate which is currently at 18 percent. Most of the banks charge over 30 percent…
-
Finance Minister presents Mid-Year Budget next week
The Ministry of Information has told Citi Business News the Finance Minister, Ken Ofori Atta will be presenting the mid-year budget review to parliament next week. The Information Ministry is however yet to announce the day. The Finance Ministry has already told Citi Business News government will be introducing new tax measures to boost domestic…
-
Gov’t cautioned on removing tax waivers for multinational companies
The Ghana-Israel Business Chamber has cautioned government against reneging on agreed contracts with international companies even as it seeks to evaluate the impact of tax waivers given to such companies. The General Secretary of the chamber, Edem Yevutsey believes businesses will hesitate to invest in Ghana if they feel that government cannot be trusted to…
-
BoG limits reappointment of Directors, CEOs of insolvent banks
Former managers of financial institutions who have been implicated in any act of insolvency or folding up of their companies risk not assuming any managerial role within the banking industry. This is because the central bank is getting tougher with its rules governing the financial sector. The latest guideline to be issued by the Bank…
-
ENI gas production to reduce cost of electricity–KITE
Cost of electricity to homes and factories are expected to be reduced in the coming months following the start of gas production by ENI. That is the verdict of the Executive Director of the Kumasi Institute of Technology, Energy and Environment (KITE) Ghana, Ishmael Agyekumhene. ENI last week[3, July 2018] started gas production from the…
-
![‘Black market’ trade impeding cedi’s stability [Audio]](https://citibusinessnews.com/wp-content/uploads/2016/02/cedis-604x330-1.jpg)
‘Black market’ trade impeding cedi’s stability [Audio]
Forex bureau operators want the Bank of Ghana to clamp down on the growing operations of black marketers in the foreign exchange business. The illegal business has been cited as one of the major constraints to stabilizing the cedi. The comments come in the wake of debates on the need to stem the cedi’s losing…