Category: Business
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Barclays Ghana appoints Abena Osei-Poku as MD
Barclays Bank of Ghana has announced the appointment of Abena Osei Poku by the Board of Directors, as Managing Director of the Bank, taking over from Patience Akyianu who will be leaving the bank at the end of September this year. Abena’s appointment if approved by the Bank of Ghana will be effective October 1,…
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Hafez Ghanem takes over as World Bank’s Vice President for Africa
The World Bank has appointed Hafez Ghanem as the new World Bank Vice President for Africa, effective July 1. A development expert with over 30 years of experience, Ghanem will lead an active regional portfolio consisting of over 600 projects totaling more than $71 billion. Under Ghanem’s leadership, the World Bank will continue to support…
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BoG sets ground rules for mergers & acquisitions
Banks seeking to acquire other banks or merging to become a bigger entity may start heaving a sigh of relief as the Bank of Ghana discloses guidelines to facilitate any such process. The move also forms part of the means by the commercial banks to meet the new minimum capital requirement by the Bank of…
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Cedi’s free fall: GCB Bank expands FX business
GCB Bank has disclosed of a major expansion drive to increase the trading in foreign exchange to help businesses get access to major international trading currencies. GCB Bank tells Citi Business News that it is increasing the scope of FX trading to minimize the impact of the shortage of foreign currency in the system. The…
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Tax measures in midyear budget crucial for fiscal stability—Gov’t
Government has emphasized that the tax measures it intends to introduce in the midyear budget is crucial to improving revenue generation for the next half of 2018. According to the Ministry of Finance, the measures are needed to maintain fiscal stability to enable government meet its expenditure projections for the rest of the year. Finance…
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PIAC to engage Special Prosecutor on oil money expenditure
The Public Interest and Accountability Committee (PIAC) would soon hold a meeting with Martin Amidu, the Special Prosecutor (SP) over the disbursement of revenue accruing from oil resources, Dr. Steve Manteaw, Chairman of the Committee, has disclosed. He said the meeting would focus on the need for collaboration between PIAC and the Special Prosecutor to…
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GCB Bank falls on income surplus for minimum capital
GCB Bank is to move 400 million cedis from its income surplus to help it meet the new minimum capital requirement set by the Bank of Ghana. As a result, the bank should achieve capital of 500 million cedis. Commercial banks have till December 2018 to meet the minimum capital requirement of 400 million cedis.…
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Ghana losing out on blockchain tech—Analysts
Stakeholders within Ghana’s Fintech industry say time is running out for the country to put in place measures to take full advantage of Blockchain technology. Blockchain which allows for the creation of digital public ledgers on which transactions can be permanently stored and verified, is yet to see mainstream application in Ghana. But speakers at…
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Cap interest rates at 3% above T-bill—Papa Kwesi Nduom
Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom has asked the Bank of Ghana to cap the interest rates offered by banks and other financial institutions at 3 percent above the Treasury bill rate. Currently the interest rate on the 91 day Treasury bill is at 13.3 % while the 182 day Treasury bill is at…
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Access bank appoints new MD
Access Bank Ghana has appointed Mr. Kris Ifeanyi Njoku as its new Managing Director effective June 28, 2018, who will continue to steer operations of the Bank after the receipt of a ‘no objection’ Letter from the Bank of Ghana. He takes over from Mr. Dolapo Ogundimu who managed the Bank since 2012. Until his…