Category: Business
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Finance Minister to chair World Bank Devt Committee
Finance Minister, Ken Ofori-Atta has been appointed as chairman of the Development Committee of the World Bank. The Development Committee is a joint committee of the boards of governors of the International Monetary Fund (IMF) and the World Bank, which advises the Bank and the IMF on critical development issues and the resources needed to…
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Ken Ofori-Atta wins African Finance Minister of the year award
Ghana’s Finance Minister, Ken Ofori-Atta has been awarded the prestigious African Finance Minister of the year at the Annual African Development Bank (AfDB) Meeting in Busan, South Korea. The award follows Ghana’s recent macroeconomic performance. Recognised as Africa’s most results-oriented Finance Minister, Ken Ofori-Atta’s prudent economic management has boosted confidence and optimism in Ghana’s economy…
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BoG to finalize fate of struggling local banks by July
The Bank of Ghana (BoG) is set to take a final decision on the fate of local banks that may not meet the capital requirement by July. Even though banks in the country have until December 31st this year to meet the 400 million cedis capital requirement, the central bank is said to have already…
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Oil emerges as second largest export earner – BoG report
Ghana’s oil sector emerged as the second largest contributor to the country’s exports for 2017. The country raised an estimated three billion dollars from the oil resources in 2017. Official figures released by the Bank of Ghana show that the total revenue Ghana raked in from her exports stood at 13.8 billion dollars. A further…
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Dep. Energy Minister chides LPG operators over strike threats
Deputy Energy Minister, Muhammed Amin Adam has chided the operators of LPG for embarking on strike, saying such actions disrupts government’s bid to increase the penetration of LPG to 50%. The operators began a nationwide strike yesterday to press on government to stop the implementation of the Cylinder Recirculation module. They complain that, the project…
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Patience Akyianu joins Hollard as Group CEO
The Outgoing Managing Director of Barclays Bank, Patience Akyianu has been appointed as the Group Chief Executive of Hollard Ghana Holdings Limited. Her appointment is expected to take effect in October this year – 2018. Madam Akyianu joins Hollard after resigning from Barclays Bank in early May. A statement from Hollard Ghana Holdings to Citi…
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President urges BoG to work without fear
President Nana Akufo-Addo has urged the central bank to carry out its role without fear of favor to ensure that local banks are not pushed out of the banking sector. According to the President, it is important that the central bank is allowed to carry out its duty without any political interference. The Association of…
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IMF urges Ghana to reduce debt stock
The International Monetary Fund (IMF) is urging government to work to further reduce the country’s debt. While commending the managers of the economy for reducing the debt to GDP rate to 60 percent as at February 2018, the Country Director of IMF Natalia Koliadina said the country’s public debt was still significant. Speaking on a…
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Reduction in policy rate to urge private sector growth
Economist, and Head of the Economics Department at the University of Ghana, Professor Peter Quartey has stated that the reason for the further reduction in the policy rate is aimed at stimulating economic growth through the private sector. The policy rate was on Monday,[May, 21st, 2018] reduced from 18 percent to 17 percent, representing a…
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ISF Bank to become GN Bank, USA in July
Dr. Papa Kwesi Nduom, Chairman of the Board of Directors of South Side Chicago based ISF Bank has announced that the USA banking regulator, the Office of the Controller of the Currency (OCC), has approved the changing of the name of the ISF Bank which started in 1934 by 13 black men to become GN…