Category: Business
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Ecobank Ghana reaches GHS400m capital requirement
Shareholders of Ecobank Ghana have voted for the bank to transfer 190 million cedis from income surplus to stated capital to help the bank meet its minimum capital requirement of 400 million cedis by end of 2018. By this, Ecobank has reached a capital requirement of 416 million cedis since its existing stated capital is…
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$1bn 30 yr bond to support mortgage industry
Ghana’s maiden thirty year bond will be channeled into reducing the country’s rising housing deficit. This will also be achieved through the provision of mortgages and the completion of the government’s affordable housing unit projects. Finance Minister, Ken Ofori Atta disclosed this in an exclusive interview with Citi Business News after the issuance of Ghana’s…
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$2bn Eurobond to improve public infrastructure – Finance Minister
The Minister for Finance, Ken Ofori Atta has told Citi News that savings made from the government’s latest sovereign bond issued, will be invested in improving infrastructure that will, in turn, drive job creation. The government has raised 2 billion dollars in its first Eurobond comprising ten and thirty-year bonds. The interests of 7.62 and 8.62 percent,…
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High cost of training in aviation sector worrying—Expert
Ghana’s growing aviation industry will soon be taken over by foreigners if government is unable to address the high cost of training in the sector. This is according to private sector players in the aviation industry. According to industry watchers, government should set up a loan facility for individuals who wish to acquire training in…
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Cylinder Recirculation Model will cause LPG shortage—Group warns
Shortage of LPG is set to hit the country in the coming weeks if government fails to avert a possible strike by the Association of LPG retailers. The Association at a press conference this week, gave the government a one week ultimatum to rescind its decision to implement the Cylinder Recirculation model or face its…
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Ghana to regain permission to fly airline to US by year end
Barring any last minute hitches, Ghana will regain its Federal Aviation Administration (FAA) Category one status by the close of 2018. The status will allow Ghana to fly its national carrier directly to the United States after the airline is inaugurated. Ghana lost its prestigious category one status in 2001 following the revocation of the…
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Fidelity Bank rewards 10x Richer Promo winners
Fidelity Bank has rewarded the 3 ultimate winners of its 10x Richer Promotion. The three ultimate winners are Anita Mensah of the Takoradi Market Circle branch, Mawutor Dieudonne of Ashaiman branch, and Shaibu Awudu of Tamale branch were each presented with an amount of fifty thousand Ghana cedis. Overall, the bank has rewarded several lucky…
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Patience Akyianu resigns as MD of Barclays bank
Managing Director of Barclays Bank, Patience Akyianu has resigned. She is however expected to remain as the MD until September 30, 2018. The decision for Mrs Akyianu to move on, comes after spending a decade with Barclays bank. A statement from the bank confirming the decision said, ‘after five years of leading Barclays Bank Ghana…
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Eurobond: Ghana raises $2bn at lowest interest rates
Government secured more than it targeted for its Eurobond which was closed on Thursday, May 10, 2018, in London. The government was seeking to raise 750 million dollars. However upon completion, the Sovereign bond accrued 2 billion dollars from investors. The bond was in two categories; 10 and 30 year bonds respectively. The 10 year…
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Court adjourns hearing in $2.25 bn bond case against Ofori-Atta
The Supreme Court has adjourned the case in which the Finance Minister, Ken Ofori -Atta, was sued over claims of conflict of interest in the April 2017 $2.25 billion bond issue. The adjournment follows procedural errors by lawyers of the applicants in the case, Dynamic Youth Organisation of Ghana (DYMOG), who failed to comply with…