Category: Business
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BoG reduces Ghana reference rate to 16.74% in May
The Bank of Ghana’s new Ghana Reference Rate for May 2018 is 16.74 percent. The rate is the reference by which commercial banks will set their interests on loans granted to customers at least for this month. The figure is lower compared to that quoted for April which stood at 16.82 percent. Introduced in April…
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Banks compete for limited fund on stock market
Citi Business News has gathered that banks that have announced their intention of going to the stock market to raise funds to meet the 400 million cedis minimum capital requirement are calculating their time to raise the money due to limited funds. There have been concerns that investors on the stock market may not provide…
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ACEP demands swift passage of mineral revenue management law
The African Centre for Energy Policy (ACEP) wants the government to make do its promise of passing the Mineral Revenue Management Law to track revenue made in the mining sector. The government is yet to pass the law almost two years into its administration. A development, ACEP believes raises concerns on the future of investments…
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Aviation Ministry assures of safety of passengers
The Aviation Ministry says it is poised to ensure safety for customers of Air services in the country, with the expected arrival of new airlines in the industry. The ministry believes, world class safety standards will help in positioning Ghana as a leading aviation hub on the continent. Ghana’s Aviation industry is expected to witness…
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Total Petroleum Ghana rewards dealers
Total Petroleum Ghana Limited, a locally listed oil marketing company and the 2017 AGI Award winner for ‘Overall Best in Quality’ has rewarded its Dealers and Frontline workers at the company’s eleventh Dealer Convention and Awards event in Koforidua. The programme gathered over two hundred station staff from the retail network across the country. According…
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MTN’s self service kiosks not a threat to banks – Analysts
MTN’s new self service kiosks will least threaten other similar services provided by commercial banks. As a result, the development should not result in any apprehension among the banking industry. That is the position of Financial Analyst, Sam Bediako Asante. The telecom giant’s new service is to deepen its mobile money business and drive competition.…
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Invest in portfolios you can easily liquidate—Databank CEO
The Chief Executive Officer of Databank, Kojo Addae-Mensah is admonishing investors to ensure that a percentage of their investment can easily be converted to money before signing unto investments agreements. He pointed out that majority of investors tend to invest in portfolios such as buildings and other properties that cannot easily be liquidated, hence end…
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First Atlantic Bank to meet new capital requirement by June
First Atlantic Bank has assured that it is positive of meeting the 400 million cedis capital requirement set by the Bank of Ghana. According to the bank, it has secured money from a private equity firm, hence will meet the requirement as stated by the regulator. The Bank of Ghana has set December 31st, 2018…
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Goil pursues MMT, others over GH¢12m debt
Oil marketing company, Goil, is hopeful that it will be able to recover the estimated 12 million cedis owed it by state transport company, Metro Mass Transport (MMT), by the end of the year. It follows what the company says is its plan to recover its debts and invest the proceeds into its business from…
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Producer Price Inflation drops again to 3.7% in March
Ghana’s Producer Price Inflation (PPI) has dropped for the third time in a row to 3.7 percent as at March 2018. The PPI measures the average change over time in the general prices received by domestic producers for the production of goods and/or provision of services. Comparing the March figure to that of February, the…