Category: Business
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Uber drivers on sitdown strike over 25% commission
Scores of Uber drivers massed up at the offices of Uber in Accra on Wednesday, April 25, 2018. The drivers who are on a sit down strike, are protesting against what they say is the unfair treatment by the transport services company. According to them, the twenty-five percent retention of all transport fares remitted to…
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Agric Ministry bridges funding gap with new model
Farmers in the country should be able to secure increased credit from banks with the coming on board of the Ghana Incentive Based Risk Sharing Agricultural Lending (GIRSAL). According to the Ministry of Agriculture, GIRSAL which will be rolled out this year is meant to serve as an incentive for banks to increase their lending…
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BoG sanitises industry with new borrowers & lenders law
Customers of commercial banks would be restricted in their borrowings from any bank in the coming months if he/she does not have a credible loan repayment track record. This will follow the strict enforcement of the new Borrowers and Lenders Act, by commercial banks in the country. The Bank of Ghana has served notice it…
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Parliament to ratify free trade agreement upon recall
Ghana could be among the few African countries to ratify the Continental Free Trade Agreement within the coming days if Parliament agrees to the pact when it resumes sitting on Thursday, April 26, 2018. The House though on its annual recess, has been recalled to sit for two days, that is on Thursday and Friday; April…
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Minimum capital: BoG issues guidelines on mergers & acquisitions
The Bank of Ghana has disclosed that it is working on guidelines for potential mergers and acquisitions that may emerge following the recapitalization of banks in the country. The central bank explains that this also forms part of a series of new reforms aimed at building a strong financial sector. Commercial banks are expected to…
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IMF to release $236m to Ghana in May
The IMF should be releasing about two hundred and thirty-six million dollars ($236,000,000) to Ghana under the agreement with the Fund, by the first week of May this year. This will be the total of the fifth and sixth disbursements under the economic support program. These among others were the highlights at this year’s spring…
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We’ll meet capital requirement by end of 2018—Fidelity Bank MD
As local Banks plead for an extension of the date for meeting the 400 million cedis minimum capital requirement, the Managing Director of Fidelity Bank, Jim Baiden, has reiterated that the bank will surely meet the requirement by December 31st 2018. Mr. Baiden disclosed that the bank’s current capital position is substantially close to the…
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Ghana’s vision, performance inspires other African countries—IMF
The International Monetary Fund (IMF) says Ghana’s new vision of ‘Ghana beyond Aid’ coupled with the first year performance of the economy under President Akufo-Addo is a major inspiration to African countries. Speaking at the maiden edition of the ‘Governor Speaks’ series at the IMF/World Bank Spring Meetings, Abebe Selasie, Deputy Director in charge of…
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Underpricing ‘killing’ utility providers in sub-Saharan Africa – World Bank
The World Bank has identified under pricing as the biggest threat to the survival of utility companies providing electricity, in sub-Saharan Africa. As a result, the Bank is predicting of a possible drop in private sector participation to improve operations of such companies if the situation remain unresolved. The World Bank attributes the worrying impact…
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Shutdown of FPSO not to affect power supply—IES
The Institute of Energy Security (IES) has told Citi Business News it is confident Ghanaians will be spared any power outages during the shutdown of the Floating, Production, Storage, and Offloading (FPSO) Kwame Nkrumah later this year for repairs. According to the IES, it expects the contingency plans, being put in place by the key…