Category: Business
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Mobile money interoperability starts on May 10
Effective next month, government will begin the implementation of one of its key policies aimed at boosting financial inclusion, which is Mobile Money Interoperability. That affirmation is in line with the Vice Presidents’ assertion that the policy which will allow mobile money users to send and receive money from one network to the other, will…
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![Fidelity Bank rewards 3 customers with GH¢50,000 each [photos]](https://citibusinessnews.com/wp-content/uploads/2018/04/WhatsApp-Image-2018-04-21-at-11.24.14-AM-1-1.jpeg)
Fidelity Bank rewards 3 customers with GH¢50,000 each [photos]
Fidelity Bank has rewarded three loyal customers with the sum of 50,000 cedis each in its grand draw to cap the 10x Richer Deposit campaign. The draw was held at a customer Appreciation Dinner at the Kempinski Hotel in Accra. The three winners are Anita Mensah from Market Circle branch in Takoradi, Mawutor Deodorney from…
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Standards Authority to check imports with EasyPass
The Ghana Standards Authority has told Citi Business News it will go ahead with the implementation of its EasyPass program from next month. The GSA, earlier suspended the implementation of its EasyPass program which is aimed at ensuring that some selected products imported into Ghana, meet the required standards to protect public health and safety.…
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Ghana’s debt nears distress levels – World Bank
Ghana stands a high risk of returning to a debt distress situation if it fails to manage its rising debt levels. That is the caution from the World Bank. According to the Bank, this will also mean the country will find difficulty meeting key government expenditure and impact on investments into the country. These among…
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Asamoah Gyan signs new business deal
Development Capital Partners Limited (DCP) and Gyan Investments are pleased to announce that they have today signed an advisory mandate for DCP to advise Gyan Investments on the development of its investment portfolio including Baby Jet Airlines. Andrew Naylor, CEO of DCP, said, “Asamoah Gyan is a high profile personality both in Ghana and internationally…
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Probe auditors of defunct UT, Capital banks—Auditor General
The Auditor-General, Daniel Yaw Domelevo, has called for the prosecution of all auditors found culpable in the recent collapse of local banks in the country. Stakeholders within the banking sector have been calling for the internal and external auditors of collapsed UT and Capital Banks, as well as, the auditors of struggling uniBank to be…
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BoG to crackdown on MFIs breaking rules
The Bank of Ghana will soon take regulatory action against Microfinance Finance Institutions (MFIs) and financial houses that are refusing to payback investment of their customers. “Some of these microfinances actually went beyond the rule by investing in other businesses that they were not supposed to. They pick money on short term bases and invest…
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Gov’t urged to clear remaining energy sector debt
Government has been urged to issue the second tranche of the energy bond to help clear about 5.3 billion cedis debt in the energy sector. This, they say will restore confidence in both the financial and energy sectors. Government in November last year, sought to raise 6 billion cedis under the first tranche of the…
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BoG justifies GH¢2bn bond issue to clear UT, Capital banks liabilities
The Bank of Ghana (BoG) has justified the need to issue a bond to cater for the gap that has been realized after the assets of collapsed UT bank and Capital bank were compared to its liabilities. According to the central bank, it is important for government to issue the bond to save the deposits…
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We didn’t pledge our ESB for loans – ex-UT, Capital banks’ staff
Former workers of defunct domestic banks, Capital and UT, are rejecting claims that they pledged their End of Service Benefit (ESB) and Provident Fund (PF) for loans at the banks while working. The former workers in a statement argued that the funds must be released to them since it is their personal contributions made through…