Category: Business
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IMF endorses crpto currency
IMF head Christine Lagarde has dedicated a new blog post to the “potential benefits” of “crypto-assets such as Bitcoin.” The head of the International Monetary Fund (IMF) Christine Lagarde was buoyant about cryptocurrency in a blog post in support of the technology, published Monday, April 16. The post, which comes roughly one month after Lagarde…
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Two new airlines to join domestic flight business
Two more airline companies are tipped to join Ghana’s aviation industry soon. This is according to the Ghana Civil Aviation Authority (GCAA). The Director General of the Authority, Simon Allotey explains that the coming on board of the two should drive competition and impact on the cost of domestic airfares. As Citi Business News explores…
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Zenith Bank hits GH¢400m capital requirement
Zenith Bank has attributed its strong capital base to what it refers to as the implementation of effective corporate governance strategies. The bank says, such plans have also made it easy to reduce the levels of non-performing loans and its impact on the books of the banks. Commercial banks have till December this year (2018)…
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HFC bank changes name to Republic bank
HFC Bank has received license to change its name to Republic bank. Information available to Citi Business News however indicates that this is expected to take effect next Tuesday, April 24, 2018. The change of name is as a result of Republic bank owning majority stake in HFC Bank’s operations. A statement from the Ghana…
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Go for Savings and Loans license if you can’t recapitalize—Prof. Quartey
As president Akufo-Addo prepares to form a committee to look into a petition presented by the Ghana Association Indigenous Banks, some observers have warned that Ghana’s banking sector risks facing serious challenges if attempts are made to extend the deadline of the capital requirement. According to them, the governor of the Bank of Ghana has…
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Tullow to spend $780m on new wells on TEN oilfields
Tullow has disclosed to Citi Business News that it will cost the company about seven hundred and eighty million dollars ($780,000,000) to construct the remaining wells on its TEN oilfields. Tullow has so far completed one of the thirteen wells to be drilled on the oilfields in the western region. The Maritime border dispute between…
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Big shots at MTN bow out
At least three executive positions at MTN Ghana have been left vacant following the exit of two executives and the promotion of one. The positions that are vacant are that of the Chief Executive Officer, Corporate Services Executive as well as the Chief Marketing Officer. The positions were previously occupied by Mr. Ebenezer Asante, Madam…
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Fuel to go up by 2.5 percent
Fuel prices are likely to go up again by about 2.5% for the second pricing window in April. This is the prediction by the Institute of Energy Security (IES). By this, fuel prices are expected to go up between April 16, 2018 to April 30, 2018. The Institute, projected fuel prices to go up between…
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Alpha Capital: Customers, management in tussle over locked up cash
Customers of Alpha Capital Savings and loans, continue to demand for the payment of their investments from the company. According to them the delay in the release of their monies has affected their businesses as well as their lives. Alpha Capital Savings and Loans however claims it is in talks with investors in Israel to…
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Delayed gov’t disbursement threatens infrastructure growth – Report
A latest report on Africa’s construction sector has cited delays in disbursements on the part of governments as a key threat to the expansion of infrastructure within the region. The survey, conducted by Deloitte therefore suggests that governments must tackle such delays as they control majority of projects. Meanwhile, Ghana has been tipped as having…