Category: Business
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Banks troop to stock market for recapitalization fund
As some banks troop to the Stock Market to raise money to help them meet the 400 million capital requirement, there are concerns that the market may not be able to provide sufficient funds for all the banks. HFC Bank is the latest bank to announce its intention to raise 255 million cedis from the…
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Severance packages for former workers of UT, Capital banks to delay
Perhaps former workers of defunct UT and Capital banks seeking their severance packages may have to wait a bit longer as the receiver of the agreement, continues its work. The workers argue that the development has affected them negatively and therefore want a swift action on their requests. But information from the receivers indicates that…
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Digicut raises GH¢2.85m on GAX
Digicut Production and Advertising has raised a total of 2.85 million Cedis on the Ghana Alternative Market (GAX). This makes Digicut the first advertising company to list on the alternative market as well as the first to list this year. Currently there are six companies listing on the GAX. The Ghana Stock Exchange (GSE) in…
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President forms committee on recapitalization for local banks
Citi Business News has gathered that President Akufo-Addo will on Tuesday April 17th form a committee to look into a petition presented by the Association of Indigenous Banks, appealing to the presidency to extend the deadline date for meeting the 400 million cedis capital requirement from the end of 2018 to 2022. The committee will…
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Ghana, Japan strengthen economic, development partnership
Ghana and Japan have agreed to work towards strengthening economic and social partnerships between the two countries. The commitment was mutually expressed by Finance Minister, Ken Ofori-Atta of Ghana and Deputy Prime Minister, Taro Aso of Japan in Tokyo on Tuesday, a statement copied to Citi Business News said. Minister Ofori-Atta who is leading a…
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No need for new tax policies—Tax analyst
Tax Analyst, William Demitia has impressed on government to expand the Tax Identification Number (TIN) policy to include areas such as mobile money transactions rather than introduce new tax policies. This follows a recent indication by the Finance Minister, Ken Ofori Atta that government will in its midyear budget review introduce some new tax policies…
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EOCO detains Rev. Fitz Odonkor over Capital Bank collapse
A former Chief Executive Director of the now-defunct Capital Bank, Rev. Fitzgerald Odonkor, has been detained by the Economic and Organized Crime Office (EOCO) over the collapse of the bank. According to Citi News sources, Rev. Odonkor was detained after he was invited by the financial crime investigation outfit. Rev. Odonkor and two other directors of the…
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Former Capital,UT Banks workers demand ESB, PF
Some former workers of defunct UT bank and Capital bank, are demanding the payment of their End of Service Benefits (ESB) and severance packages, seven months after the collapse of the two banks. According to them, even though there have been discussions with the Joint Receivers—PricewaterhouseCoopers(PwC), on their ESB and Provident Fund(PF), they are yet…
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50% of oil-money projects missing, poorly executed – PIAC
Fifty (50) percent of government’s oil-funded projects from the 2016 annual budget funding amount (ABFA), allocated to the three regions of the north, are non-existent or have been poorly executed. This was revealed by the Public Interest and Accountability Committee (PIAC), which said this had cost the state about $1.2 billion dollars. Chairman of PIAC, Dr.…
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BoG must decide extension of recapitalization deadline
The independence of the Bank of Ghana (BoG) must be allowed to prevail even as appeals are considered from local banks for an extension of the deadline for recapitalization. This should also build a strong financial sector with the capacity to support economic growth. That is the suggestion from Financial Analyst, Professor Godfred Bokpin. His…