Category: Business
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Bidders for ECG concession drops to two
Citi Business News can confirm that the number of bidders for the private sector participation in the Electricity Company of Ghana (ECG) has dropped to two. The latest follows the close of submission of request for proposals today, March 26, 2018. A statement from the Millennium Development Authority (MiDA) and copied to Citi Business News…
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Pension Funds with uniBank are safe–NPRA
The National Pensions Regulatory Authority (NPRA) has assured that trustees whose pension funds are in the custody of uniBank are safe. The Bank of Ghana (BoG) last week announced that uniBank was insolvent and facing liquidity challenges, hence KPMG has been directed to take over the bank. The announcement has caused some tension among customers…
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Mixed reactions meet BoG’s cut in policy rate
There are mixed reactions to the Bank of Ghana’s new policy rate of 18%. The central bank on Monday, March 26, 2018 announced that it has reduced the policy rate by 200 basis points after concluding its Monetary Policy Committee (MPC) meetings for the quarter. The Governor of the Bank of Ghana, Dr. Ernest Addison…
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BoG reduces policy rate to 18%
The Bank of Ghana has reduced the policy rate to 18 percent. This represents a 200 basis points reduction in the policy rate which was at 20 percent. Today’s announcement of a reduction is the first after the rate was maintained earlier in the year. The policy rate is the rate at which the central…
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Free SHS has thrown budget out of gear —Terkper
Former Finance Minister, Seth Terkper is urging government to put in place proper measures to finance the Free Senior High School project. According to him, the high cost of the project is already throwing government’s budget out of gear. Speaking on the Citi Breakfast Show on Monday, March 26, 2018, Mr. Terkper warned that other…
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BoG enforces separation of powers with new directive
“No one individual shall have unfettered powers of decision in any regulated financial institution.” As a result, no one person shall assume two top positions in any regulated financial institution. These are but a few of the strong words contained in the Bank of Ghana’s new banking business – corporate governance directive. The document comes…
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Bankers, businesses urge BoG to reduce policy rate
Banking industry players are anticipating nothing but a reduction in the policy rate by the Bank of Ghana. It follows what they cite as favourable conditions that warrant a further reduction in the rate at which the central bank lends to commercial banks for onward lending to customers. The Monetary Policy Committee (MPC) of the…
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Ghana’s debt hits GH¢142.5bn, reaches 69.8% of GDP
New figures released by the Bank of Ghana (BoG) after its Monetary Policy Committee (MPC) meeting show that Ghana’s public debt reached 142.5 billion cedis as at December 2017, representing 69.8 percent of GDP. This is a reduction from the 73.3 percent recorded in December 2016. The total debt stock in 2016 was at 122.6…
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Citi FM named Tourism Oriented Media of the Year, 2017
Citi FM has been adjudged the Tourism Oriented Media of the Year, 2017, Radio Category at the Ghana National Tourism Awards. Citi FM was awarded for supporting the tourism industry and creating awareness on how the industry can contribute to the socio-economic development of the country. The station, as part of efforts to promote the…
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Guaranty Trust Bank gets new MD
Guaranty Trust Bank (Ghana) Limited has appointed Mr. Thomas Attah John as its new Managing Director effective Friday, March 16, 2018. He replaces Mr. Lekan Sanusi who takes up a new position as Managing Director of Guaranty Trust Bank Uganda Limited. Mr. Thomas Attah John, an astute banker, is also a Certified Brewer and Chemist…