Category: Business
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First portion of World Bank tourism fund to come in June
The Minister for Tourism, Arts and Culture, Catherine Afeku has told Citi Business News the first portion of a 50 million dollar grant by the World Bank will be released to government by June this year. The money, she says will help in improving the state of roads at tourist sites, as well as improve…
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Access Bank signs $25m million facility with FMO
One of the foremost retail banks in Ghana, Access Bank Ghana has entered into another strategic partnership with its long standing financial partner, FMO, the Dutch Development Bank, for a US$25 million facility to boost its lending capacity. The facility which is a conventional senior unsecured loan of 7 years, was closed on the sidelines…
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Parliament approves govt’s $2.5 bn Eurobond
Parliament has approved government’s 2.5 billion dollar Eurobond to finance major government infrastructure. The proceeds of the bond are expected to finance the provision of capital expenditure captured in this year’s (2018) budget for sectors such as the health, roads & highways and railway. The Finance Minister, Ken Ofori Atta in the 2018 budget presentation…
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MTN’s $787m IPO to boost local investment market
Investment analysts are hopeful of a boost in investments on the stock market with MTN’s 787 million dollars Initial Public Offer (IPO). In their view, the telecom company’s presence should attract more investors and grow the access to funds. The comments follow MTN’s announcement of reviewing upwards, its target for the IPO. The telecom operator…
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Distressed microfinance companies owe GH¢1000 per client – BoG
About 741 million cedis is estimated to be locked up in over two hundred microfinance companies as well as rural and community banks, making it difficult for customers to have access to their investments. This is the revelation from the latest state of the banking sector report released by the Bank of Ghana. According to…
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Ghana considering Samurai Bond
Ghana is considering selling Africa’s first Samurai bond in 17 years, a Bloomberg report has said. According to the report, Finance Minister, Ken Ofori-Atta is planning to visit Japan next month for talks on the possible sale. Mr. Ofori-Atta is expected to meet Japanese officials, investors and lenders from April 9 to 14 to discuss…
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CAL Bank records GH¢145m profit in 2017
CAL bank has posted a profit after tax of 145.2 million cedis for 2017. This is a significant improvement over the previous year’s figure of 7.2 million cedis. Despite this, the bank still acknowledges the impact of the legacy debts in the energy sector on its loan books. In the first of Citi Business News’…
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GTA to prosecute hospitality establishment after April amnesty
The Ghana Tourism Authority (GTA), has promised to start prosecuting all unlicensed hospitality establishments who fail to register with the authority in its amnesty month of April this year. The Chief Executive Officer of the GTA, Akwasi Agyemang said that all hospitality establishments registered, will rake in more revenue for the country whilst ensuring all…
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We need a module to determine allocation to GNPC—Boakye Agyarko
Ghana’s oil sector will suffer a major setback if industry players and the government do not decide on a single module to run the oil industry. This is the assertion of the Minister for Energy, Boakye Agyarko. According to him, the non-existence of a single module to define allocation of funds to the Ghana National…
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Former uniBank Management to seek arbitration over BoG takeover
Former Managers of uniBank have indicated that they will work to reverse the takeover, of the bank by the Bank of Ghana, a report by Reuters News Agency has said. According to Reuters, a legal adviser to uniBank, Dominic Ayine stated that the bank will go for arbitration. “We intend to go for arbitration,” he…