Category: Business
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Banks struggle to meet capital requirement as deadline approaches (Audio)
With just nine months left for banks to meet the minimum capital requirement set by the Bank of Ghana, some banks have confirmed to Citi Business News they are in a good position to meet the requirement, while others appear to be struggling to meet the deadline. The Central Bank increased the minimum capital requirement…
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Air disaster looms over ‘neglect’ of safety concerns – Group
The Bureau of Public Safety (BPS) is warning of what it refers to as a looming danger in Ghana’s aviation industry due to the neglect of safety standards. As a result, it is demanding a thorough audit into the operations of the Ghana Civil Aviation Authority (GCAA). The civil society group maintains that the failure…
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ESLA Plc Wins Best Restructuring in EMEA
ESLA Plc, the institution established for purposes of raising money to clear the outstanding energy sector debts, has won the Best restructuring deal in the 2017 Europe, Middle East, Africa (EMEA) Finance Achievement Awards. ESLA Plc, is part of nine transactions across the EMEA that have been tipped for this year’s awards. A statement on…
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Finance Ministry gets 11 member Advisory Board
An 11-member Advisory Board for the Ministry of Finance (MoF) has been inaugurated at a ceremony held at the Conference Room of the Ministry. The Board was established in accordance with Section 39 of the Civil Service Act, 1993, (PNDC Law 327), which states, that all Ministries are mandated to establish Ministerial Advisory Boards. According…
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Depending on IMF shows we’re fiscally indisciplined—Dr. Kwakye
Economist, and Senior Fellow at the Institute of Fiscal Studies (IFS), Dr. John Kwakye has bemoaned Ghana’s continuous dependence on the International Monetary Fund (IMF) for directions on fiscal consolidation and revenue generation. His comments follow a call by the IMF for Ghana to immediately legislate new measures to boost revenues by at least 0.5…
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Banking sector faces distortion over ¢2bn bond for UT, Capital banks’ debt
Government’s decision to absorb the liabilities of UT and Capital banks could weaken the financial industry if not managed properly. This is the warning from Economist, Dr. Ebo Turkson. According to him, the assurance of absorption of debts after a possible collapse could make private banks less competitive in giving value for money for customers.…
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adb, uniBank saga: Shareholders chose profits over devt – Toma Imirhe
Financial Analyst, Toma Imirhe has suggested that the decision to increase the profits of adb could have influenced the pledging of shares by some shareholders of the bank to uniBank. According to him, the continuous existence of government’s ownership in adb and the likelihood for the government to influence resource allocation, could have impacted the…
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BoG clamps down on illegal microfinance companies
The Bank of Ghana (BoG) is to outline new reforms to sanitise Ghana’s microfinance industry. The reforms are expected to among others provide a comprehensive plan by the central bank to improve activities in the microfinance industry. It also comes on the back of reports of customers losing their investments to some microfinance institutions when…
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Ghana, France boost ties with local tourism
The France Ambassador to Ghana, Francois Pujolas, has expressed his country’s readiness to assist Ghana build its tourism sector. According to him, the current government has shown commitment towards enhancing tourism in the country which warrants support from other economies. Mr. Pujolas also believes this could be done through capacity building programs for hotel operators,…
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MODEC appoints 1st female offshore Production Technician Trainee
MODEC Ghana Limited has appointed Portia Ama Anobea Oduro as the first female offshore Production Technician Trainee. Portia is the only female among sixteen (16) other male candidates. Her appointment also comes after four years of brazing the odds to succeed in her chosen career. A native of Kwahu-Nkwatia, Porita had her high school education…