Category: Business
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GH¢400m capital, others triggered uniBank’s interest in adb
Investment Banker, Mahama Iddrisu has cited adb’s quest to meet the new minimum capital requirement of 400 million cedis as a possible reason for the pledge by some shareholders of adb to uniBank. The move Citi Business News also understands is to grow the base of Unibank to undertake huge transactions. Four shareholders of adb…
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Purported adb takeover by uniBank not approved – BOG
The Bank of Ghana has stated that it has not approved a purported takeover of adb by uniBank. uniBank is set to assume a controlling interest in adb after a consortium of shareholders pledged their shares, proceeds, entitlement and voting rights to uniBank. But speaking at the commissioning of the new Ecobank Head office in…
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GSE suspends adb over purported ‘takeover’ by Unibank
The Ghana Stock Exchange (GSE) has suspended the Agricultural Development Bank (adb) following a purported takeover of the bank by Unibank. A statement from the GSE said the action was taken pursuant to section 7 of the GSE Automated Trading rules. “With reference to Section 7 of the GSE Automated Trading Rules (ATS), the Managing Director of…
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Unibank moves to control majority interest in adb
Unibank has confirmed to Citi News that it has gone into a transaction with four major shareholders of Agricultural Development Bank (adb) that has effectively given majority control of the state bank. It says the move follows the pledging of shares and voting rights of the consortium of shareholders in adb Bank. Belstar Capital, Starmount Development company,…
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Reduced tariffs: Mining firms to save 3 million dollars annually
Businesses particularly those in the mining sector, are expected to save millions of dollars to be channeled into other investments to grow their companies following the reduction in electricity tariffs. The Public Utilities Regulatory Commission (PURC), on Monday, March 5, 2018, announced that electricity tariffs will go down between 10 and 30 percent for various…
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Barclays Bank Ghana targets acquisitions as it rebrands
Barclays Bank has disclosed to Citi Business News plans to undertake major acquisitions in the country as it rebrands to Absa by June 2020. Managing Director of the Bank, Patience Akyianu explains that her outfit has already begun talks with regulators and shareholders ahead of the move. Barclays Africa Group last week announced that it…
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1D1F companies to benefit from cheap funds
Government is still in talks with banks in the country, to arrive at a common interest rate for all companies under the One District One Factory Program. That’s according to the National Coordinator for the One-District-One-Factory (1D1F) Secretariat, Gifty Ohene Konadu. So far GCB, Access Bank, UMB and the Ghana Import and Export Bank (EXIM),…
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Cutting 2018 Eurobond will affect gov’t projects
Major government economic policies are set to suffer a setback if demands by the International Monetary Fund(IMF) for Ghana to cut its projected 2 billion dollars Eurobond to 500 million dollars is made to stand— that is a warning from economist, Dr. Lord Mensah. Reuters News agency this weekend reported that a document it has…
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IMF urges gov’t to pass new taxes
Ghana must legislate new measures to boost revenues by at least 0.5 percent of gross domestic product before the IMF reviews a $918 million credit deal next month, a Reuters report has said. The report also stated that government must outline plans to clean up the financial sector and show stronger commitment to cut debt,…
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IMF to pass Ghana based on govt’s commitment
Economist, Dr. Lord Mensah is optimistic an International Monetary Fund (IMF) mission currently in Ghana may pass the government in its assessment based on the country’s commitment at meeting benchmark targets. An IMF mission on Thursday[March 1,2018] met with Parliament’s Finance Committee to discuss Ghana’s performance ahead of a board assessment in April to pave…