Category: Business
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First Atlantic Bank secures new investment to increase capital
First Atlantic Bank is set to meet the new minimum capital requirement of 400 million cedis for banks by the second quarter of this year, 2018. This comes after the bank secured various investments, with the most recent being an investment with Advanced Finance and Investment Group (AFIG). The Governor of the Bank of Ghana,…
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Low funding keeps sulphur in diesel products from TOR high
It is emerging that the Tema Oil Refinery (TOR) will need some 300 million dollars before it could refine products to the current specified sulphur content for diesel of 50 parts per million. The development also puts consumers at risk as there are fears the products may have been in circulation at the various retail…
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New law to track VAT electronically in the offing
Parliament will soon pass a law that will track all VAT issued at various retail centers across the country. The Fiscal Electronic Device Bill is expected to connect all Point of Sale (PoS) devices with the Ghana Revenue Authority (GRA)’s systems. The move is to ensure that VAT issuing companies do not under declare their…
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PFMA to tame excess borrowing – Economist
Some Economists have told Citi Business News they expect the Public Financial Management Act (PFMA) to restrict government’s future borrowing to specific needs. According to Lecturer at the University of Ghana Business School, Dr. Lord Mensah, this should regulate spending and avoid budget overruns. The comment follows the formulation of regulations to guide the implementation…
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GCB eyes leading bank with new strategy
GCB Bank is optimistic it will increase its market share in the banking industry within the short to medium term. This comes as the bank has outdoored its ‘Golden Eagle Ambassador initiative’. Under the initiative, 200 staff have been selected from all nine zones in which the bank operates to market the bank. The move…
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Ivory Finance pursues cash from SIC Insurance
Ivory Finance has told Citi Business News it still stands by its case of being owed by SIC Insurance in a breach of contract in a credit guarantee case currently before the court. The Supreme Court, on Wednesday February 21, 2018, ordered that all parties return to the High Court for the court to sit…
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Banks to lose hold on interest rates
The Bank of Ghana is hoping that banks will soon reduce their interest rates on loans to reflect the continuous drop in the policy rate. The central bank believes that the development should also help correct the balance sheets of banks by reducing the Non-Performing Loans. This was among the key issues raised at a…
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NIC to address undercutting of insurance premiums
The Commissioner of National Insurance Commission(NIC), Justice Ofori has told Citi Business News the commission is working to produce the right mechanisms to aid in addressing issues of undercutting insurance premiums by the end of March. The Commissioner says the constant undercutting is a major setback to the insurance industry. The development follows the undercharging…
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Supreme Court upholds SIC’s appeal against Ivory Finance
The Supreme Court today, Wednesday, February 21, 2018, ordered SIC and Ivory Finance, to resort to the High Court for the hearing of the merits of an allegation of fraud leveled against Ivory Finance. SIC’s appeal is in relation to a guarantee case which has been in court for the past five years. In November…
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AngloGold Ashanti to redevelop Obuasi Mine
AngloGold Ashanti has signed an agreement with government to re-develop its Obuasi goldmine. Under the agreement, the government of Ghana is expected to provide a tax concession arrangement, security, and a reclamation plan. In 2016, AngloGold Ashanti shut down the Obuasi Mine, following an impasse with illegal miners that resulted in the tragic death of…