Category: Economy
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Gov’t looking for money to clean-up Savings and Loans sector next – Nana Otuo Acheampong
Following the recent clean-up exercise in Ghana’s microfinance sector, Citi business News is learning that government is preparing to make money available for the Bank of Ghana to start cleaning the Savings and Loans Sector. Last week the Bank of Ghana announced the revocation of the licences of 192 insolvent microfinance companies. In addition, licenses…
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Microfinance clean-up: Receiver to pay creditors within a month
All persons entitled to claims from any of the collapsed microfinance companies should expect payment at least from the next one month. It will however follow the completion of validation for such claims by the Receiver, Eric Nana Nipah of PricewaterhouseCoopers (PwC). The latest directive was contained in a statement issued by Mr. Nipah. Per…
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Bauxite mining in Atewa forest won’t harm environment – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has given assurances that the government’s plan to have bauxite mined in the country’s largest surviving natural rainforest, the Atewa forest, will not in any way destroy the environment. He believes that the technology to be adopted by the miners would reduce the impact of the mining activity on the quality of life…
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2019 Citi Business Festival starts today
The most anticipated business festival, the Citi Business Festival will be launched on the Citi Breakfast Show (CBS) on Citi FM later this morning. The launch will also feature an interview with the 2018 National Best Farmer, James Boateng. The Citi Business Festival is a month-long on air and outdoor event programmes held annually in…
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Ghana Revenue Authority announces changes at top management
The Commissioner-General of the Ghana Revenue Authority, Kofi Nti, has announced a massive change of guard at its top management. According to an internal communication to staff of the tax-collecting agency, three commissioners have been reassigned to the Ministry of Finance “with immediate effect”. They are Commissioner for Domestic Tax Revenue Division, Kwasi Gyimah Asante;…
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Full list of microfinance institutions shut down by Bank of Ghana
The Bank of Ghana has descended on Non-bank financial institutions as part of measures to sanitize the financial sector. The central bank on Friday, May 31, 2019, announced that it had revoked the licenses of some 347 microfinance institutions in the country. It also took similar action against some 39 microcredit institutions operating in Ghana.…
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Stakeholders call for better collaboration to ensure success of ECOWAS Brown Card Scheme
Stakeholders in the insurance sector in the West African Sub-region have called for greater collaboration amongst the different ECOWAS Brown Card secretariats to ensure prompt payment of claims. 37 years after the signing of the ECOWAS Brown Card Insurance Scheme Protocol, some players have raised concerns about the difficulty in settling claims under the ECOWAS…
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Be more vigilant to protect government’s revenue – Mining Stakeholders
Two former Chief Executive Officers of the Minerals Commission have warned that successive governments will continue to lose revenue from the mining sector if the appointment of directors to boards of mining companies continues to be politicized. The Vice President, Dr. Mahamudu Bawumia in May last year strongly indicated that government will not accept the…
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Ghana posseses right ingredients to be investment hub in sub-region — Canadian investor
A Canadian investment advisor and CEO of Gorab Advisors, Richard Gorab, has said Ghana has all the right conditions that are needed to become the investment hub of the West Africa sub-region. Mr. Gorab said the country’s current economic growth rate compares favorably to other emerging peers while its legal system is also efficient which…
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Ghana adds 21.4 billion cedis to debt stock in three months
Data released by the Bank of Ghana (BoG) has shown that the country’s total debt stock increased by 21. 4 billion cedis in the first quarter of this year. This means that Ghana added 21.4 billion cedis to its debt stock between January and March this year. According to the data, Ghana’s total debt now…