Category: Government
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19 banks likely to meet recapitalization deadline—Dr. Addison
The Governor of the Bank of Ghana (BoG) Dr. Ernest Addison has disclosed that 19 banks are likely to meet the 400 million cedis capital requirement by end of the year. This indicates an increase from a previous 15 figure announced by the governor earlier this year. As at the beginning of the year 2018,…
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BoG writes off GHS1.2bn bad loans
The Bank of Ghana (BoG) has written off 1.2 billion cedis Non Performing Loans (NPLS) on the books of banks in the country. This means that the central bank will consider 1.2 billion worth of credit given out as bad loans that cannot be retrieved. Non-Performing Loans was at 21.3 percent as at August 2018.…
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Debt stock to rise further with weak industrialization – Economists
Economists have warned that the country’s rising debt stock will continue until the government changes the structure of the economy. Latest figures released by the Bank of Ghana show that the country’s debt stock has reached 159.4 billion cedis. This represents 65.9 percent of the GDP which is the total value of all goods and…
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Reduce taxes, stabilise cedi to bring down fuel prices – TUC
The Trades Union’s Congress (TUC), is asking the Akuffo-Addo government to review a number of taxes that contribute to the astronomical increases in the prices of petroleum products. It also wants pragmatic steps taken to strengthen the Ghana cedi against other major currencies. These demands by TUC come at a time when there is public…
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No worker has been sacked – ATL management
Management of the Akosombo Textiles Limited (ATL) has denied laying off 600 workers due to lack of raw materials. Earlier reports indicated that about 600 workers of the Akosombo Textiles Limited have been asked to go home due to a shortage of raw materials. But the company has denied this assertion. According to its management,…
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BoG maintains policy rate at 17%
The Monetary Policy Committee (MPC)of the Bank of Ghana has maintained the policy rate at 17 percent after its 84th meeting. This is the second consecutive time that the central bank has maintained the policy rate. Speaking at a press conference, Dr. Addison explained that the decision to hold the figure at 17 percent is…
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Businesses, bankers push for drop in BoG’s policy rate
The Monetary Policy Committee (MPC) of the Bank of Ghana may take any decision but increase its policy rate for banks. These are the indications from businesses and banks ahead of the announcement of the policy rate later on Monday [September 24, 2018]. The MPC has since the beginning of the year reduced its policy…
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Over 70% of bank workers want to leave their jobs-Report
A 2018 Human Resource Banking Survey has revealed that over 70 percent of workers in the banking sector, want to leave the industry. The survey was conducted by Human Capital experts, Acreaty Ghana between February and May this year. It was conducted among 14 banks including, Fidelity Bank, GCB Bank, Ecobank, Barclays, Omni Bank, Stanbic…
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Ghana’s total debt hits GHS159.4bn
New data released by the Bank of Ghana puts the country’s total debt by July at 159.4 billion cedis, representing 65.9 percent of the GDP. The external component of the debt stood at 18.2 billion U.S dollars, while the domestic debt hit 73.8 billion cedis. The data which was published after the Monetary Policy Committee…
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GH¢400m capital: Remaining 3 months optimum for banks
Barely three months to the deadline for meeting the minimum capital requirement for banks still presents an opportunity for more banks to hit the mark. That is the assertion of Banking Consultant, Nana Otuo Acheampong. He explains to Citi Business News the banks whose capital may not have reached the 400 million cedis level, still…