Category: Government
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Drivers lament over GH¢5 fuel prices
Some drivers have expressed their displeasure over the increase in fuel prices for the second pricing window in September. Checks by Citi Business News at some fuel pumps on Monday evening [September 17, 2018] showed that Shell had increased its prices. A litre of diesel and petrol are being sold at 5 cedis 18 pesewas…
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Omnibank, Sahel Sahara to spend GH¢1.2m on merger
It will cost about one million cedis to complete the merger between Omnibank and Sahel Sahara bank. This is the information available to Citi Business News from management of the two banks. The disclosure comes on the back of the signing of a Memorandum of Understanding between the two banks. The merger process involves the…
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Inside of KIA’s Terminal 3 (Video)
From the 15th of September 2018, all international airlines have been using the Terminal three of the Kotoka International Airport. It follows the successful completion of live flights over the past week. Aviation authorities believe the move should reduce pressure on the current Terminal two and improve Ghana’s position in the aviation space within the…
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Adoboli gets last-minute reprieve from deportation
Kweku Adoboli, the banker convicted of the UK’s biggest fraud, has been given a last-minute reprieve from deportation as a judge awarded a judicial review of his case. Adoboli, 38, was found guilty in 2012 of fraud that lost his employer UBS$2.3bn (£1.8bn), and he was due to be deported to Ghana on Tuesday. He was…
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S&P raises Ghana’s rating to ‘B’
Ratings agency, Standard and Poor’s has raised its long term ratings on Ghana to ‘B’ from ‘B minus’. The agency also says the outlook is stable for Ghana’s rating. A statement on the latest stance by S and P attributed the rise to improving banking sector stability as well as lower inflation. Standard and Poor’s…
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Omnibank, Sahel Sahara advance with merger process
Omnibank and Sahel Sahara bank are hopeful meeting of meeting the new minimum capital requirement by December 2018. The two banks which are in a process to merge say their hopeful that the stronger bank to be created will support the country’s financial sector. Following the Bank of Ghana’s no objection to the merger on…
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Govt must show how it will distribute agricultural funds—Farmers
Farmers in the country want government to come clear on the modalities with which it intends to issue out funds meant to support the agriculture sector. The farmers say although government has assured of revamping the ailing Agriculture sector through the funds, they would want the government to publish how it will execute the action…
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BoG must ensure banks obey new cyber fraud rules–consultant
Some financial risk consultants have urged the Bank of Ghana to strictly ensure banks comply with robust plans yet to be implemented to reduce the impact of cyber-crime. The Central Bank is embarking on new strategies to reduce cyber-crime to the barest minimum. Among the robust plans is the need for banks to train all…
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KIA’s Terminal 3 to boost customs revenue
Customs revenue from the Kotoka International Airport (KIA) is bound to see a major boost as the Terminal three begins operations. Officials of the GRA are hopeful that the potential increase in fleet should translate into increased revenue for the Authority. The Terminal three will accommodate all international flights to and from Ghana. The facility…
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Banks collapse: Financial stability strategy rolls out in 2019
The Ministry of Finance is hopeful of finalizing processes for the implementation of the Financial Inclusion Strategy by the end of 2018 ahead of full take off in 2019. The strategy will address issues of soundness and stability in the financial market. It will also be involved with the deployment of financial infrastructure, strengthen financial…