Category: Government
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NIC to announce new capital levels by first quarter
The National Insurance Commission (NIC) says it will before the end of the first quarter of 2019 announce new minimum capital requirements for players in the insurance industry. Companies within the insurance sector are to expect increases of more than 200 percent according to the Commissioner of Insurance, Mr. Justice Yaw Ofori. The expected recapitalization…
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Absa CEO, Maria Ramos to retire at end of February 2019
Absa has announced that its Group Chief Executive Officer, Maria Ramos will retire in February 2019. Ms Ramos’ retirement is based on the fact that she turns 60 which makes her eligible to retire. A statement from Absa on the matter said: “Maria has been Group Chief Executive since 2009. She has led the Group…
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![Craftsmen decry neglect by government [audio report]](https://citibusinessnews.com/wp-content/uploads/2019/01/crafts-1.jpg)
Craftsmen decry neglect by government [audio report]
Wood carvings, sculpting’s and woven baskets represent an aspect of Ghana’s handicraft industry and rich culture. The industry which has been in existence for over a hundred years has not been developed to its full potential. Some operators in the industry have blamed the situation on lack of attention by the appropriate state institutions. Please…
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Ghana’s 2018 export improve significantly–BoG data
Figures from the Bank of Ghana(BoG) have shown that Ghana’s exports increased significantly between 2017 and 2018. Substantial improvement in Ghana’s export receipts from oil, helped in adding more than USD 1 Billion dollars to Ghana’s export figures for 2018. The country in 2017 saw total exports reach USD 13.835 billion dollars, whereas in 2018…
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Economist lauds debt re-profiling as debt reaches GH¢172.9bn
An Economist, Professor Eric Osei Assibey has suggested that the government’s debt re-profiling could be having a positive impact on reducing the country’s debts. According to him, some interim improvements within the economy could have a greater impact if the plan is sustained. Professor Assibey’s comments come on the back of a recent Bank of…
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Revocation of Heritage bank license was fair – BoG
The Governor of the Bank of Ghana, Dr. Ernest Addison, has refuted claims that the central bank unfairly revoked the license of Heritage Bank. Heritage Bank lost its license after the Bank of Ghana completed its banking sector reforms in December 2018. The majority shareholder of the bank, Seidu Agongo, recently in a statement accused…
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BoG reduces Policy Rate to 16 percent
The Governor of the Bank of Ghana Dr. Ernest Addison has announced a cut in the policy rate from 17 percent to 16 percent. This represents a 100 basis point drop. This is the maiden meeting of the Monetary Policy Committee of the Bank of Ghana this year. The policy rate is the rate at…
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AGI kicks against moves to increase utility tariff
The Association of Ghana Industries (AGI) says Ghanaian businesses will be overburdened if the Public Utilities and Regulatory Commission (PURC) approves the recently proposed tariff increases, without ensuring that efficiency in the power value chain is improved. The Northern Electricity Distribution Company (NEDCo) and the Ghana Grid Company (GRIDCo) have called for an upward review…
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Dannex, Aryton Drugs, Starwin to complete merger by July
Management of three pharmaceutical companies, Dannex, Aryton Drugs and Starwin Limited has told Citi Business News that the merger of the three companies will be completed in July this year. The Merger processes of the three companies began about two years. When completed, the new company will be the biggest pharmaceutical Company in the country.…
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Ghana’s debt hits 172.9 billion cedis
The total amount that Ghana owes reached 172.9 billion cedis in November 2018. This is according to data from the Bank of Ghana. The Summary of Economic and Financial data by the central bank shows that between July and November 2018, the country added 13.2 billion cedis to its debt. The figure went up from…