Category: Local Economy
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Allianz completes acquisition of East Africa’s Jubilee Insurance
Allianz has completed an acquisition of 66 percent stake in Jubilee Holdings Limited (JHL), East Africa’s largest insurance group. The announcement means that JHL retains a 46 percent shareholding in the company. The acquisition follows the execution of an agreement signed on September 29, 2020, in which Allianz agreed to acquire about 1,522,622 ordinary shares…
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Poor handling of COVID-19 by U.S sees Pound strengthening against Dollar, Cedi and others
Despite the impressive performance of the Ghana Cedi against its major trading currency the U.S Dollar in the past few years, the currency appears to be struggling against the British Pound Sterling and the Euro. Although the Cedi in 2019 lost nearly 13 percent of its value against the US dollar, the performance blights the…
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NPLs likely to reduce following improvement in economy – Banking consultant
A banking consultant, Nana Otuo Acheampong is confident that the recent rise in the percentage of non-performing loans in the banking industry will be a temporary phenomenon. According to the Banking Sector Development report for March by the Bank of Ghana, the end-February 2021 NPL ratio of 15.3 percent was marginally higher than the year-end…
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IFC and SEC partner to develop green bonds market
In its quest to unlock investment for private sector projects that support renewable energy and energy efficiency in the country, IFC and the Securities and Exchange Commission (SEC) have partnered to facilitate investments in projects that address climate and environmental issues through green bonds. Under the agreement, IFC, a member of the World Bank Group,…
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![Ghanaian construction workers losing out to foreign nationals due to poor attitude [Video]](https://citibusinessnews.com/wp-content/uploads/2021/05/1467230597-19-pmc-construction-company-ltd.jpg)
Ghanaian construction workers losing out to foreign nationals due to poor attitude [Video]
Stakeholders in the construction sector have expressed concern about Ghanaian labourers ultimately losing jobs in the thriving sector to their counterparts from other parts of the sub-region. According to them the poor level of training of the average Ghanaian construction worker coupled with their poor attitude to work can be blamed for the growing preference…
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GHS768 million paid to over 6,000 clients of defunct FMCs – SEC
The Securities and Exchange Commission (SEC) has stated that about GHS768 million has been credited to the accounts of some 6,916 clients of the 53 defunct Fund Management Companies, who signed up for the government’s full bailout programme. According to the Commission, actual payments also made under the Partial Bailout Programme as of March 31,…
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TUC appeals to government for pay rise at Workers’ Day celebration
The Trade Union Congress (TUC) is asking the government to stop using COVID-19 as an excuse and review the salaries of workers upwards to help them deal with the recent economic hardships in the country. Organized labour says recent fuel increments, coupled with the skyrocketing prices of goods and services, are taking a toll on…
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Produce quality products to stay competitive – Businesses urged
Ghanaian businesses have been charged to leverage on lessons from COVID-19 to accelerate development through trade and stay competitive in the global economy. This is according to Emmanuel Asumani, Director of Operations for the ILO-SCORE program. Speaking to Citi Business News on the sidelines of a workshop to train Small and Medium sized enterprises on…
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Risk-averse banks ditch credit advances for government securities
Latest data from the Bank of Ghana shows that Commercial Banks in the country continue to take the less risky route by using their monies on safe government securities like treasury bills and bonds. According to the Central Bank the growth in banks investment holdings in the first two months of the year, contributed to…
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Bank profit growth slows to about 6% in January, February due to COVID-19 – BoG Report
A slowdown in the growth in gross loans and advances given out by banks in the first 2 months of 2021 due to pandemic-induced weaknesses, has negatively impacted the interest income of such financial institutions. This has thus contributed to an overall slowdown in the growth of profits of banks in January and February 2021.…