Category: News
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BoG approves Omnibank, Sahel Sahara merger
The Bank of Ghana has approved the merger between Omnibank and Sahel Sahara Bank (BSIC). The consent was contained in a letter to the Managing Directors of the two banks from the central bank The two banks agreed to come together following the increase in the minimum capital requirement for commercial banks from 120 million…
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ENI gas inexpensive – Government
The government has clarified the cost of gas that it is taking from the Offshore Cape Three Points being operated by ENI is costly. According to the Ministry of Energy, the price of 40 million dollars per month cannot be possible as there have been negotiations for a drop in the price of gas from…
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Publish names of banks that have met GHS400m capital—BoG told
Some stakeholders in the banking sector are expecting the Bank of Ghana to announce the list of banks that have met the minimum capital requirement to end speculations in the sector. At the last press conference for 2018 to announce the policy rate, the governor of the Bank of Ghana, Dr. Ernest Addison stated that…
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Bank of Baroda-Stanbic deal an assumption not take over—bank clarifies
All deposits and loan portfolio of Bank of Baroda have been handed over to Stanbic bank effective yesterday[January 1, 2019]. The move follows an assumption between the two banks. A statement from Bank of Baroda to Citi Business News dismissed reports of a takeover indicating that it is rather voluntarily winding up its Ghana operations…
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Stanbic Bank ‘takes over’ Bank of Baroda
The Ghana unit of Standard Bank of South Africa, Stanbic Bank Ghana Limited, has absorbed customers of the local subsidiary of Indian-state lender, Bank of Baroda under an arrangement that comes at no cost to the former. Multiple sources involved in the arrangement say the transaction was sealed in the tail end of December 2018,…
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Brexit: US ambassador to UK Johnson warns on trade deal
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Donald Trump’s offer of a “quick, massive, bilateral trade deal” will not be possible if Theresa May’s EU withdrawal agreement is approved, the US ambassador to the UK has warned. President Trump had previously said her Brexit proposal sounded like a “great deal for the EU”. Woody Johnson told the BBC the UK was “in…
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Deadline of recapitalization: Some banks still struggling to raise 400m capital requirement
Commercial Banks that have not yet met the 400 million cedis capital requirement will have up until the end of today[31st December 2019] to meet it as the deadline reaches today. The Bank of Ghana as part of measures to clean up the banking sector increased the capital requirement of banks from 120 million cedis…
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End to Nigerian dispute lifts shares in S.Africa’s MTN
Shares in South African telecoms giant MTN jumped 8 percent on Thursday after it settled a row with Nigeria’s central bank for a fraction of the $8.1 billion it had threatened to cost. MTN announced on Monday that it would pay just $52.6 million to end the dispute in Nigeria, its biggest and most lucrative…
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Protect export data integrity for national economic planning–GEPA
The Ghana Export Promotion Authority (GEPA) has asked stakeholders to ensure export data integrity by recording and transmitting accurate export data which is crucial for economic planning. According to Mr Samuel Dentu, Deputy Chief Executive Officer, GEPA, “Data is utilized by the government institutions, donors, investors, banks and businesses for policy planning, designing of economic…
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South Africa’s MTN pays $53 mln to settle $8.1 bln Nigeria dispute
South African telecoms operator MTN Group has agreed to make a $53 million payment to resolve a dispute in Nigeria, it said on Monday, ending a four-month multi-billion dollar dividend repatriation row that has hammered its share price. Nigeria is MTN’s biggest market, accounting for a third of the African telecoms heavyweight’s annual core profit,…