Category: News
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SEC approves Energy bank’s IPO to raise GH¢340m
The Securities and Exchange Commission (SEC) has approved for the Energy Commercial bank to issue an Initial Public Offering (IPO) to help it meet the minimum capital requirement for banks. The bank should resort to the investing public to raise 340 million cedis which represents about fifty percent of the company’s stake. Though SEC’s approval…
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Reduce impact of fuel price hikes on us – GPTRU to gov’t
The Ghana Private Road Transport Union (GPRTU), wants government’s intervention to reduce the impact of fuel price hikes on its members. The Union has however said it does not plan to increase transport fares. [contextly_sidebar id=”yKcSgXX4tBXBWmiLNuqJpqJFFDiNZDAQ”]The Union cannot increase fares in line with an agreement with the Ministry of Road and Transport. Checks by Citi…
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Ghana’s diamond industry on its ‘knees’
The volume of diamond produced in the country has reduced by 90 percent in the past decade. Although very low, the production of diamond has been heavily affected by the ban on small scale mining due to the fact that the sector is heavily dominated by small scale miners. With the ban, the mining of…
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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…