Category: News
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‘Excess’ staff of Consolidated bank to get alternative jobs
Deputy Finance Minister, Charles Adu Boahen has disclosed of an ambitious plan by the government to address issues of redundancy with the consolidation of five local banks. He explains that the government is working to reduce the number of workers who may be laid off for one reason or another, when the processes of consolidation…
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Producer Price Inflation for July increases to 8.2%
The Producer Price Inflation for July increased from 7.7 percent to 8.2 percent. This represents a 0.5 percentage point increase. The producer price inflation measures the prices received by domestic producers for the production of their goods and services over a period of time. Speaking at a press conference to announce the figures, acting Government…
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Stabilization Fund records over $300m
The Stabilization Fund has accrued monies in excess of $300 million by the end of the first quarter of 2018. According to a report released by the Bank of Ghana, the fund had a closing book value of $428,662,005.05 at the end of the first half of the year. This means that the fund had…
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50% of farm produce go waste
Government would have to put together an immediate plan to process perishable crops to save the country millions of cedis. This is according to USAID Initiative, the Ghana Agricultural Development and Value Chain Enhancement Project (ADVANCE PROJECT). As high as 50 percent of produce such as tomatoes, mangoes, pineapple and banana rot away annually after…
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Car Rental Association appeals to GTA to sanitize industry
The Car Rental Association of Ghana (CRAG) is calling on the Ghana Tourism Authority (GTA) to sanitize the car rental industry. According to them, the industry is being taken over by unregistered car rental dealers who undercut rates used for renting. “You can count about 150 car rental companies. Half of them are not properly…
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Licensing banks without regulation allows stealing – Ofori-Atta
The Finance Minister, Ken Ofori-Atta, has said the acquisition of a banking license without regulation becomes a license for financial institutions to steal from the state and depositors. Justifying government’s actions in the banking sector at the Danquah Institute Forum in collaboration with Citi FM on the theme, ‘The Banking Clean Up, Are Depositors Safe?’, …
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Gov’t still focused on merging adb, NIB banks—Ofori-Atta
Finance Minister Ken Ofori-Atta has reiterated that government is focused on merging the adb Bank and the National Investment Bank(NIB). The Finance Minister announced in the 2018 budget presentation last year that government was considering merging adb and NIB banks to serve industry and the agriculture sectors. Reports on the merge has been low as…
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Citi FM, Danquah Institute forum to discuss collapse of banks
The Danquah Institute, a public policy research centre, in collaboration with Citi FM will today host a special panel discussion at Alisa Hotel to look at the recent collapse of banks in the country. Special guest of honour will be the Finance Minister, Ken Ofori-Atta. The forum which will be moderated by Citi FM’s Bernard…
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Dr. Duffuor sues BoG over revocation of Unibank’s license
A major shareholder of defunct uniBank, Dr. Kwabena Duffuor has sued the Bank of Ghana over the revocation of the license of uniBank. To this end, he has filed a suit at the Accra High Court seeking an injunction on the Bank of Ghana’s processes of consolidating five local banks. Dr. Duffuor is seeking that the…
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‘Our system blocked 2017 fraud attempt’—Cal Bank
Indigenous Bank, Cal Bank has assured its customers that the bank has strong security system that detect and stop any form of fraudulent transfer of funds. The assurance comes after a recent report circulating in the media and on social media about an attempted fraud of over GHS110m in 2017 on Cal Bank. According to…