Category: News
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Experts speak on banking sector clean up
Special Guest Speaker: Ken Ofori-Atta, Minister for Finance Seven Ghanaian banks have collapsed since August 2017, after the Bank of Ghana, working with the Ministry of Finance, embarked on a comprehensive clean-up exercise in a bid to repair, restructure and strengthen the banking sector. As Ghanaians continue to express grave concerns about the loss of…
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Tax on imported aviation spare parts to be slashed
Operators of domestic airlines are to heave a sigh of relief with the amount of money they spend on aviation spare parts. It will follow the reduction in taxes on such products by the government. The Ministry of Aviation is currently engaging the Ministry of Finance for a rebate in the taxes paid by domestic…
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AngloGold Ashanti dismisses fake recruitment for Obuasi, Iduapriem mines
Anglogold Ashanti is cautioning the public to be wary of a fake recruitment process for its Obuasi and Iduapriem mines. The company tells Citi Business News some unknown persons have succeeded in luring unsuspected persons into paying monies to secure employment in the mining company’s two mine sites. “These individuals and/or companies write to unsuspecting…
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Compliance level for banks’ recapitalisation risky – Economist
Economist, Dr. Lord Mensah has described as quite disappointing, the number of banks that are yet to meet the minimum capital requirement. According to him, the development shows how most of the banks are struggling to meet the deadline by end of year [2018]. “It is quite disappointing because banking operations is basically sourcing for…
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Fuel price increases by 8.6% from January to August
Analysis done by Citi Business News indicates that fuel prices have increased by 8.6 percent from January to August this year.[2018] A recent report by the Institute for Energy Security pointed out that fuel prices went up by 2 percent for the month of August. So what is accounting for the increase witnessed between January…
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Change BOST’s mandate to address fuel price hikes – IES
The Institute of Energy Securities (IES) is calling for a change in the mandate of the Bulk Oil Storage And Transportation (BOST) to help address the constant increase in fuel prices. According to the Executive Secretary of IES, Paa Kwesi Anamoah Sekyi, an analysis of the trend in fuel prices on the international market can better…
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BoG gives “No Objection” to OmniBank, Sahel Sahara bank merger
OmniBank and Sahel Sahara Bank have received a “No Objection” letter from the Bank of Ghana (BoG) as part of the processes required for a merger. By this, the central bank has given the permission to the two banks to commence the necessary processes that will lead to the merger. According to Omni Bank, the…
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Shareholders of uniBank unhappy with leaked KPMG report
The shareholders of erstwhile uniBank have expressed disquiet about a purported KPMG Report on the bank in the public domain. According to the shareholders, attempts to secure a copy of the report from the Bank of Ghana has proved futile even though the document is reported to be in the possession of some people. The…
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Over a dozen banks yet to meet GH¢400m minimum capital
At least fifteen (15) banks are yet to announce their position on meeting the new minimum capital requirement with four months to the deadline. This is because Citi Business News’ analysis has shown that six (6) banks have reached the target with seven (7) others undertaking various measures to recapitalize. The six banks include; the…
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FBN Bank rewards customers in 2nd mini draw
FBN Bank Ghana Limited, one of the universal banks operating in the country, has rewarded 10 of its loyal customers as part of its “Save and win Promo”. The draw, the second in its edition, was held at the Spintex Road, Accra branch of the bank. In a draw supervised by Mr Ekow Nkoom from…