Category: News
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uniBank shareholders bought estates with bank’s monies
It has emerged that shareholders of uniBank used monies from the bank to acquire estate properties in their own names. According to the central bank “uniBank’s shareholders and related parties admitted to acquiring several real estate properties in their own names using the funds they took from the bank under questionable circumstances”. The governor of…
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BoG merges Beige, Unibank and 3 other struggling banks
The Bank of Ghana has consolidated five banks into what it calls the Consolidated Bank Ghana limited. The banks are Beige bank, Construction bank, Royal bank, Unibank and Sovereign Bank. Per this decision, the central bank has merged all the banks into a bigger entity. According to the Governor of the Bank of Ghana, Dr.…
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BoG ‘merges’ uniBank, Beige and 3 other struggling banks
The Bank of Ghana has consolidated five local banks into what it calls the Consolidated Bank Ghana limited. The banks are Beige Bank, Construction bank, Royal bank, uniBank and Sovereign bank. This means that the banks are merged. According to the Governor of the Bank of Ghana, Dr. Ernest Addison, some of the banks obtained their…
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IES cautions of high cost of power with new Ameri deal
The Institute of Energy Security (IES) is projecting that consumers should be paying more for electricity should government go ahead with the new arrangement on the Ameri Power Deal. The energy think tank believes that the new deal will increase the cost of electricity and burden consumers. The Ameri deal was signed by the government…
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Collection of taxes on luxury vehicles starts today
The Ghana Revenue Authority(GRA) is set to commence the collection of taxes on luxury cars from today. A statement released by the authority explained that the taxes will only affect cars with engine capacity above 2950. According to the statement, vehicles with engine capacity of 2950 to 3549 capacity will pay GHS1,000 cedis while vehicles…
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‘Last minute’ MTN IPO buyers disappointed
Some potential shareholders of MTN are pushing for an extension of the Initial Public Offering after failing to secure shares in the company. Information available to Citi Business News indicate that most investors were left frustrated as the telecom company closed its doors to any further issue on Tuesday, July 31, 2018. Reports from outlets…
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Most banks not equipped to block cybercrime—Analyst
Most banks in the country have not put in the necessary security measures to avert their system from being infiltrated by cyber criminals, that is a revelation by the Cyber Forensic analyst with E-Crime Bureau Philemon Hini. According to him, financial institutions have relegated cyber security issues only to IT departments of their companies leaving…
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Gov’t could meet GHS300m tax target from luxury vehicles
Economist, Dr. Ebo Tuckson is hopeful government could meet its 300 million cedis revenue target from luxury cars. Government announced through the mid-year budget review that it will raise the said amount between August and December 2018. Dr. Tuckson says his confidence in governments’ ability to collect more, due to the large number of vehicles…
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MTN ends GH¢3.47 bn IPO today
MTN is to complete its Initial Public Offering (IPO) by close of day today [July 31, 2018] barring any last minute changes. The telecom company is ceding thirty-five percent (35%) of its shares to the public to complete the regulatory processes after it secured one of the 4G spectrum license. It’s been a little over…
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New BoG Directive to prevent bank collapse – Nana Otuo
Banking Consultant, Nana Otuo Acheampong is hopeful that the new directives on Financial Holding Companies should avert possible collapse of banks in the near future. The Bank of Ghana in its latest directive for the financial sector, has outlined the operation of Finance Holding Companies which insists on restricted areas they cannot venture. The Directive…