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Author Archives: Pius Amihere Blay

Gov’t extends date for calculating cost of imports due to cedi depreciation

Mahamudu-Bawumia-1

The Vice President Dr. Mahamudu Bawumia has stated that government is in the process of reviewing the date used in calculating the exchange rate for importers at the ports. By this, the process for calculating the cost of imports in relation to the dollar will be extended from one week to six months. The move follows complaints from importers and ...

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Cryptocurrency: Advocates push for swift laws by BoG

Prof. Nii Narku Quaynor

Cryptocurrency analysts are urging the Bank of Ghana to expedite processes to formulate laws to regulate their business. They want the regulator to step in to avert a possible controversy between it and patrons of the product. The increasing interest in the use of cryptocurrency has been met with mixed reactions considering the complex nature of the system. Some have ...

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Menzgold extends gold vault suspension

menzgold

Gold dealership firm, Menzgold will not open to the public today [September 19, 2018] contrary to its earlier promise. Customers who hope to engage the firm on their gold dealership services will have to wait till September 28. Menzgold temporarily shut down following an impasse with the Securities and Exchange Commission, regulator of the capital market on the nature of ...

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SEC approves Energy bank’s IPO to raise GH¢340m

ENERGY-1024x617

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 comes a month after the ...

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Reduce impact of fuel price hikes on us – GPTRU to gov’t

GPRTU

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. The Union cannot increase fares in line with an agreement with the Ministry of Road and Transport. Checks by Citi News at some fuel pumps on ...

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Drivers lament over GH¢5 fuel prices

FUEL-STATION

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 and 5 cedis 14 pesewas ...

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Omnibank, Sahel Sahara to spend GH¢1.2m on merger

omni and sahel

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 selection of a transaction advisor, ...

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Inside of KIA’s Terminal 3 (Video)

Terminal 3

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 sub-region. Click the video below ...

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Adoboli gets last-minute reprieve from deportation

Adoboli

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 facing deportation because he had ...

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Omnibank, Sahel Sahara advance with merger process

omni and sahel

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 August 14, 2018; the two ...

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