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Banking And Finance

World’s richest people lose $182bn in market rout

dollars

The world’s 400 richest people lost $182bn this past week from their collective fortunes as weak manufacturing data from China and a rout in commodities sent global markets plunging. The weekly drop for the Bloomberg Billionaires Index, a group that includes Warren Buffett and Glencore’s Ivan Glasenberg, was the biggest since tracking of the expanded list began in September 2014. ...

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BOG to arrest and prosecute unlicensed microfinance operators

Bank of Ghana

The Bank of Ghana (BoG) is set to commence arrest and prosecution of directors of unlicensed microfinance institutions operating in the country. This is part of moves by the central bank to ensure sanity in the microfinance sector which in recent times has seen an upsurge in customer complaints. According to the Bank of Ghana, it may be compelled to ...

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Office of International Energy Insurance shut down over unpaid taxes

The office of insurance firm, International Energy Insurance has been shut down by the Ghana Revenue Authority (GRA) and the police over unpaid taxes. According to the GRA International Energy Insurance owes the state about 80, 000 cedis in unpaid Valued Added Tax (VAT). Citi Business News has gathered the closure of companies by GRA over tax evasion which is ...

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SEC awaits communication from ADB on way forward for IPO

SEC

The Securities and Exchange Commission (SEC) has told Citi Business News it is awaiting official communication from Agricultural Development Bank (ADB) over moves to resume their Initial Public Offering (IPO). According to SEC, the offer documents by ADB are still valid unless the bank makes additional changes to allow for the resumption of the IPO. Director General of  the Securities ...

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Investing with your head, not with your ears

A woman holds 03 July 2007 in Accra a wa

Investment is a good venture, especially when one has fully prepared for the associated risks with the move. With the rising cost of living, it’s imperative that we prioritize investment and, preferably invest with the lowest risk possible, to generate the highest yielding returns we can. High rates of return on your investments are wonderful because you don’t have to ...

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Cedi’s woes will worsen-Dalex boss

The Chief Executive Officer of Dalex Financial Services, Ken Thompson insists that the cedi will continue to fall against major trading currencies and close at 6 cedis to a dollar by close of year. According to him the demand for dollars is still higher than supply. Ken Thompson early this year predicted that the cedi will hit 6 cedis to ...

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ADB to resume IPO

adb

The Agricultural Development Bank (ADB) has told Citi Business News it will immediately initiate moves to re-launch its Initial Public Offer (IPO). The move follows the ditching of a law suit filed against it by the of Union of Commerce, Industry and Finance workers (UNICOF) seeking to place an injunction on the IPO following the bank’s failure to follow due ...

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Terkper begs banks to invest in govt securities

Seth Tekper, Finance Minister

The Minister of Finance has appealed to commercial banks and financial institutions operating in the country to invest in government securities. According to Finance Minister Seth Terkper government securities is one of the safest portfolios for investment with very high yields. This comes after government launched a 5 year treasury bond to fund self financing projects which are capital intensive. ...

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UNICOF drops case against ADB

The Union of Commerce, Industry and Finance workers (UNICOF) after months of a legal tussle  with the Agricultural Development Bank (ADB) over the sale of its shares on the Ghana Stock Exchange (GSE) has thrown in the towel. UNICOF this morning Wednesday 19th August, 2015 withdrew the case it filed against the bank at the Supreme court over its  Initial ...

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Devaluation of China’s currency to worsen cedi’s troubles

A woman holds 03 July 2007 in Accra a wa

Some economists have predicted that the cedi will further decline against major foreign currencies following the recent devaluation of the Chinese currency the Yuan. China’s central bank last week devalued the Yuan, central to the move was a bid to have the yuan accepted by the International Monetary Fund into its basket of reserve currencies, placing the yuan on par with ...

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