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Invest in Africa secures US$ 1 million Grant to support SME training program

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Invest in Africa (IIA) has signed a US$ 1million African Development Bank (AfDB) grant that will enable it support a unique business skills training programme for Small and Medium sized Enterprises (SMEs) in Ghana. IIA will use the grant provided by the AfDB’s Fund for Private Sector Assistance (FAPA) to implement a Business Linkage Programme designed to upgrade the capabilities ...

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High interest rates killing business – PEF

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According to the Chief Executive Officer of PEF the high interest rates on loans is greatly affecting their profit margins, making it difficult for them to expand and grow their businesses. The Bank of Ghana (BoG) on 12th November,2014 increased the monetary policy rate by 200 basis point from 19 percent to 21 percent, as part of moves to tame ...

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Ecobank unveils customer service pledge

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Ecobank Ghana has launched a customer service pledge which puts its customers at the centre of the company’s operations. The launch marked the display of the customer service pledge “Excellence In Everything We Do” which is replicated across the country. According to Ecobank Ghana the move step is another bold initiative and commitment of the bank to its potential and ...

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SSNIT to sell shares in HFC bank

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Citi Business News has gathered state pension fund manager Social Security and National Insurance Trust (SSNIT) is likely to sell its shares in HFC bank to Republic bank. Citi Business News has learnt negotiations between the two parties on the sale are far advanced. Persons familiar with the matter say the board of HFC bank met on 19th November, 2014 ...

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5% VAT on houses fair-GREDA

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The Ghana Real Estate Developers Association (GREDA) has described as a “negotiated deal”, the decision by government to reduce the Value Added Tax (VAT) to cover the sale of houses to 5%. Government revised in the 2015 budget statement, its decision to slap 17.5% VAT on the real estate sector after serious concerns were expressed by GREDA. GREDA petitioned government ...

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Ecobank boss unfazed by war on high interest rates

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Ecobank Transnational Incorporated (ETI) has questioned how realistic the fight against high interest rates in the country will be. According to the bank’s CEO Albert Essien “with all due respect to my honorable Spio Garbrah, if the reference rate at the central bank , is at 25% or there about , why will you lend below that , people forget ...

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Atuabo Free Port Ghana Limited to list on Ghana Stock Exchange

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Atuabo Free Port Ghana Limited, is expected to list on the Ghana Stock Exchange soon after it commences operations. The 600 million dollar joint project between Ghanaian institutions and a foreign investor is expected to commence in the second quarter of 2015. The project expected to be completed in 25 months would provide port facilities solely to support the oil ...

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Sanitize microfinance industry -Ghana Catholic Bishops’ Conference

Dr. Henry Kofi Wampah, Governor of the Bank of Ghana

The Ghana Catholic Bishops’ Conference (GCBC) wants the Bank of Ghana (BOG) to put in place tight measures in the microfinance industry to prevent Ghanaians from losing their investments to microfinance companies. Dozens of micro finance companies have collapsed this year and previous ones over issues with poor management among others. According to the Ghana Microfinance institutions network (GHAMFIN) over ...

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GAX begins trading

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 Trading has officially begun on the Ghana Alternative Market (GAX). This follows the first listing of bonds of financial institution, IZWE loans on Friday 14th November, 2014. IZWE loans listed 80million cedis in bonds on the market. GAX provides a listing avenue for small-and medium-scale enterprises and other companies that may not meet the requirements for listing on the main ...

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BoG defends ‘loan’ directive

Dr. Henry Kofi Wampah, Governor of the Bank of Ghana

The Bank of Ghana has allayed fears that its new directive on loan write-offs will have a negative impact on the banking industry. The Bank of Ghana last month issued a directive to commercial banks to write-off bad loans that are recorded as a loss within 180 days, if it is not recovered. A number of banks have raised red ...

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