Tag: Ghana Business News
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Communications Minister calls on Tigo Ghana
The Ministry of Communications is set to review current policies on telecom regulation and mobile financial services in the country. The exercise is among others aimed at keeping telecom operations with current trends and attract the unbanked population. Communications Minister, Ursula Owusu Ekuful who disclosed this also explained that the review should help mop up…
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Implement findings of AQR exercise – BoG orders banks
The Bank of Ghana (BoG) has directed all banks to strictly comply with its recommendations from a recent Asset Quality Review (AQR) exercise conducted by the bank. The findings which have been dispatched to the banks pointed out specific risk exposure of all banks and measures that must be employed to minimize their effect on…
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CAL Bank’s 2016 profits dip over high NPLs
CAL bank’s total profits for 2016 dropped by as much as 95 percent compared to the profits recorded in 2015. The bank’s profit dropped to 7.2 million cedis in 2016 from the over 160 million cedis recorded in the previous year. At CAL Bank’s 2016 AGM, the Board explained that the significant drop in profits…
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NPLs erode HFC Bank’s 2016 profits
HFC bank’s 2016 figures show that the bank’s total deposit grew by 31%. The figure increased from 1.18 billion cedis in 2015 to 1.55 billion cedis in 2016. This also outperformed the industry’s average of 25%. The bank’s assets also increased to 1.89 billion cedis within the twelve months period. However, provisioning for Non Performing…
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VRA still owes gas suppliers – WAPCo
Citi Business News can confirm that Ghana is yet to settle outstanding debts owed Nigeria Gas Company and subsequently, the West African Gas Pipeline Company (WAPCo). There were recent reports that government had settled all debts owed N-Gas hence WAPCo. But WAPCo has denied receiving any payment for the debts estimated at 100 million dollars.…
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Ghana open to business again – Bawumia to investors
Vice President, Dr. Mahamudu Bawumia, has re-echoed the NPP government’s plan to make Ghana an investment destination for investors as it commits to maintaining economic stability. At a gathering of investors and other stakeholders in the Diaspora, the Vice President outlined efforts by the government to restructure the economy and reduce the challenges that have…
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Akufo Addo renews plans to reduce cost of power
President Nana Addo Dankwa Akufo-Addo, has re-emphasized his government’s resolve to protect consumers from high costs of power. He explains that though government is open to private participation in developing the energy sector, it is determined to do so within reasonable price charges. The President made the remarks when he cut the sod for the…
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Illegal fuel importers cost GH¢850m loss annually – NPA
The National Petroleum Authority (NPA) has disclosed that Ghana loses about 850 million cedis annually in taxes, due to the increased activities of fuel smugglers into and out of the country. The illegal act is said to involve operators who ply their business at the ports by fuelling tanks with fuel products brought into the…
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AG’s report already contained 2015 bauxite proceeds – BoG
The Bank of Ghana has clarified that the US$41.05 million proceeds from bauxite had already been accounted for in the Auditor General’s 2015 Statements of Foreign Exchange Receipts and Payments report. Documents cited by Citi Business News indicate that financial proceeds of the mineral were accounted for but in a separate column as the means of…
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World Bank supports Sub Saharan Africa with $ 57bn
Sub- Saharan countries facing threats of famine in the near future could heave a sigh of relief as the World Bank commits 1.6 billion dollars to avert the crisis. This comes on the back of a record 57 billion dollars from the World Bank to support key developmental projects in Sub-Saharan Africa over the next…