Tag: Ghana Business News
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First Atlantic Bank meets minimum capital
First Atlantic Bank has announced that it has met the 400 million cedis minimum capital requirement. According to the bank, its new capital position exceeds the 400 million cedis. In a statement to confirm the bank’s new position, the bank said it will continue to be a credible and dependable financial partner to all its…
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BoG has done a ‘grave injustice’ to Heritage Bank by revoking its license – Former directors
The former Board of Directors of now defunct Heritage Bank Limited (HBL), has lamented claims by the Bank of Ghana (BoG) that it set up the bank with suspicious capital and that the central bank has done them a ‘grave injustice’ by revoking its license. Last week, the Bank of Ghana (BoG) revoked the license…
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Consolidated bank given bond cash – BoG Governor
The Bank of Ghana has clarified that it has made available cash from the bond issued in the name of the Consolidated bank. According to the Governor of the central bank, Dr. Ernest Addison, the move has helped in positioning the bank to undertake its business as usual. His comments come on the back of…
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ENI gas inexpensive – Government
The government has clarified the cost of gas that it is taking from the Offshore Cape Three Points being operated by ENI is costly. According to the Ministry of Energy, the price of 40 million dollars per month cannot be possible as there have been negotiations for a drop in the price of gas from…
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4G license to improve digitisation agenda – Vodafone
Vodafone Ghana has officially reached an agreement with the National Communications Authority (NCA) for the purchase of one slot of the 2×5MHz frequency spectrum in the 800MHz band for mobile services. The slot, purchased at the cost of US$30million, was awarded to Vodafone following successful financial negotiations with the NCA, in line with the Authority’s…
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Vodafone secures 4G spectrum
Vodafone has won one of the 2×5 MHz frequency spectrum block in the 800 MHz Band frequency spectrum block for mobile services. By this, Vodafone should be providing 4G services for its clients soon. A statement from the NCA to Citi Business News confirmed the acquisition. “The National Communications Authority (NCA) announces for the information…
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Energy Ministry opens prequalification application for oil blocks
The Ministry of Energy has opened applications for prequalification from interested companies for the oil blocks the government has put up for competitive bidding. The application is opened to who submitted Expression of Interest (EoI) for the competitive bidding for three Blocks (GH_WB_02, GH_WB_03 and GH_WB_04) in the Western Basin and direct negotiations in respect…
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GAWU, ICU petition President over COCOBOD issues
The General Agricultural Workers’ Union (GAWU) and the Industrial and Commercial Workers’ Union (ICU) have expressed their displeasure over what they say are unwarranted remarks by the Board Chair of the Ghana COCOBOD. The labour unions say the development is inimical to the operations of the cocoa sector as it could block future investments. Mr.…
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Ghana’s economy grows by 7.4% in third quarter
Ghana recorded a 7.4 percent economic growth rate ending September 2018. This is according to the third quarter estimates released by the Ghana Statistical Service. The figure represents a decrease compared to the 8.7 percent recorded for the same period last year [2017]. For the third quarter of this year which spans July to September,…
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Producer Price Inflation drops to 6.5% in November
The Producer Price Inflation for November this year, reduced to 6.5 percent. The drop represents a 0.7 percentage point decrease relative to the 7.2 percent recorded in October. The Producer Price Inflation measures the average change over time in prices for the production of goods and services. The Acting Government Statistician, Baah Wadieh attributed the…