Tag: Ghana Business News
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Ghana, Cote d’Ivoire pursue joint cocoa sector reforms
Ghana and Cote d’Ivoire have agreed on at least twelve actions to be adopted by both countries as they collaborate to improve the cocoa sectors of their respective economies. Following a meeting between the Presidents of the two countries in March, the Ghana COCOBOD and its equivalent body in Cote d’Ivoire met in Accra between…
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Customers of uniCredit angry over locked up cash
Customers of Unicredit Savings and Loans are livid over their inability to withdraw their matured investments from the company. Scores of customers on Tuesday [September 11, 2018] besieged the premises of the Kantamanto branch of the company to demand their money after several failed attempts to retrieve their investments. Some reports have suggested that the…
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PIAC probes GNPC over Takoradi assets & revenue losses
The Ghana National Petroleum Corporation (GNPC) has the next seven days to explain to the Public Interest and Accountability Committee (PIAC), circumstances surrounding the Corporation’s acquisition of properties in the Western region. The move has been viewed by some as a conflict of interest which flouts administrative rules. The Chairman of PIAC, Dr. Steve Manteaw…
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Cedi to hit 5 to a dollar as external pressures soar – Analyst
Some currency analysts are projecting that the cedi will continue its losing streak against major trading currencies until external factors influencing its performance, subsidise. The local currency has been depreciating against the dollar particularly for some time now with some analysts it will hit the 5 cedis mark soon. As at close of business on…
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5 reasons why MTN didn’t meet its IPO target
MTN has successfully listed the proceeds of its Initial Public Offering (IPO) on the Ghana Stock Exchange. The company becomes the first telecom entity to list on the local bourse. But the IPO could not meet the 3.47 billion cedis target though the subscription of 1.145 billion cedis is considered historic. Investment banker, Mahama Iddrisu…
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IMF to prioritise Banking crisis, GDP growth in 7th review
As the International Monetary Fund (IMF) prepares for the seventh review of Ghana’s performance under the economic assistance program, some economists have outlined issues that are likely to top the discussions. Among them are the government’s efforts at maintaining fiscal discipline as well as controlling the public sector expenditure. The Fund is to meet the…
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KIA’s Terminal 3 goes live with international flights
From the 15th of September 2018, all international airlines will depart and arrive at the Terminal three of the Kotoka International Airport (KIA). 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…
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Businesses push for direct Yuan conversion in Ghana
The introduction of the Chinese Yuan as a major trading currency in Ghana will bring flexibility and ease of doing business. This is the take by business associations in Ghana. By this, they have reiterated calls for government and the Bank of Ghana to make the Chinese Yuan accessible in Ghana. They also contend that…
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Cyber crime rises but industry recovers GH¢160m in 2017
An estimated 80% of the value of all cyber fraud cases was recovered in 2017, the Bank of Ghana has stated. However, instances of cyber fraud continue to rise as the figure went up by about 42% between 2016 and 2017. The central bank is therefore embarking on new strategies to reduce the crime to…
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Pay depositors’ cash before winding up – BoG to operators
Financial companies seeking to wind up their operations voluntarily yet are unable to meet their debt and other obligations in full within a year, risk imprisonment. That is but one of the cautions the Bank of Ghana has issued in its latest directive on voluntary winding up of banks and specialized deposit taking institutions. The…