Tag: Ghana Business News
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MTN’s presence boosts stock market’s capital to GH¢65bn
The total value of the Ghana Stock Exchange has reached 65 billion cedis. It follows the successful listing of MTN on the stock market, on Wednesday [September 5, 2018]. As a result, the telecom company has started trading its shares on the Ghana Stock Exchange. MTN concluded its IPO in July which allows the public…
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Receiver sues uniBank shareholders for GHC5.7 billion
The Receiver for uniBank, Nii Amanor Dodoo has sued the 17 shareholders of the now-defunct bank over the repayment of a GHC 5.7 billion debt. The GHC 5.7 billion debt, according to the receiver, was left by the shareholders. The plaintiff, Nii Amanor Dodoo, contends that the defendants “have breached their duties as directors of uniBank…
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MTN to list on Ghana’s stock market today
MTN is to list proceeds from its Initial Public Offering (IPO) on the Ghana Stock Exchange later today [September 5, 2018]. The company, in July, concluded its IPO which is to allow it cede thirty-five percent of its operations to the public. The IPO targeted 3.5 billion cedis, but it was able to raise 1.146…
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Standards Authority sets bribery rules with new committee
The Ghana Standards Authority in collaboration with the Ministry of Trade and Industry has inaugurated a 22 member committee to oversee the Anti-bribery System Standard in Accra. The Committee’s mandate is to study the International Standard Organization (ISO) 371001 system to determine if it can be adopted for the country as a standard against bribery…
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Gov’t checks overspending with Fiscal Responsibility Act
The government will soon introduce a Fiscal Responsibility Act, which will ensure successive governments do not spend beyond specific fiscal thresholds. Senior Minister, Yaw Osafo Maafo, announced this at the 2018 edition of the Ghana Economic Forum on the theme, “Building a competitive economy for sustainable growth.” He also said government will establish a Fiscal…
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Labour Ministry intervenes in layoffs at Consolidated bank
The Employment and Labour Relations Minister, Ignatius Baffour Awuah has stated that he will by the end of the week meet with stakeholders and workers of the Consolidated Bank alongside some labour unions to address their concerns. Among other things, the meeting would seek to deliberate on labour plans for the consolidated bank and what would…
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Ghana must improve strategy & capacity in Chinese negotiations – Ofosu-Dortey
A lawyer and Senior Partner at AB & David Law affiliates, David Ofosu-Dortey has said that Ghana’s seeming fixation with China as the most preferred trade partner is based on the country’s lack of strategy. According to him, Ghana has for a very long time engaged trade partners like China without a detailed strategy hence often…
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BoG reduces cash in circulation with re-opened bonds
The Bank of Ghana (BoG) could be mopping up excess liquidity in the economy with the re-opening of three Government of Ghana bonds. By this, the central bank is seeking to reduce money in circulation to tame inflation and other economic impacts. The settlement for the three bonds is expected to be made today [September…
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Ghana, China sign co-operation agreements for development
Ghana and China have signed eight Co-operation Agreements and Memoranda of Understanding, in different sectors of their respective economies, aimed at deepening the ties of co-operation and the bonds of friendship that exist between the two countries. The agreements were signed on Saturday, 1st September 2018, after the President of the Republic, Nana Addo Dankwa…
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VW plant to be set up by last quarter of 2018 – Pius Hadzide
Pius Enam Hadzide, Deputy Minister of Information, has disclosed that German car manufacturer Volkswagen’s (VW) vehicle assembly plant would be set up in Ghana by the last quarter of 2018. According to him, government has already signed a memorandum of understanding (MoU) with Volkswagen South Africa. Speaking on Citi TV/Citi FM’s Big Issue, the Deputy Minister…