Tag: Ghana Business News
-
Domestic airfares witness downward reviews
Patrons of domestic air transport are beginning to witness some downward reviews in airfares for some routes. For now, it is unclear whether the competition in the industry is leading to the reviews or an effect of low demand. Already, aviation authorities are hopeful new entrants will drive competition and eliminate the monopoly in the…
-
Ecobank meets GH¢400 minimum capital
Ecobank Ghana has announced that it has met the Bank of Ghana’s new minimum capital requirement for banks. The bank achieved this by transferring 190 million cedis from its income surplus to the stated capital. This means that its capital is now at 416.6 million cedis. Ecobank initially declared at its AGM in May 2018…
-
Dr. Duffuor sues BoG over revocation of Unibank’s license
A major shareholder of defunct uniBank, Dr. Kwabena Duffuor has sued the Bank of Ghana over the revocation of the license of uniBank. To this end, he has filed a suit at the Accra High Court seeking an injunction on the Bank of Ghana’s processes of consolidating five local banks. Dr. Duffuor is seeking that the…
-
Tax on imported aviation spare parts to be slashed
Operators of domestic airlines are to heave a sigh of relief with the amount of money they spend on aviation spare parts. It will follow the reduction in taxes on such products by the government. The Ministry of Aviation is currently engaging the Ministry of Finance for a rebate in the taxes paid by domestic…
-
AngloGold Ashanti dismisses fake recruitment for Obuasi, Iduapriem mines
Anglogold Ashanti is cautioning the public to be wary of a fake recruitment process for its Obuasi and Iduapriem mines. The company tells Citi Business News some unknown persons have succeeded in luring unsuspected persons into paying monies to secure employment in the mining company’s two mine sites. “These individuals and/or companies write to unsuspecting…
-
Over a dozen banks yet to meet GH¢400m minimum capital
At least fifteen (15) banks are yet to announce their position on meeting the new minimum capital requirement with four months to the deadline. This is because Citi Business News’ analysis has shown that six (6) banks have reached the target with seven (7) others undertaking various measures to recapitalize. The six banks include; the…
-
Passion Air joins domestic aviation industry
Patrons of domestic air travel should get access to alternatives by the end of August 2018. This is because a new airline, Passion Air, has joined the space to provide air transport services for the local market. This brings to two, the number of airlines operating in Ghana’s domestic aviation market. Speaking at the official ceremony…
-
Give EOCO unfettered access to Menzgold – Asiedu-Mante
A former Deputy Governor of the Bank of Ghana, Emmanuel Asiedu-Mante has backed the investigations into the operations of Menzgold by the Economic and Organised Crime Office (EOCO). In his view, the probe is necessary if the sanctity of the financial sector is to be upheld. Mr. Asiedu-Mante’s comments come on the back of the…
-
Nduom blames botched merger on breach of confidentiality
CEO of GN Group of companies, Dr Papa Kwesi Nduom has stated that the reason for pulling out of an initial merger that was supposed to take place between GN Bank, Sahel Sahara and Premium Bank was due to lack of confidentiality from one of the banks. In July, reports stated that the three banks…
-
Banks ‘suffocating’ under Finatrade’s GH¢1bn debt
Despite assurances given by Former Finance Minister Seth Terkper that a debt owed banks by Finatrade will not create any challenges, it appears the assurance has failed as Royal Bank is partially blaming the development as a cause for the revocation of its bank’s license. The now defunct Royal Bank in a response to the…