Tag: Ghana Business News
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Banks collapse: BoG failed in supervision – Economist
Economist, Prof. Godfred Bokpin has said that, the Bank of Ghana (BoG) is to blame for the woes of banks in the country. Ghana is currently experiencing a period of banks’ struggles with many analysts calling for pragmatic measures to address the issue. Speaking on Eyewitness News on Wednesday, Prof. Bokpin indicated that, the BoG…
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Bank of Ghana’s warning ‘unfortunate’ – Menzgold
The management of trading company Menzgold Ghana Company Limited has expressed grave concerns over the Bank of Ghana’s (BoG) threat of taking punitive actions against them. The company said the BoG’s warning was ‘unfortunate.’ The central bank had indicated that it was moving against Menzgold. According to the regulator, Menzgold, which is known as a…
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KPMG exonerates itself from Unibank, Royal bank awards
Auditing firm, KPMG has dismissed media reports suggesting that it has a role to play in the 2017 Banking awards in which some of the five collapsed local banks were rewarded. The comment also follows the appointment of KPMG to assist the Bank of Ghana as a receiver of the collapsed banks. According to KPMG,…
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Ameri deal: IES cautions against hasty decisions
The Institute of Energy Security (IES) is urging that the government takes its time before going ahead with any further action on the AMERI deal. The energy think tank wants the acting Minister of Energy, John Peter Amewu to clarify all outstanding issues before making any move on the agreement. The comments follow the President’s…
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Absa Group’s income hits $2.3bn
Absa Group has announced that its income increased by three percent for the first six months of this year (2018). The group’s revenue increased to 37 billion Rand or 2.8 billion dollars between January and June 2018. A statement on the bank’s financial position to Citi Business News also said that major earnings for the…
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Interplast Ltd launches Ingreen Irrigation solutions
Interplast Limited, producers of high quality pipes and profiles have unveiled its new Ultra-Modern Irrigation Production Line, the first ever drip irrigation pipe manufactured in West Africa. With this, farmers in the country should have unlimited supply of water for their crops all year long as one of the major challenges that farmers have faced…
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Money laundering: BoG places GH¢60,000 fine on banks, others
Banks and Specialised Deposit Taking Institutions (SDIs) that fail to comply with the central bank’s Anti-Money Laundering regulations risk paying as much as sixty thousand cedis (GH¢60,000) in fine beginning this month. This follows the implementation of the Bank of Ghana’s laws on Anti-Money Laundering (AML). The document also comes days after a foiled cyber…
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MTN begins review of IPO applications
MTN has announced that it has commenced collating shares for its Initial Public Offering (IPO). The telecom company on Friday (August 3, 2018) said in a statement that it is currently reviewing the applications. “Following the closure of the IPO, the applications received are currently being reviewed and collated for allotments to commence,” the statement…
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Surfline’s service restored after three-day black out
Surfline Ghana Limited has fully restored internet services to consumers after a blackout for nearly a week. This came as the National Communications Authority (NCA) said it had intervened in the impasse between Glo Ghana Limited and Surfline Ghana. The two companies were said to have been involved in a tussle that resulted in the…
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BoG merges Beige, Unibank and 3 other struggling banks
The Bank of Ghana has consolidated five banks into what it calls the Consolidated Bank Ghana limited. The banks are Beige bank, Construction bank, Royal bank, Unibank and Sovereign Bank. Per this decision, the central bank has merged all the banks into a bigger entity. According to the Governor of the Bank of Ghana, Dr.…