Tag: Ghana Business News
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‘Last minute’ MTN IPO buyers disappointed
Some potential shareholders of MTN are pushing for an extension of the Initial Public Offering after failing to secure shares in the company. Information available to Citi Business News indicate that most investors were left frustrated as the telecom company closed its doors to any further issue on Tuesday, July 31, 2018. Reports from outlets…
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MTN ends GH¢3.47 bn IPO today
MTN is to complete its Initial Public Offering (IPO) by close of day today [July 31, 2018] barring any last minute changes. The telecom company is ceding thirty-five percent (35%) of its shares to the public to complete the regulatory processes after it secured one of the 4G spectrum license. It’s been a little over…
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New BoG Directive to prevent bank collapse – Nana Otuo
Banking Consultant, Nana Otuo Acheampong is hopeful that the new directives on Financial Holding Companies should avert possible collapse of banks in the near future. The Bank of Ghana in its latest directive for the financial sector, has outlined the operation of Finance Holding Companies which insists on restricted areas they cannot venture. The Directive…
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Govt to raise GH¢300m from tax on luxury vehicles
The government is to rake in at least 300 million cedis in revenue from taxes on luxury vehicles by the end of this year. The tax, which forms part of the new policy measures introduced in the midyear budget review, is to help bridge the gap in revenue for the first half of the year…
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BoG gets tough on Financial Holding Companies with new directive
The Bank of Ghana has revived its supervisory role with yet another directive for the financial sector. In the latest move, the central bank throws its spotlight on the Financial Holding Companies. As a result, the regulator wants managers of Financial Holding Companies to comply with the provisions so as not to jeopardize the sanctity…
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PBC records losses in 2017; marks 2nd time in a row
The Produce Buying Company (PBC) is embarking on major cuts in administrative expenses to sustain the company’s operations. It follows the company’s losses for yet another time as at December 2017. PBC recorded a loss after tax of 22.4 million cedis in 2017; up from the 15.92 million cedis recorded the preceding year. A development…
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IES joins calls to stop amendment to AMERI deal
Opposition has intensified against the new arrangement on the AMERI power deal which is currently before Parliament. The latest to resist the new plan is the Institute of Energy Security (IES). The energy think tank believes the country risks paying more when the deal is agreed upon, in its current form. The IES also cautions…
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![GUTA accuses Carlos Ahenkora of bad faith [Audio]](https://citibusinessnews.com/wp-content/uploads/2018/03/GUTA-1.jpg)
GUTA accuses Carlos Ahenkora of bad faith [Audio]
The Ghana Union of Traders Association (GUTA) has threatened to boycott deliberations with the government on getting foreign traders out of Ghana’s retail markets. The threat follows what the union describes as bad faith on the part of the Ministry of Trade and Industry in unilaterally taking a decision to suspend an exercise to remove…
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Anglogold Ashanti appoints new CEO
Anglogold Ashanti has appointed Kelvin Dushnisky as the CEO and Executive Director of the company. His appointment takes effect from September 1st 2018. He replaces Srinivasan Venkatakrishnan who will be exiting the company by the end of August. Mr. Dushnisky joins Anglogold Ashanti from Barrick Gold Corporation where he serves as the President and Executive…
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Private sector dominates banks’ NPLs – BoG report
Ghana’s private sector still dominates with its share of non-performing loans in the banking sector. The latest banking sector report released by the Bank of Ghana shows that the private sector made up as much as 90 percent of all NPLs for the banking sector as at April this year. The Bank of Ghana says…