Tag: Ghana Business News
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Gov’t, poor credit practices cause of high NPLs – Economists
Some Economists have attributed the continuous rise in Non-Performing Loans (NPLs) in the banking sector to poor credit risk practices on the part of banks. In their opinion, credit to businesses in the country will continue to be high if the banks fail to do due diligence when giving out credit. The comments follow the…
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BoG to reduce policy rate further – Absa Research
Absa Research says it is anticipating that the Bank of Ghana will reduce its policy rate towards the end of the year in line with recent developments in the economy. Its projection is premised on the fact that inflation which refers to the general rise in the prices of goods and services will reduce in…
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16 banks left to their fate over minimum capital
The sixteen (16) banks yet to meet the minimum capital requirement will have to expedite processes to tap into available options before the December 31 deadline hits them in the face. That is the advice from Banking Consultant, Nana Otuo Acheampong. He explains that since such major decisions will require time, it will be appropriate…
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15 banks set to meet GH¢400m minimum capital – BoG
Fifteen banks are to meet the new minimum capital requirement by December this year. This is the information available to Citi Business News from the Bank of Ghana. This means that at least nineteen (19) banks will have to resort to various options available to them to meet the minimum capital by the set deadline.…
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BoG keeps policy rate at 17%
The Bank of Ghana has maintained the policy rate at 17%. The decision was arrived at after the central bank’s Monetary Policy Committee meeting on Monday, July 23, 2018. This is the first time the rate has been maintained after it was reduced by 300 basis points early this year. In March, the policy rate…
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Bankers, businesses anxious over BoG’s policy rate
There are mixed expectations ahead of the policy rate to be announced later this morning by the Bank of Ghana. The Monetary Policy Committee at its last meeting reduced the policy rate to 17 percent. Some bankers and businesses Citi Business News has been speaking to all argue that the central bank must provide a…
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Gov’t misses 2018 half year revenue target
Finance Minister, Ken Ofori-Atta has disclosed that government missed its revenue target by 1.4 billion cedis for the first five months of the year. According to Mr. Ofori-Atta, the development has called for a revision to the fiscal framework and outlook to achieve the government’s fiscal objectives and targets. According to the finance minister, government…
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PURC maintains utility tariffs for 3rd quarter
The Public Utility Regulatory Commission (PURC) has maintained the electricity and water tariffs for the third quarter of this year [2018]. This means that between July and September this year, consumers will pay the same tariffs for electricity and water they purchase. A statement from the PURC to Citi Business News said it decided not…
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Kosmos wins $14m in court case against Tullow
A panel of arbitrators, working under the jurisdiction of the International Chamber of Commerce, has ruled in favour of Kosmos Energy Ghana in relation to its dispute with Tullow Ghana Limited over the West Leo Rig. This was announced in a statement released by Tullow Oil. In this regard, Tullow Oil is to reimburse Kosmos…
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No trading in adb shares for three days
From today, July 17, 2018, investment brokers and other parties interested in the trading of shares of ADB, cannot engage in the service. It follows the suspension of trading activities of ADB by the managers of the Ghana Stock Exchange for three days. The Managing Director of the Ghana Stock Exchange, Kofi Yamoah disclosed this…