Tag: Ghana Business News
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ADB’s trading on stock market to stagger as Belstar et al exit
Trading in shares of ADB Bank on the Ghana Stock Exchange is expected to slow down from today [July 17, 2018]. It follows the Bank of Ghana’s annulment of the shares held in ADB by four investors. The central bank has described as questionable, the processes of acquiring shares by the affected shareholders which it…
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BoG annuls acquisition of adb shares by Belstar & 3 others
The Bank of Ghana(BoG) has annulled the acquisition of shares in ADB Bank limited held by four investors. The investors are Belstar Capital, Starmount Development Company Limited, SIC Financial Services and EDC Investments Limited. A statement from the Bank of Ghana on the matter said that the order is pursuant to section 55 of the…
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Fuel prices to reach GH¢4.99 cedis per litre
Consumers should be paying an additional 15 pesewas per litre on fuel they purchase at major fuel pumps from today till the end of this month [July]. This will be the case barring any last minute intervention by the National Petroleum Authority (NPA) to cushion consumers from high prices. The institute of Energy Security (IES)…
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![‘Black market’ trade impeding cedi’s stability [Audio]](https://citibusinessnews.com/wp-content/uploads/2016/02/cedis-604x330-1.jpg)
‘Black market’ trade impeding cedi’s stability [Audio]
Forex bureau operators want the Bank of Ghana to clamp down on the growing operations of black marketers in the foreign exchange business. The illegal business has been cited as one of the major constraints to stabilizing the cedi. The comments come in the wake of debates on the need to stem the cedi’s losing…
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BoG sets ground rules for mergers & acquisitions
Banks seeking to acquire other banks or merging to become a bigger entity may start heaving a sigh of relief as the Bank of Ghana discloses guidelines to facilitate any such process. The move also forms part of the means by the commercial banks to meet the new minimum capital requirement by the Bank of…
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$400m boost for innovation: Disbursements to start this year
Innovators and researchers in science and technology should be receiving at least four hundred million dollars to support their work by the end of 2018. This is according to the Minister of Business Development, Dr. Mohammed Ibrahim Awal. He tells Citi Business News the move forms part of efforts to use technology to solve major…
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Bearish stock market performance to end after MTN IPO
Stock market analysts are projecting that the current distortions on the local bourse may continue until such a time that MTN completes its Initial Public Offering (IPO). The stock market’s performance has seen a dip for the past couple of weeks which is affecting trading activities. Some have blamed the development on the massive nature…
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BoG enforces banks’ Capital Requirement Directive
The Bank of Ghana has started the implementation of its new Capital Requirement Directive for banks, effective July 1, 2018. The Capital Requirement Directive sets the requirement by which banks will calculate their level of capital as spelt out under the Banks and Specialised Deposit-taking Institutions Act. The Bank of Ghana says its implementation of…
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Only 47,000 out of 2m pay direct taxes in Kumasi – Adu Boahen
Although Kumasi in the Ashanti Region has about two million residents who engage in income-earning activities, only 47,000 of them pay direct taxes to the state. This was disclosed by a Deputy Minister of Finance, Charles Adu Boahen at Citi FM’s Economic Outlook programme held at the University of Ghana today, Thursday. “There’re a lot…
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Cut expenditure to tame cedi’s free fall – GN Research to govt
Some economists have impressed on the government to cut down on its expenditure for the remainder of the year if it is to sustain gains in stabilizing the cedi against the dollar. The comment comes as the Finance Minister, Ken Ofori Atta prepares to present the midyear budget review to Parliament next month. They explain…