Tag: Ghana Business News
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BEIGE Bank nears GH¢400m minimum capital
The BEIGE Bank has announced that it will be able to meet the new minimum capital requirement for banks before the December 2018 deadline. The bank, in a statement to Citi Business News said that its current financial position shows that it is about 100 million cedis shy of the 400 million cedis minimum capital.…
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$259m tax waiver: AngloGold moves to revamp Obuasi mine
AngloGold Ashanti has welcomed the tax waiver granted by Parliament paving the way for it to redevelop its Obuasi mine. The mining company believes the move will lead to increased production from the mine site for at least the next twenty years. Parliament, on Thursday, granted 259 million dollars in tax waivers to Anglogold Ashanti…
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OPEC to increase oil production by 1 million barrels from July
The Organization of Petroleum Exporting Countries, OPEC, has agreed to raise oil production by around 1 million barrels per day from July 2018. The decision was arrived at after a meeting by representatives of member countries, on Friday [June 22, 2018]. Despite this decision to increase output, some analysts say the impact will be marginal…
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Ellen Johnson Sirleaf chairs Africa’s new Leadership Panel
Former Liberian President, Ellen Johnson Sirleaf is to chair a new panel to drive the transformation of Africa’s economies. The African Transformation Leadership Panel will focus particularly on opportunities for women and young people in its efforts to reform Africa’s economies. The announcement came at the African Transformation Forum. Commenting on the new role, H.E.…
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MTN freezes account of ponzi scheme over GH¢11m default
The Financial Intelligence Centre (FIC) is expected to direct MTN on how it could disburse about eleven million cedis (GH¢11,000,000) to customers whose monies have been locked up in the company’s mobile money services. About thirty thousand (30,000) customers have had their monies locked up after being lured into a ponzi scheme operated by Savanna…
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IMF team visits Ghana; rising debt high on agenda
The government is confident that the IMF should be satisfied with efforts to reduce the country’s rising debts even as the Fund’s team makes a visit to Ghana. The optimism follows a visit by an IMF team to Ghana as part of monitoring activities under the program. The latest review of Ghana’s performance under the…
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Minister pushes for increased funding for startups
The Minister for Business Development, Mohammed Awal, has directed managers of the Skills Development Fund (SDF) to prioritize startups in the disbursement of grants. The directive follows what the Minister describes as the over concentration of the fund managers on medium to large scale businesses. The Skills Development Fund, is a government initiative aimed at…
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Over 300 proposals on 1 district, 1 factory screened – Alan
Three hundred and twenty-nine (329) proposals for the construction of factories under the 1 district, 1 factory programme have been successfully screened by the Ministry of Trade and Industry. This is according to the Sector Minister, Alan Kyerematen. Answering questions from the Minority in Parliament on how many factories had been established so far, Mr.…
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Analyst backs BoG’s forced retrieval of unpaid Eximbank loans
Some Financial Analysts have lauded moves by the Central Bank to deduct money from commercial banks whose accounts were used to assess loans from the EXIM Bank. The decision follows Exim Bank’s inability to recover credit facilities channeled through them to the commercial banks for on-lending to customers. But Citi Business News understands most of the customers…
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‘Wholesale’ banking licenses injurious to industry – Nana Otuo
Banking Consultant, Nana Otuo Acheampong has implored Savings and Loans companies to exercise restraint in their quest to operate as banks as the implications could be dire. The Ghana Association of Savings and Loans Companies earlier warned that unfavorable conditions in the industry is compelling most of their members to pursue universal banking status. The…