Tag: Ghana Business News
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Barclays bank shareholders approve name change to ABSA
Shareholders of Barclays Africa Group Limited have approved that the bank changes its name to Absa Group. Today’s approval is expected to set in motion, the start of one of the largest re-brand projects in Africa. A statement from Barclays Bank to Citi Business News on the matter said that the name change is expected…
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Hedge oil revenue to protect Ghana from rising oil prices – Senyo Hosi
The Chamber of Bulk Oil Distributors (CBOD) wants the government to introduce new mechanisms to protect the country from the gradual rise in crude oil prices. The Chamber is impressing on the government to among others initiate processes that will stabilize oil revenue. The Chamber argues that this is necessary as Ghana is a net…
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Mortgage sector upbeat about $1bn investment
Players in the mortgage industry have described the government’s decision to support the industry with a billion dollars as a step in the right direction. The players are confident the action will help address the housing deficit while revamping the sector. The Finance Minister, Ken Ofori Atta earlier disclosed to Citi Business News Ghana’s maiden thirty year…
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PaySwitch to the rescue with lower payment solutions
Payment solutions company, PaySwitch, has disclosed that it is committed to improving payment systems in the country in line with the government’s cashless agenda. PaySwitch says it is achieving this aim by supporting local providers with tailor made solutions to compete with others across the sub-region. The company also explains that its operations are geared at…
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$1bn 30 yr bond to support mortgage industry
Ghana’s maiden thirty year bond will be channeled into reducing the country’s rising housing deficit. This will also be achieved through the provision of mortgages and the completion of the government’s affordable housing unit projects. Finance Minister, Ken Ofori Atta disclosed this in an exclusive interview with Citi Business News after the issuance of Ghana’s…
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Ghana to regain permission to fly airline to US by year end
Barring any last minute hitches, Ghana will regain its Federal Aviation Administration (FAA) Category one status by the close of 2018. The status will allow Ghana to fly its national carrier directly to the United States after the airline is inaugurated. Ghana lost its prestigious category one status in 2001 following the revocation of the…
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Textile workers to petition Jubilee House over piracy
The Coalition of Textile Workers has notified of intensifying its fight against the collapse of the local textile industry. In what it describes as a reminder to the government, the group wants the government through the Trade Ministry and allied institutions, to take drastic measures to halt the influx of pirated textiles on the market.…
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Patience Akyianu resigns as MD of Barclays bank
Managing Director of Barclays Bank, Patience Akyianu has resigned. She is however expected to remain as the MD until September 30, 2018. The decision for Mrs Akyianu to move on, comes after spending a decade with Barclays bank. A statement from the bank confirming the decision said, ‘after five years of leading Barclays Bank Ghana…
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Eurobond: Ghana raises $2bn at lowest interest rates
Government secured more than it targeted for its Eurobond which was closed on Thursday, May 10, 2018, in London. The government was seeking to raise 750 million dollars. However upon completion, the Sovereign bond accrued 2 billion dollars from investors. The bond was in two categories; 10 and 30 year bonds respectively. The 10 year…
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Intravenous infusions seeks $5m stimulus package for expansion
A pharmaceutical products manufacturer, Intravenous infusions limited, is urging the swift release of the stimulus package to assist in its operations. The company is yet to receive the support after a year of applying for the funding. The company’s Managing Director, David Klutse is also hopeful of its expansion into other West African countries with…