Tag: Ghana Business News
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ECG rolls out tariff reduction from today
From today, April 1, 2018, consumers should be paying less for the electricity they consume as the ECG begins the implementation of the reduction in tariffs announced in March this year. The Public Utilities Regulatory Commission (PURC) on March 5, 2018, announced a reduction in electricity tariffs of between 17 and 30 percent for residential…
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Barclays Bank Ghana posts GH¢386m in profits in 2017
Barclays Bank Ghana is confident of sustaining its profits and contribution to the new ABSA brand from this year onwards. The Bank’s optimism is premised on its performance for last year (2017) where it recorded a profit after tax of 386.17 million cedis. The Finance Director at Barclays Bank Ghana, Antoinette Kwofie disclosed this plan…
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Producer Price Inflation drops to 5.5 % in February
The Producer Price Inflation (PPI) dropped to 5.5 percent in February 2018. This represents a 2.2 percent reduction compared to the 7.7 percent recorded in January 2018. The PPI measures the average change over time in prices received by domestic producers for their goods and services. The PPI for Ghana reports the producer price indices…
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BoG stops unwarranted loans to ‘cronies’ with new corporate rules
Directors of banks and other specialized deposit taking institutions cannot operate without disclosing their interests in their places of work. Also, the central bank has directed the full disclosure of conflict of interest guidelines by such institutions to tame adverse impacts of delayed loan repayments. The rules are part of new corporate governance directives issued…
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Red flags over local content in ECG as bidders submit proposals (Audio)
Ghana could be losing significant benefits from the power sector in the absence of a local partner for the concessionaires bidding to assume management of the Electricity Company of Ghana (ECG). This is the concern of Policy Analyst with ISODEC, Dr. Steve Manteaw. His argument follows the submission of proposals by two companies bidding for…
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Bidders for ECG concession drops to two
Citi Business News can confirm that the number of bidders for the private sector participation in the Electricity Company of Ghana (ECG) has dropped to two. The latest follows the close of submission of request for proposals today, March 26, 2018. A statement from the Millennium Development Authority (MiDA) and copied to Citi Business News…
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Free SHS has thrown budget out of gear —Terkper
Former Finance Minister, Seth Terkper is urging government to put in place proper measures to finance the Free Senior High School project. According to him, the high cost of the project is already throwing government’s budget out of gear. Speaking on the Citi Breakfast Show on Monday, March 26, 2018, Mr. Terkper warned that other…
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BoG enforces separation of powers with new directive
“No one individual shall have unfettered powers of decision in any regulated financial institution.” As a result, no one person shall assume two top positions in any regulated financial institution. These are but a few of the strong words contained in the Bank of Ghana’s new banking business – corporate governance directive. The document comes…
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MTN’s $787m IPO to boost local investment market
Investment analysts are hopeful of a boost in investments on the stock market with MTN’s 787 million dollars Initial Public Offer (IPO). In their view, the telecom company’s presence should attract more investors and grow the access to funds. The comments follow MTN’s announcement of reviewing upwards, its target for the IPO. The telecom operator…
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CAL Bank records GH¢145m profit in 2017
CAL bank has posted a profit after tax of 145.2 million cedis for 2017. This is a significant improvement over the previous year’s figure of 7.2 million cedis. Despite this, the bank still acknowledges the impact of the legacy debts in the energy sector on its loan books. In the first of Citi Business News’…