Tag: Ghana Business News
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Expresso restricts interference from Prince Kludjeson, others
Managers of Expresso have issued a statement restricting any interference in the operations of the company by some thirteen defendants in a court case that placed an interlocutory injunction on such persons. A letter addressed to the General Manager of Kasapa Telecom Limited, Mr. Frederick Quainoo said the defendants, including Mr. Prince Kofi Kludjeson and…
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Zenith Bank opens arms to acquisition
Zenith Bank has indicated its readiness to absorb another bank to grow its base and improve its portfolio. It follows the dramatic increase in the minimum paid up capital for commercial banks. The Managing Director of Zenith Bank, Henry Oroh who admits that mergers and acquisitions may not be inevitable however says any such decision…
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Inflation hits 12.3% in August
Ghana’s inflation reached 12.3 percent in August 2017. This represents a negative 0.2 percent change in the inflation rate between July and August 2017. The inflation for July 2017 stood at 11.9 percent. Inflation measures the average rise in the prices of all consumer goods and services in the country. The inflation rate for August…
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PwC asked to clarify jobs termination at UT, Capital banks
Some labour analysts are demanding clarity from Price Waterhouse Coopers (PwC) in the decision to terminate the contract of employees of defunct UT and Capital banks. They argue that the terms indicated in the termination letters served the employees of the two banks may be short of the labour law which protects the interest of…
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Cedi depreciation to hit 4th quarter
The cedi should begin its losing streak against the dollar from next month (October) if nothing is done to stem the situation. This is the caution from currency analysts. Their arguments are premised on the potential rise in the demand for the dollar by importers and vendors ahead of the festive season. Citi Business News’…
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Contract of UT, Capital bank workers terminated
Pricewaterhouse Coopers (PwC) has commenced issuing letters to staff of former UT and Capital Banks. PwC is undertaking this exercise in its capacity as the receiver of the purchase and assumption agreement between GCB Bank and the two defunct banks. Information available to Citi Business News indicates that the letters are being served to all…
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Bank loans to dip over new minimum capital
The rise in the minimum paid up capital for commercial banks will further restrict lending to the private sector at least within the short to medium term. The development should be expected due to the operations of commercial banks which have limited the amount of credit offered businesses. The caution comes on the back of…
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Ghana meets only 1 of 11 IMF targets
It is emerging that Ghana may have met only one out of the eleven targets set with the International Monetary Fund (IMF) under the extended credit facility program. The targets were among others to guide the government in achieving key economic growth standards and restore economic stability. Ghana in 2015, entered into an agreement for…
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Banks have 1 year to meet new capital
The central bank has given commercial banks in the country up to the end of next year – December 2018, to meet the new minimum capital requirement. The central bank has announced that in accordance with section 28 (1) of the Banks and Specialized Deposit Taking Institutions Act 2016 Act (930) it has revised upwards…
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Mixed reactions greet new BoG minimum capital requirement
Some financial observers have expressed mixed reactions to the Bank of Ghana’s decision to increase the minimum capital requirements for commercial banks. Though they largely subscribe to the need to intensify the regulation of the banking sector, the analysts believe the central bank ought to do more to strengthen Ghana’s financial industry. The concerns come…