Tag: Ghana Business News
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The fate of UT and Capital banks’ shareholders (Article)
The breaking news that shocked the banking system on Monday, 14th August 2017, has left a lot of questions on the minds of many and I ask what happens to the employees and the shareholders of these two collapsed banks? As many in the public are really worried and uncertain about the effects of the…
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Freight forwarders reject paperless ports
Freight Forwarders are still agitating over the rolling out of the paperless policy at the ports. The program Citi Business News understands is scheduled to take off on Saturday, September 2, 2017 instead of the September 1. The businesses argue that the policy risks a major setback due to the low levels of education from…
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Gov’t starts tax stamp policy amidst boycott
Government has stressed that the excise tax stamp policy will not add unto the tax burden of manufacturers and retailers even as it begins to roll out the policy. According to the Ministry of Finance, the policy will encourage tax compliance while protecting the consuming public against harmful and unwholesome products. The excise tax stamp…
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IMF’s latest statement on Ghana’s program
The International Monetary Fund (IMF) concluded its fourth review of Ghana’s program with the Fund on Wednesday, August 30, 2017. The review ended with an extension of the program by one year and the approval of US$94.2 million disbursement. For a complete overview of the program so far, read the statement below from the IMF.…
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Opposition to VRA assets sale intensifies
The Institute for Energy Security (IES) has challenged government to provide evidence backing its claim that the Volta River Authority (VRA) is inefficient. This comes after the President disclosed in parliament in February 2017 the possibility of listing VRA and Ghana Grid Company (GRIDCO) on the Stock Exchange. Subsequently, the Minister of Finance has also…
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IMF, Ghana programme extended by a year
The International Monetary Fund (IMF) has extended Ghana’s program with the Fund. The extension will see Ghana end the program in April 2019 instead of April 2018. President Akufo-Addo during his maiden encounter with senior journalists at the Flagstaff House recently stated that government will not extend the programme after it ends on December 2018.…
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UT’s Martyn Mensah resigns from Guinness Board
Citi Business News can confirm that the Managing Director of UT Holdings, Mr. Martyn Mensah has resigned from Guinness Ghana’s Board. Mr. Martyn Mensah was prior to his resignation a non-Executive Director of the Guinness Ghana Board. A statement to shareholders of the company stated that Mr. Martyn Mensah’s resignation took effect on the 21st…
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BoG rectifies UT and Capital Bank ‘blunder’
Following Citi Business News’ revelation that the defunct Capital and UT Banks are still on the list of banks in Ghana, the Bank of Ghana has amended its list of commercial banks. The two banks have since been assumed by GCB in a purchase and agreement arrangement approved by the Central bank on the 14th…
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Guinness Ghana gets new MD
Guinness Ghana has announced the appointment of its new Managing Director, Gavin Pike. Mr. Pike’s appointment took effect on August 1, 2017. Mr. Gavin Pike replaces Mr. Francis Agbonlahor who retired from the company on 31st July, 2017. Prior to his appointment, Mr. Pike was Diageo Plc’s Global Head of Mainstream Spirits. He has worked…
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SSNIT sacks MIS Manager over fake degrees
The Social Security and National Insurance Trust (SSNIT), has sacked its General Manager in charge of Management Information Systems (MIS), Dr. Caleb Afaglo, for securing a job at the Trust with fake degrees. Dr. Afaglo was initially interdicted by the Trust. SSNIT in a statement released today [Wednesday], says “evidence made available to the Trust indicates that the…