Tag: Ghana Business News
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Banks’ NPLs to drop with govt intervention – Ken Ofori Atta
Finance Minister Ken Ofori Atta has described as worrying the high non-performing loans recorded in the banking sector. Although the sector recorded strong performance in asset growth of 27.3% in May 2017 as against the 17.7% recorded in May 2016, it continues to face the threat of high non-performing loans. “As at April 2017, the banking…
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Cleaning Ghana’s power sector : AfDB pledges support
President of the African Development Bank, Mr. Akinwumi Adesina has pledged of his outfit’s commitment to provide government with significant support to clear its energy sector debt. He argues that the perennial challenges that have confronted the country’s power sector require robust measures to address them permanently. Mr. Adesina made the remarks when he paid…
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Businesses push for flexible terms under new tax exemption rules
The Ghana Investment Promotion Centre (GIPC) has embarked on processes to adjust Ghana’s tax exemption rules to meet the peculiar needs of investors to Ghana. In this regard, the Centre has commenced discussions with the business community to address all concerns with the new tax exemption rules. The meeting has also become apparent following concerns…
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Banks to be repaid from $ 2.4bn energy bond by end of August
Banks that are exposed to the energy sector debt should be receiving their due from the proceeds of the bond by the middle of this month [August]. It will follow the issuance of the 15 year energy bond to clear the 2.4 billion dollar debt, barring any last minute changes. According to the Managing Director of…
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CalBank unveils new brand
CAL Bank has launched its new brand identity. The rebranding has seen a change in the bank’s logo and the tagline. CAL Bank’s logo has been changed into two yellow and orange petals which depict ‘C’ and ‘B’. The bank’s tagline has also been changed to ‘Forward Together’. Speaking at the official unveiling ceremony in…
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African Dev’t Bank pledges support for Ghana
President of the African Development Bank (AfDB), Akinwumi Adesina has expressed confidence in Ghana’s economic progress. According to him, key indicators put in place by the Akuffo -Addo administration points to a positive economy. “Ghana is doing very well. I think the President, coming into office, has set a very clear signal in terms of very…
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Retailers dismiss price hikes over 3% VAT Flat rate
The implementation of the 3% VAT Flat rate took off on the 1st of July this year. Its implementation was however not received well by some business associations. But a month into the implementation of the scheme, Citi Business News visited some business districts in Accra to find out its impact on the prices of…
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Oil prices to push ex-pump prices up in August – IES
Fuel prices for the first window in August 2017 will see a marginal increase of about 2.5%. This is the prediction by the Institute of Energy Security (IES). According to the IES, the increase is due to key indicators such as the marginal increase in crude oil prices. Speaking to Citi Business News, the Principal…
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Appolonia City, Ghana Home Loans sign new housing deal
Appolonia City has announced a partnership with Ghana Home Loans which will see the construction of 100 housing units in Accra by mid 2019. The move also forms part of private investor efforts to reduce Ghana’s housing deficit. The country’s housing gap is estimated at 1.7 million. The high cost of properties has however been…
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DKM saga: BA minister meets Official Liquidator
The Brong Ahafo regional minister, Kweku Asomah Kyeremeh is expected to meet the Official Liquidator for DKM Microfinance which is the Registrar General’s Department within the next two weeks on the progress of payments for affected victims. The meeting which is at the behest of Mr. Asomah Kyeremeh will also afford him the opportunity to…