Tag: Ghana Business
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BoG courts investor confidence with fiscal discipline
The Bank of Ghana has assured investors of its resolve to contain fiscal pressures that may arise as the country prepares for this year’s general elections. According to the central bank, its commitment is to attract investments and propel economic growth. Commenting on the central bank’s resolve, the First Deputy Governor of the Bank of…
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Official Liquidator releases list of validated DKM creditors
The Official Liquidator has disclosed that payments to creditors of DKM Microfinance are set to commence on Monday, October 17, 2016. A statement released by the Registrar General’s Department and copied to Citi Business News said, “There will be payment of dividends to unsecured creditors of DKM Diamond Microfinance Limited (hereinafter called ‘DKM’) whose claims…
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Spio-Garbrah persuades Ghanaians over Made in Ghana campaign
The Minister of Trade and Industry, Dr. Ekow Spio-Garbrah says persuasion and appeal to the national pride, will culminate in achieving the objectives of the made in Ghana campaign. Though the Minister admits the 23 priority products will face competition from imported ones, he is confident an appeal to Ghanaians will increase patronage. “All the…
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Gov’t interference in DKM acceptable – World Bank Executive
The Global Lead for Credit Infrastructure at the World Bank, Mahesh Uttamchandani has described as acceptable , government’s intervention in the DKM microfinance scam to help customers get back their investments. According to him, unlike corporate private entities, an insolvency involving financial institutions like DKM, have larger societal impact which have dire economic implications. “A…
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Fidelity Bank is 10; eyes acquisition of ‘smaller’ banks
Indigenous bank, Fidelity, has disclosed plans that it will consider acquiring smaller banks as the Bank of Ghana reviews its minimum capital requirement for commercial banks in the country. According to Fidelity, the decision is largely influenced by the bank’s robust performances over the last decade. “We are growing organically but then if there are…
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Illegal miners exit AngloGold’s Obuasi mine by Monday
Illegal miners occupying AngloGold Ashanti’s Obuasi concession have up to next week Monday (October 10, 2016), to leave the area or forfeit any benefits from government. This is the directive from the Minerals Commission. According to the Commission, a new place has been prepared for the illegal miners as it cannot guarantee their safety at…
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Lawyer urges legal action against THC defaulters
Maritime Lawyer, Stanley Ahorlu has urged Business Associations who are being levied Terminal Handling Charges (THC) at the ports, to hit the courts to settle the matter. The move he says must be made if the Ghana Shippers’ Authority refuses to take legal action on the matter. According to him, some shipping lines have disregarded…
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FDIs to Ghana risk decline due to insolvency regime
The Ghana Association of Restructuring and Insolvency Advisors (GARIA) has cautioned of alarming consequences on Foreign Direct Investments (FDIs) to Ghana, if efforts are not intensified to develop the country’s insolvency regime. GARIA argues that the current practice where businesses are compelled to shut down over huge debts, downgrades the country’s reputation in attracting investments.…
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Mining firms adopt renewable energy to reduce costs
Citi Business News has gathered that mining companies in the country have resorted to renewable energy as a supplement to power supply due to the increasing cost of thermal power. Mining companies have complained about the high cost of operating thermal power and the discomfort that comes with it. Speaking to Citi Business News Chief…
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Access Bank to list on the Ghana Stock Exchange
Appeals by the Securities and Exchange Commission for multinationals to list on the Ghana Stock Exchange may be making inroads as Nigerian owned bank, Access, advances processes to list on the domestic bourse. Information available to Citi Business News indicates that the bank is likely to complete its process by the end of this year…