Tag: Ghana Business
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BOG to auction proceeds from cocoa syndicated loan
Citi Business News has gathered that Ghana will soon start inviting bids for the auctioning of the foreign-exchange proceeds from the Ghana Cocoa Board’s syndicated loans for the 2016/2017 crop season. The Governor of the Bank of Ghana, Dr. Abdul Nashiru Issahaku explains that the move is to deepen the liberalization of the country’s currency…
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Solve ‘non-collateral loans’ allegations internally – Nana Otuo to GCB Bank
Banking consultant, Nana Otuo Acheampong has called on the management of GCB Bank to take steps to address allegations that the bank’s board has been approving several huge loans without the requisite collateral needed. According to him, the act is likely to impact on the share price of the bank on the Ghana Stock Exchange…
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Petroleum workers petition Ghana Gas Board over dismissals
The General Transport, Petroleum and Chemical Workers’ Union, (GTPCWU), is petitioning the Ghana National Gas Company Limited over the dismissal and suspension of some workers at the Atuabo Gas Processing plant. A total of forty-five workers have been affected in various disciplinary measures taken by the management of the Ghana Gas Company Limited for demonstrating against…
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DKM customers express mixed views over refunds
Customers of DKM Microfinance expecting refunds of their locked up investments have lauded the progress of work by the Official Liquidator. Some of the customers tell Citi Business News the move comes as a great relief despite the length of time it has taken to get access to their monies. “In fact I can say…
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BoG to release new guidelines on mobile financial services
The Bank of Ghana is to soon come out with revised regulations on Ghana’s mobile financial service sector. It follows what the central bank views as the significant contribution of the current Electronic Money Issuers Guidelines passed in 2015. According to the Second Deputy Governor of the Bank of Ghana, Dr. Johnson Asiamah, the revised…
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Ghana signs $700m guarantee for Sankofa, Gye Nyame Oil project
The Government of Ghana has signed an agreement of 700 million dollars with the World Bank to provide financial guarantee for the Sankofa Gye Nyame Oil and Gas Project located 60km offshore Takoradi in the Western region. The World Bank has already negotiated the legal documentation with the project sponsors– ENI, Vitol, GNPC, and the…
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Banking consultant bashes BoG for high lending rate
Banking consultant, Nana Otuo Acheampong, has criticized the Bank of Ghana over the country’s high average lending rate which is hovering around 33 percent. According to him, it is imperative for the central bank to roll out measures to help ease pressures on the economy and businesses. Speaking to Citi Business News, , Nana Otuo…
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GASSM blames politicians for increase in galamsey operations
The Ghana Association of Small Scale Miners (GASSM) is blaming government and its allied institutions for the rise in illegal mining activities, also known as ‘galamsey’ in the country. The association believes the lack of political will and monitoring by the mandated institutions have led to the destruction of aquatic life as major water bodies…
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BDCs are ready to import fuel with European standards- Senyo Hosi
The Chief Executive Officer of the Chamber for Bulk Oil Distributors Companies (CBOD) Senyo Hosi has stated that the chamber is ready to import diesel with a sulphur level which meets the European limit of 5 or 10 parts per million (ppm). This follows a report released by the African Centre for Energy Policy (ACEP)…
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DKM customers meet Official Liquidator at Sunyani
Hundreds of customers of DKM Microfinance have converged on the Sunyani Coronation Park in the Brong Ahafo region for the first creditors meeting with the Official Liquidator for the liquidation process. Today [Tuesday]’s meeting is the first of three to be conducted across the country by the close of the week. About 70,000 customers have…