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Author Archives: Pius Amihere Blay

Importers decry high demurrage charges again

exporters in ghana

Importers and Exporters are appealing to government to ensure shipping lines reduce their charges on demurrage at the ports. According to them, they are being exploited by the shipping lines as they charge huge demurrage on their containers which erodes all their profits on a daily basis. Enumerating the effect on their operations, Executive Secretary of the Importers and Exporters ...

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Inflation for June hits 10%

Mr. Baah Wadieh, Acting Government Statistician

Inflation for the month of June 2018 increased to 10 percent. This represented a 0.1 percentage increase compared to the 9.8 percent recorded in May 2018. According to the government Statistician Mr. Baah Wadieh, the increase was as a result of the rise in inflation of non-food items such as transportation and clothing as well as  footwear. The Consumer Price ...

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Barclays Africa changes name to ABSA Group effective today

ABSA

Barclays Africa has changed its name to ABSA Group effective  today [11 July,2018]. It follows the completion of a corporate name and brand change on the Johannesburg Stock Exchange (JSE). As a result, the Bank will trade on the JSE with the new code (ABG). Speaking at the ceremony this morning in South Africa, the CEO of ABSA, Maria Ramos ...

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FBN Bank falls on Mother Company in Nigeria to recapitalize

Eric Fia

FBN Bank has stated that it will rely on its mother bank in Nigeria to raise 25 percent of the money it needs to meet the minimum capital requirement set by the Bank of Ghana. According to the bank, such a move will put it in a good position to meet the 400 million cedis minimum capital requirement set by ...

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BoG limits reappointment of Directors, CEOs of insolvent banks

Governor of BoG, Dr. Ernest Addison

Former managers of financial institutions who have been implicated in any act of insolvency or folding up of their companies risk not assuming any managerial role within the banking industry. This is because the central bank is getting tougher with its rules governing the financial sector. The latest guideline to be issued by the Bank of Ghana for the banking ...

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‘Black market’ trade impeding cedi’s stability [Audio]

cedis-604x330

Forex bureau operators want the Bank of Ghana to clamp down on the growing operations of black marketers in the foreign exchange business. The illegal business has been cited as one of the major constraints to stabilizing the cedi. The comments come in the wake of debates on the need to stem the cedi’s losing streak against major trading currencies. ...

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BoG sets ground rules for mergers & acquisitions

bank-of-ghana pic

Banks seeking to acquire other banks or merging to become a bigger entity may start heaving a sigh of relief as the Bank of Ghana discloses guidelines to facilitate any such process. The move also forms part of the means by the commercial banks to meet the new minimum capital requirement by the Bank of Ghana, by December 2018. The ...

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Cedi’s free fall: GCB Bank expands FX business

Ray Sowah - MD, GCB Bank

GCB Bank has disclosed of a major expansion drive to increase the trading in foreign exchange to help businesses get access to major international trading currencies. GCB Bank tells Citi Business News that it is increasing the scope of FX trading to minimize the impact of the shortage of foreign currency in the system. The move could be described as ...

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$400m boost for innovation: Disbursements to start this year

Officials at the AGM of the Science Granting Councils Initiative in Accra

Innovators and researchers in science and technology should be receiving at least four hundred million dollars to support their work by the end of 2018. This is according to the Minister of Business Development, Dr. Mohammed Ibrahim Awal. He tells Citi Business News the move forms part of efforts to use technology to solve major challenges confronting the country. The ...

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GCB Bank falls on income surplus for minimum capital

Jude Arthur - Board Chairman, GCB Bank

GCB Bank is to move 400 million cedis from its income surplus to help it meet the new minimum capital requirement set by the Bank of Ghana. As a result, the bank should achieve capital of 500 million cedis. Commercial banks have till December 2018 to meet the minimum capital requirement of 400 million cedis. The Board Chairman of GCB ...

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