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NIC to announce new capital requirement for insurance industry before end of year

Seth Eshun (Head of Supervision, NIC (1)

The National Insurance Commission (NIC) will before the end of the year 2018 announce a new minimum capital requirement for the insurance industry. This is according to the Head of Supervision of the NIC, Seth Eshun. Currently, the minimum capital requirement for insurance companies is 15 million Ghana cedis. According to the NIC, the delay in announcing a new capital ...

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Real estate industry advocate massive local content patronage

Executive Secretary of GREDA - Sammy Amegayibor

Players in the country’s construction industry are bemoaning the lack of stakeholder consultation between them and government. Their complaint follows government’s engagement with a Singaporean architect who has been mandated to see to the transformation of Accra into a modern city. According to the local players in the construction industry, government has on many occasions failed to properly engage them ...

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‘We are not collapsing’ – Prudential bank assures customers


Local bank, Prudential bank is urging its customers to ignore reports cautioning them to withdraw their deposits because the bank is near collapse. According to the bank the publication is false and should be ignored because they are mere fabrications calculated to destroy its image. The bank further states that it has never experienced any liquidity problems nor has it ...

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First National Bank leads discussion on Ghana’s first Green Bonds


First National Bank in collaboration with the Ministry of Finance, Ministry of Environment and other related state agencies will be holding a green bond workshop in Accra, this week. The move is in an effort to develop innovative solutions to finance projects with a positive social, climate and environmental impact in the Republic of Ghana. A green bond is effectively ...

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GNCCI warns gov’t over companies folding up

Nana Dr. Appiagyei Dankawoso I, President GNCCI

The Ghana National Chamber of Commerce and Industry (GNCCI) has reiterated calls for government to solve the numerous challenges facing business associations in the country. The GNCCI has described the current business environment as tough, expressing fears that companies may soon shut down if government fails to address issues such as high interest rates on loans. In addition, the GNCCI ...

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GRA’s insistence on CTN is bad faith – Freight forwarders

Kwabena Ofosu Appiah - President, Ghana Institute of Freight Forwarders

The Ghana Institute of Freight Forwarders (GIFF) has registered its displeasure again over GRA’s latest decision to go ahead with the implementation of the Cargo Tracking Notes (CTN) system despite their arguments against it. The President of the Association, Kwabena Ofosu Appiah in an interview on Eyewitness News described the development as a “monumental display of bad faith.” The GRA ...

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Panic withdrawals: Don’t be anxious of capital flight – Nana Otuo


Banking Consultant, Nana Otuo Acheampong has downplayed effects of the ongoing panic withdrawals that have hit local banks. It follows fears that the situation could lead to capital flights which will distort economic growth considering the magnitude of withdrawals that may be involved. The uncontrolled withdrawals embarked on by customers of banks and specialized deposit taking institutions became rife following ...

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IFC increases investments to sub-Saharan Africa to $6.2bn


IFC, a member of the World Bank Group, has announced record new investment commitments of $6.2 billion in long-term financing in Sub-Saharan Africa for its 2018 fiscal year. This is up from $3.5 billion in the previous fiscal year. IFC’s annual investments and mobilizations in the region accounted for more than a quarter of IFC’s $23 million in global long-term ...

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GRA’s ‘controversial’ CTN policy takes effect October 15


The Ghana Revenue Authority (GRA) has announced that it will fully implement the Cargo Tracking Note (CTN) system at Ghana’s ports from October 15, 2018. The system was meant to be implemented in August 2018 but was postponed after pressure from the Freight Forwarders Association. But a letter addressed to the Shipowners & Agents Association of Ghana, and sighted by ...

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IMF cuts global economic growth target to 3.7%

IMF Greece Financial Crisis

The International Monetary Fund (IMF) has cut global growth projection to 3.7 per cent for this year [2018] and 2019. The Fund says the global economy’s growth target has dropped by 2 percent from the initial 3.9 percent. The Economic Counsellor and Director of Research Department at the IMF, Maurice Obstfeld disclosed the Fund’s new projection for global economic growth. ...

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