Author Archives: Vivian Kai-Mensah

Fate of workers of UT & Capital Bank [Infographic]


At least about fifty percent of the workers of UT and Capital bank will be laid off following the acquisition of the banks by GCB. Citi Business News has also learnt that GCB will not be compensating any of the workers that will be laid off. The infograph below provides further details of what the fate of the workers of ...

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HFC bank MD steps down to take up ministerial appointment

HFC CEO, Robert

HFC Bank (Ghana) Limited, a subsidiary of Republic Financial Holdings Limited, has announced that its Managing Director, Mr. Robert Le Hunte, will be leaving the Bank after four (4) years of service to take up a Ministerial appointment in, Trinidad and Tobago’s Government. The Board Chairman of the Bank, Mr. Charles William Zwennes, confirmed the approval of Mr. Le Hunte’s departure by the President of Republic Financial Holdings Limited and ...

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UT & Capital Bank workers to be put on probation


Workers of UT AND Capital Bank will be put on probation for 6 months while the full transition of their companies into GCB Bank Ltd is completed. The transition is expected to take about six months to be completed. Citi Business News understands following the probation at least a quarter of workers of both banks will be absorbed while the ...

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Transition of UT & Capital into GCB to take 6 months

Mr Raymond Sowah - MD GCB

GCB Bank Ltd has announced that the transition of UT and Capital bank into GCB will take up to 6 months. The bank which earlier announced that it had assumed the businesses of UT Bank Ltd and Capital Bank in a purchase and assumption transaction by the Bank of Ghana, effective Monday, August 14, 2017 says GCB  has  in  effect  ...

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All banks now within capital adequacy threshold- Governor

The Governor of the Bank of Ghana, Dr. Ernest Addison

The Governor of Bank of Ghana, Dr. Ernest Addison, has assured the public that there are no more banks currently in distress that will call for the revocation of their licenses. “Ladies and Gentlemen, you will recall that after the AQR [Asset Quality Review] exercise, a number of banks were not compliant with the capital adequacy ratio. I am happy ...

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StanChart appoints two new directors to its Board


Standard Chartered has announced the appointment of Her Excellency Judge Professor (Mrs) Akua Kuenyehia and Mr. Henry Baye as Independent Non-Executive Director and Executive Director respectively, to the Board of the Bank. Their appointments took effect from July 27, 2017. Her Excellency Judge Professor (Mrs) Akua Kuenyehia was elected an inaugural Judge of the International Criminal Court at The Hague ...

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Bawumia demands drop in interest rates

Vice President Dr Mahamudu Bawumia

Pressure is mounting on the newly sworn in members of the board of the Bank of Ghana (BoG) to push interest rates down. The development follows demands from the Vice President Dr Mahamudu Bawumia for them to reduce the current high interest rates in the country. Ghana has one of the highest interest rates in the world, with the average ...

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July inflation plunges to 11.9 percent

inflation 2

Ghana’s inflation for July 2017 dropped to 11.9 percent. This represents a 0.2 percent reduction from the 12.1 percent recorded in June this year. The consumer price inflation represents the change over time in the general prices of goods and services that consumers purchase. The Acting Government Statistician Mr. Baah Wadieh explained that the reduction is because of the drop ...

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New BoG board inaugurated


The Vice President Dr Mahamudu Bawumia has inaugurated the new board of the Bank of Ghana (BoG). The 13 member board has the Governor of the Bank of Ghana Dr Ernest Addison as its Chairman. The Governor’s two deputies Dr Maxwell Opoku Afari and Dr Johnson P Asiama are also members of the board. Other members of the board are ...

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TOR to operate on weekends to avert premix shortage

General view of the Tema oil refinery

The Tema Oil Refinery (TOR) is to commence operations on weekends to avert the shortage of premix fuel during peak periods. The move follows a directive from the President Nana Akufo Addo, over the constant shortage of the product during the fishing season. Shortage of premix fuel hit fishing communities along the coast in July this year – 2017 leading ...

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