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Business

Bankers, businesses urge BoG to reduce policy rate

Bank of Ghana

Banking industry players are anticipating nothing but a reduction in the policy rate by the Bank of Ghana. It follows what they cite as favourable conditions that warrant a further reduction in the rate at which the central bank lends to commercial banks for onward lending to customers. The Monetary Policy Committee (MPC) of the Bank of Ghana is later ...

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Ghana’s debt hits GH¢142.5bn, reaches 69.8% of GDP

New figures released by the Bank of Ghana (BoG) after its Monetary Policy Committee (MPC) meeting show that Ghana’s public debt reached 142.5 billion cedis as at December 2017, representing 69.8 percent of GDP. This is a reduction from the 73.3 percent recorded in December 2016. The total debt stock in 2016 was at 122.6 billion cedis. This means that ...

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First tranche of World Bank tourism fund expected in June

Minister for Tourism, Arts and Culture, Catherine Afeku

The Minister for Tourism, Arts and Culture, Catherine Afeku has told Citi Business News the first portion of a 50 million dollar grant by the World Bank will be released to government by June this year. The money, she says will help in improving the state of roads at tourist sites, as well as improve sanitation in those places. The ...

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Guaranty Trust Bank gets new MD

Guaranty Trust Bank (Ghana) Limited has appointed Mr. Thomas Attah John as its new Managing Director effective Friday, March 16, 2018. He replaces Mr. Lekan Sanusi who takes up a new position as Managing Director of Guaranty Trust Bank Uganda Limited. Mr. Thomas Attah John, an astute banker, is also a Certified Brewer and Chemist with a combined work experience ...

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Parliament approves government’s $2.5 bn Eurobond

Parliament has approved government’s 2.5 billion dollar Eurobond to finance major government infrastructure. The proceeds of the bond are expected to finance the provision of capital expenditure captured in this year’s (2018) budget for sectors such as the health, roads & highways and railway. The Finance Minister, Ken Ofori Atta in the 2018 budget presentation stated that the government will ...

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Citi FM named top tourism-oriented radio station for 2017

Citi FM has been adjudged the Tourism-Oriented radio station of the Year, 2017 at the Ghana National Tourism Awards. Citi FM was awarded for supporting the tourism industry and creating awareness on how the industry can contribute to the socio-economic development of the country. The station, as part of efforts to promote the tourism industry has set the month of ...

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MTN’s $787m IPO to boost local investment market

Investment analysts are hopeful of a boost in investments on the stock market with MTN’s 787 million dollars Initial Public Offer (IPO). In their view, the telecom company’s presence should attract more investors and grow the access to funds. The comments follow MTN’s announcement of reviewing upwards, its target for the IPO. The telecom operator has reviewed its target for ...

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Distressed microfinance companies owe GH¢1000 per customer – BoG

Bank of Ghana

About 741 million cedis is estimated to be locked up in over two hundred microfinance companies as well as rural and community banks, making it difficult for customers to have access to their investments. This is the revelation from the latest state of the banking sector report released by the Bank of Ghana. According to the document, the estimated amount ...

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NCR launches SelfServ 80 series ATM to transform banking in Ghana

NCR Corporation (NYSE: NCR), a global leader in omni-channel solutions, announced the launch of NCR SelfServ™ 80 Series, a new family of ATM solutions that will help financial institutions redefine the banking experience and change the way consumers interact with the ATM forever. Through a unique combination of innovation across software, hardware, and services, consumers and financial institutions will gain ...

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GNPC off-track by going into mining, others – Minority fumes

The Minority in Parliament is unhappy with what they consider as a clear deviation of the Ghana National Petroleum Corporation (GNPC), from its core mandate. According to the Minority Spokesperson on Finance, Cassiel Ato Forson, the GNPC is investing huge sums of the tax payers’ funds into Gold mining, road construction and other areas that have no bearing on the ...

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