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Tag Archives: Ghana Business News

Deposits still major source of funds for banks – BoG report

Customer deposits still remain a major source of revenue for commercial banks. As a result, commercial banks also bear greater responsibility to their customers in earning interests on such deposits. The latest banking sector report by the Bank of Ghana shows that deposits accounted for 62.5 percent of the banking industry’s assets as at December 2017. According to the central ...

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Bidders for ECG concession drops to two

Citi Business News can confirm that the number of bidders for the private sector participation in the Electricity Company of Ghana (ECG) has dropped to two. The latest follows the close of submission of request for proposals today, March 26, 2018. A statement from the Millennium Development Authority (MiDA) and copied to Citi Business News said that at the close of the submission, ...

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Free SHS has thrown budget out of gear – Terkper

Former Finance Minister, Seth Terkper is urging government to put in place proper measures to finance the Free Senior High School (SHS) project. According to him, the high cost of the project is already throwing government’s budget out of gear. “For me I’m looking at the figures…Out of GHc240 million that was going into the ABFA [Annual Budget Funding Amount] ...

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BoG enforces separation of powers with new directive

“No one individual shall have unfettered powers of decision in any regulated financial institution.” As a result, no one person shall assume two top positions in any regulated financial institution. These are but a few of the strong words contained in the Bank of Ghana’s new banking business – corporate governance directive. The document comes barely a week after the ...

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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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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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CAL Bank records GH¢145m profit in 2017

CAL bank has posted a profit after tax of 145.2 million cedis for 2017. This is a significant improvement over the previous year’s figure of 7.2 million cedis. Despite this, the bank still acknowledges the impact of the legacy debts in the energy sector on its loan books. In the first of Citi Business News’ series of report on the performances ...

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Proposed cargo fumigation levy suspended indefinitely

Government has ordered the indefinite suspension of the proposed fumigation levy for shippers. The policy, was aimed at fumigating all imported cargo upon arrival at the ports. However, a statement signed by the Information Minister, Mustapha Hameed and copied to Citi Business News said, “After extensive consultation between the government and various stakeholders, the Economic Management Team has instructed that the proposed ...

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Govt suspends import VAT on phones, day-old chicks, others

Government has suspended the charging of import VAT on some 64 commodity groups effective Wednesday, March 21, 2018. The decision was arrived at after extensive consultation between the government and various stakeholders. Citi Business News understands that the charges had been implemented since the 1st of March this year. The traders of such commodities comprising mobile phones, day old chicks, outboard motors ...

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