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GHS400m capital: These banks won’t make it

Most of the recently licensed local banks operating in Ghana will struggle to meet the Central Bank’s GHS400 million minimum capital requirement, and so would have to resort to the stock market, additional investment or mergers and acquisitions to stay afloat, financial analyst, Toma Imihere, has said.The Bank of Ghana …

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New research fishing vessel arrives in Ghana

The new Fridtjof Nansen Fisheries Research Vessel has arrived in Ghana.The Research Vessel is in Ghana to assess the marine stock levels in the country’s waters. The vessel’s programme has been unique in training scientists and equipping them with the necessary tools to assess stock of fishes in our waters.The …

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Government Promises More Tax Reductions In 2018 Budget

The government has indicated that it is still committed to reducing the cost of doing business in the country, by reviewing some taxes paid by firms. Managers of the economy have come under some criticisms over delays in removing all the taxes including reduction of corporate taxes, as announced in …

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Petroleum Prices Projected To Increase By 14%

The energy sector is likely to witness its first major shock in decades with prices of petroleum products projected to increase by 14 percent before the end of this week, Joy Business has gathered. Sources say the geometric increase has been necessitated by the continuous hike in crude oil prices …

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We’re Ready For Mergers, Acquisitions Among Banks — BoG

The Bank of Ghana (BoG) says it expects that all commercial banks will be able to meet the new minimum capital requirement of GH¢400 million by the December 2018 deadline. However, the central bank said it was ready to have discussions with the banks if they decided to engage in …

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1000 Workers Of UT, Capital Banks Sacked

The management of GCB is terminating the appointment of about 1000 workers of the now defunct UT and Capital banks. According to the management of GCB, claim of the workers, with regards to their salary arrears, wages, leave, severance pay and other entitlement will be dealt with in accordance with …

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‘Ye Bre’ Demo: 10 Miners Arrested

Ten small-scale miners who staged a demonstration in Kumasi have been arrested by the Ashanti Regional Police Command at the Gyamfuah Park where the demonstrators gathered earlier on Tuesday, 12 September 2017. They were arrested after police fired tear gas on them for an alleged misconduct. This was confirmed by …

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MiDA Inches Closer To Settling On New ‘Owner’ For ECG

Millennium Development Authority is inching closer to settling on a new “owner” for the Electricity Company of Ghana under its concessionaire arrangement. This is because the Authority is set to hold its second bidders conference for the companies that have been shortlisted by next month. This was contained in a …

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Only 3 Banks In Line To Meet Capital Requirements

Only three banks out of the 34 banks currently operating in the country are in a position to meet the new GHC400 million minimum capital requirement set by the Central Bank of Ghana (BoG) without recourse to additional capital, credit consultant, Emmanuel Akrong has said. The list has only GCB …

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BoG’s Minimum Capital To Fix NPLs – Financial Analyst

Non Performing Loans (NPLs) will be one of the biggest beneficiaries of the rise in minimum capital requirement.  The development has been the bane of the Ghanaian financial sector for about a decade. The Bank of Ghana raised the minimum capital requirement to GH¢400 million, equivalent to about US$100 million. …

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