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Times Board condemns staff demo

The Board of the New Times Corporation has described the industrial action by its workers as unwarranted and unfortunate. Staff of the state entity on Monday, September 18, demonstrated in front of their office to demand better service conditions. They said their Managing Director, Carol Annang, has taken over the work of the national paper’s Chief Accountant, Chief Procurement Officer and Chief Auditor. Th ...

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GCB donates vehicle to KNUST Business School

GCB Bank Limited has donated Toyota Hilux pick-up to the Business School of the Kwame Nkrumah University of Science and Technology (KNUST Business School) in Kumasi. The donation forms part of the Bank’s corporate social responsibility towards education and human resource development. The Chief Operating Officer (COO) of the Bank, Mr Samuel Sarpong, on behalf of the Board and Management presented the igniti ...

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Name, shame cheating OMCs – ACEP

Energy think tank, African Centre for Energy Police (ACEP), has said the National Petroleum Authority (NPA) must start naming and shaming Oil Marketing Companies (OMCs) that cheat customers. ACEP’s recommendation follows recent revelations that over 50 OMCs were fined by the Ghana Standards Authority for cheating customers at the pump. In its Radar, ACEP said in order to discourage such cheating, “Governmen ...

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Dangote joins race for South African cement firm

Africa’s richest man Aliko Dangote has joined the race to buy South African cement maker PPC, which is already the subject of a takeover bid valuing the company at $700 million. Dangote Cement, which is controlled by Dangote and is the biggest cement maker in Africa with a capacity of nearly 46 million tonnes a year, said in a statement that it was interested in buying all of PPC’s shares. The expression of ...

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GHS400m: ‘GCB, ADB, uniBank, Cal, Fidelity’ll make it’

Three local banks: uniBank, Fidelity Bank and Cal Bank, will definitely meet the GHS400 million new minimum capital requirement of the central bank, financial analyst Toma Imihere has said. “The local banks that will certainly get there are uniBank, Fidelity Bank, Cal Bank, those ones, they don’t have any problem,” Mr Imihere told Moro Awudu on Class91.3FM’s Executive Breakfast Show on Thursday, 14 Septembe ...

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NIB denies GCB takeover reports

The National Investment Bank (NIB) has denied media reports that it is being taken over by GCB Bank Limited. NIB, in a statement assured its customers that it is neither merging with GBC Bank nor is GCB Bank taking over the bank, hence such reports should be disregarded. According to the statement signed by Board Secretary Sheila Ofori-Diabene, the Board of NIB was inaugurated on Friday, 18 August 2017 and ...

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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 has given all the 33 universal banks up the end of December 2018 to recapitalise from GH ...

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GHS400m capital: Banking still attractive – Andani

Banking remains an attractive venture in Ghana despite the raising of the minimum capital from GHS120 million to GHS400 million by the central bank, President of the Ghana Association of Bankers, Alhassan Andani has said. “Banking still remains an attractive area of investments, returns on equity in banks, if you look at the total industry is … over 30%, not too many businesses give you that kind of return ...

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GHS400m capital: Mergers, acquisitions welcome – BoG

The Bank of Ghana (BoG) says it expects that all commercial banks will be able to meet the new minimum capital requirement of GHS400 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 mergers or acquisitions to enable them to meet the new minimum capital. Answering questions before the Public Accounts Committee ( ...

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$150m lost to corruption at Tema Port yearly – Govt

About $150 million is lost to corruption at the Tema Port alone every year, Information Minister Mustapha Hamid has revealed, saying the newly-introduced paperless system of collecting revenue at the port is meant to stem the haemorrhaging. “Look, at the Tema Port alone, the experts tell us that every year we lose 150 million dollars at the Tema Harbour alone to corruption and underhand dealings. $150 milli ...

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