BUSINESS 

Inflation hits 12.3%

Acting Government Statistician, Baah Wadieh, has announced that inflation rate has increased from July’s 11.9 per cent to 12.3 per cent for August. Addressing a press conference in Accra on Wednesday, 13 September, Mr Wadieh said: “In August 2017, the year-on-year inflation rate was 12.3%, compared with the 11.9% recorded in July 2017. The monthly change rate for August 2017 was -0.2%. This means that the general price level went down by -0.2% between July 2017 and August 2017.” He added that the food inflation rate for August 2017 was…

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BUSINESS 

Enterprise Trustees, stakeholders deliberate on pension-backed mortgages

Enterprise Trustees Ltd has held a consultative meeting with stakeholders in the mortgage industry on pension-backed mortgages. The event, which came off last Thursday in Accra, allowed the National Pensions Regulatory Authority (NPRA) to lead discussions which were aimed at interrogating the mortgage provisions in the Pensions Act with the ultimate aim of making pension-backed mortgage a reality for scheme members. The Board Chairman of Enterprise Trustees, Mr Fiifi Kwakye, said the meeting was to start discussions that would ensure the reality of pension-backed mortgages for scheme members. “This consultative…

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BUSINESS FEATURED 

StanChart prepares for branchless banking

Standard Chartered Bank has predicted a drastic revolution in the banking industry, where traditional bank branches will be replaced by financial technology (FINTECH) applications and other products and services. The revolution is the next phase in the history of the banking sector and its success will be largely driven by the changing taste of customers for speed and convenience in financial intermediation. At its peak, the bank’s Head of Retail Banking for Ghana and West Africa, Mr Henry Baye, said at a media briefing in Accra yesterday that customers would…

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BUSINESS 

PwC sacks UT, Capital staff; GCB yet to determine their fate

PricewaterhouseCoopers has disengaged with the services of all staff of the defunct UT Bank and Capital Bank. This however, paves the way for GCB Bank to re-negotiate their terms of engagement. Already GCB has explained that it would use the next six months to assess the skills of all staff of the two defunct banks and determine who amongst them would be retained. Read also: UT, Capital Banks staff to undergo skills assessment In a letter dated August 31, 2017 and sent to staff of the former UT Bank and Capital…

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BUSINESS NEWS 

Charles William Zwennes appointed new Board Chair of HFC Bank Ghana

Legal practitioner Charles William Zwennes has been appointed new Chairman of the Board of HFC Bank Ghana. His appointment by the Board of Directors of the Bank, a subsidiary of Republic Financial Holdings Limited, was announced Wednesday, April 26. He replaces Professor Joshua Alabi, Board Chairman of the bank since April 2015, who resigned in April of this year. “By virtue of Prof. Alabi’s resignation, The Board of Directors of the Bank, at a Board Meeting on 26th April 2017, in accordance with Bank’s Regulations appointed Mr. Charles William Zwennes…

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