🚩 OmniBank Ghana Limited and Sahel Sahara Bank Ghana limited (BSIC) have merged into a new entity named Omnibsic. The two entities thus effective 4th March, operate under the merged name Omnibsic. The merger was necessitated in their bid to meet the meet the Bank of Ghana’s new minimum capital requirement of 400 million cedis. An official statement released by the merged bank stated that “This merger represents a pooling of the expertise of the two major banks with strengths in various banking services to provide more opportunities, increase access and make the merged entity attractive to the banking public”.
🚩 FBN Bank Ghana Limited, has disclosed that it is working in close collaboration with the EXIM Bank to support businesses interested in entering the agricultural sector. According to the bank, it will use its experience of supporting such businesses from Nigeria to do same in Ghana. A number of banks in the country have over the years shied away from investing in the agricultural sector because of the high risk involved.
🚩 A global cocoa surplus is expected in the 2018/19 season, Informa’s Agribusiness intelligence said on Thursday, with record production driven by favourable weather in West Africa. Global cocoa production was seen hitting a record high of 4.85 million tonnes, leading to a surplus of 71,000 tonnes for the October/September season, it said in a report.
🚩 As the cedi continues to show some weakness against the dollar, there are calls from observers to halt the rate of depreciation the currency to stabilize prices. The local currency since the beginning of the year has seen over 8.6 percent depreciation, causing currency analysts to question measures put in place to stabilize the cedi. The cedi, as at December 2018 was trading against the dollar at 4 cedis 86 pesewas. The currency then began to experience a drop by the third week in January. Checks by Citi Business News at forex bureaus on Friday [March 1, 2019] indicated that the cedi has weakened to 5 cedis 33 pesewas.
🚩 Finance Minister Ken Ofori Atta says government can only do little about investments locked up in financial institutions that promise unrealistic returns over a short period of time. According to him, any organisation that promise a fixed return at the end of the month should be taken a second look at. Finance Minister, Ken Ofori Atta last month at Burma Camp in Accra revealed that official records show at least 200 million cedis have been locked up in defunct investment firm Menzgold.
🚩 Jumia, Africa’s leading e-commerce platform, has signed a partnership with technology firm Xiaomi at the Mobile World Congress in Barcelona, giving millions of users in Africa easy access to Xiaomi products. Through the partnership, Jumia will open the Mi official store on its platform and give Xiaomi access to millions of online customers across 14 countries in the continent, while Jumia will be able to offer Redmi Go (1GB+8GB) exclusively in Africa as well as other devices later in the year.
🚩 General Manager of Legal Affairs at the Ghana Ports and Harbour Authority (GPHA), Sandra Opoku has been appointed the acting Director of Tema Port. DGN Online understands that she is taking over from lawyer Edward Osei. According to information available to DGN Online, the Director-General of GPHA informed management of Tema Port on Sunday, March 3, 2019, about the new order.