Ghana’s Banking Sector Yields Over $31 Million

Published on 29th November 2005

Ghana’s Banking Sector Yields Over $31 Million


The Business Chronicle enquiries revealed that Ghana had netted over $31million worth of foreign capital inflow as a result of continued consolidation in the banking sector. The reforms, including the introduction of the universal banking law, have attracted four new foreign banks: Standard Trust Bank, Zenith Bank and Guaranty Trust Bank as well as Union Bank in the form of stakes in the HFC Bank, all coming into the Ghanaian banking industry with a total of more than $31 million with Zenith Bank having the highest capital inflow of $12 million followed by Standard Trust Bank with $10 million while Guaranty Trust Bank brought in $9 million. It was observed that the commercial banks had also started carrying out significant corporate business by taking advantage of the low cost funds from retail business to attract corporate business. 


Cameroon\'s Government not in Control of Price Hikes


The Secretary of State in the Ministry of Commerce, Ama Tutu Muna, said the government was not fully in control of prices in the free market economy. She made the statement during a question and answer session in Parliament on November 25, 2005. According to her the government had no other choice in achieving this endeavor than engaging businesspeople in dialogue. She explained that government was not fully in control of prices because Cameroon is a liberalized economy. In such a situation, she went on and said that there is competition and prices of goods and services are fully determined by the forces of demand and supply. \"However,\" she said, \"government has initiated dialogue with businesspeople, virtually begging them to give up a small part of their profit margin by cutting down prices.\"


Fight Terrorism, but within International Law, Says Commonwealth Summit


The Commonwealth summit in Malta condemned all forms of terrorism, but warned that the fight against terrorism \"must be conducted in conformity with international law, including the UN Charter and relevant international conventions and protocols\". The Commonwealth leaders emphasized that targeting and deliberate killing of civilians through acts of terrorism cannot be justified or legitimized by any cause or grievance.\" But the fight should \"take into account the conditions conducive to the spread of terrorism\". They urged \"increased efforts to promote economic development and good governance as a means of tackling insecurity and conflict\". \"States must ensure that measures taken to combat terrorism comply with their obligations under international law, in particular human rights law, refugee law and international humanitarian law\", the summit declared.


Kenya’s President meets his Predecessor


Kenya’s President, Emilio Kibaki, met his predecessor, Mr Daniel arap Moi, on Monday 28, 2005, as part of his strategy to bring the Orange leaders to the negotiating table. The Orange leaders are calling for a snap election after the humiliating defeat of Government in the November 21 referendum. According to the Presidential Press the talks centers on various issues of national and regional importance. This came a week after the Kenyans rejection of the Wako draft for a new constitution and also, as the public waits for a new cabinet as ministers and their assistants were sacked on Wednesday 23 Nov, 2005.

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