CAL Brokers Ghana News Updates

CAL Bank raises stated capital to GHS100 million CAL Bank Limited has successfully raised its stated

Fri May 11 2012

CAL Bank Limited has successfully raised its stated capital to GHS100.00 million as mandated by its shareholders at their last AGM on March 31, 2011. This comes after CAL reached definitive investment agreements with three strategic partners (African Development Partners I, Proparco of France and SS...

SIC gets new head

Fri May 11 2012

The Board of Directors of SIC Insurance Company Limited, largest insurance company in Ghana has relieved Mr Ben Acolatse of his position as Managing Director with effect from Friday May 4, 2012. The Board of the company has appointed Doris Awo Nkani as to act in his absence until a permanent appoint...

GSE sets up fund for SMEs

Wed Apr 11 2012

The Ghana Stock Exchange (GSE) is to set-up a GH¢1million revolving fund to support the listing of small- and medium-scale enterprises (SMEs) on the exchange. The Fund, known as the SME Listing Revolving Fund Facility, will provide resources to qualifying high-growth companies to have listings ...

UT meets Bank of Ghana recapitalization requirement

Wed Apr 11 2012

UT Bank Limited has confirmed that it has met Bank of Ghana’s GHS60 million recapitalization requirement. This was contained in a statement released by the bank. This follows a subscription agreement with the International Finance Corporation (IFC) which will see the corporation invest up to 2...

GCB to release 2011 financial statements in May

Thu Mar 29 2012

Ghana Commercial Bank Limited will release its financial statements for the 2011 financial year by end of May 2012 instead of the March 31 mandatory deadline A press release issued by the bank stated that the bank had obtained approval from the Bank of Ghana and the Securities and Exchange ...

Tullow sets 2013 120,000 bpd production target

Thu Mar 15 2012

Daily production of crude oil at the Jubilee Field is now expected to reach 120 thousand barrels per day by next year. This is the about the third time the lead operator at the field Tullow, has set a new timeline for achieving the said target. The Jubilee field had been estimated to prod...

AngloGold Boosts Dividend On Record Cash Flow

Thu Mar 15 2012

AngloGold Ashanti more than doubled its full-year dividend on record cash flows and said that it was likely to boost quarterly dividends in the current financial year to about 100c/share per quarter.

“We will continue to grow the dividend where appropriate. About 100c/share per ...

Bank of Ghana raises policy rate by 100 basis points

Fri Feb 17 2012

The Monetary Policy Committee of the Bank of Ghana has raised the Policy Rate by 100 basis points from 12.50% to 13.50%. This was announced at a press briefing addressed by the Governor of the Central Bank, Mr Kwesi Amissah-Arthur on Wednesday February 15, 2012 in Accra. The rise in the pol...

GCB registers 500,000 more ATM cardholders

Thu Feb 16 2012

Ghana Commercial Bank Limited (GCB) recorded an increase of more than 500,000 customers for their GCB ReadyCash ATM cardholders as against 180,000 customers two years ago. The bank hopes to register most of its 1.5 million customers as ATM cardholders in future. A statement issued&...

CAL Bank posts sterling performance in 2011

Thu Feb 16 2012

CAL Bank, posted impressive results buoyed by broad-based growth in total revenues across the entire business segments for the year 2011, the bank’s CEO, Mr Frank Adu has stated He said CAL Bank’s “total income increased by 32% underpinned by 11% growth in core earnings (n...

Government to raise GHS2.6 billion from the investing public in first quarter

Thu Jan 26 2012

The Ghana Government is planning to raise a total of GHS2.60 billion from the investing public in the first quarter of 2012. This was contained in a notice to stakeholders of the Domestic Securities Market.

Under the issuance schedule, the government intends to mobilize GHS320.00 mill...

Uniliver Ghana calls on government to curb counterfeit problem

Sun Jan 22 2012

Uniliver Ghana has called on the Government to use its Industrial Sector Support Programme(ISSP), to critically review the existing structures and systems on curbing counterfeits and cheap imports into the country. This, the corporate body, said would ensure effective dealing with offenders swiftly ...

Ecobank approves share swap

Sat Jan 21 2012

Shareholders of Ecobank Ghana Limited at an Extraordinary General Meeting on Friday January 20, 2012 approved the proposed share swap after the acquisition of The Trust Bank Limited by Ecobank Transnational Incorporated. The share swap involved exchange of 17.5 million by ETI in The Trust Bank Limit...

COCOBOD overtakes government in CPC

Mon Jan 9 2012

The Ghana Cocoa Board has overtaken the Government of Ghana as the largest shareholder of Cocoa Processing Company Limited. This follows a conversion of an outstanding debt of US$14,087,120.50 owed to Ghana Cocoa Board into equity. As a result of the conversion, COCOBOD’s total holding in CPC ...

Ecobank Group unveils succession plan

Fri Jan 6 2012

The current Group Chief Executive of Ecobank Group will step down at the end of 2012 after seven and a half years with the group. Mr Ekpe is credited for moving the group from its presence in 5 countries to 32 countries across Africa and thus making Ecobank the leading pan African banking group with...

SSNIT wins international award

Thu Jan 5 2012

The International Social Security Association (ISSA) has awarded a Certificate of Merit to Ghana’s Social Security and National Insurance Trust (SSNIT) for its New Business Process in Contribution Collection. The SSNIT New Business Process represents a paradigm shift in contributions collectio...

Commodity Exchange Personnel Training In Feb

Thu Jan 5 2012

Training for stakeholders involved in the setting up of the Ghana Commodity Exchange is expected to begin in the first quarter of next year, the Minister of Trade and Industry, Ms Hanna Tetteh has disclosed. She told the Daily Graphic in an interview that a team tasked with the preparation of regula...

Insurance Industry under Threat From Premium Undercutting

Thu Jan 5 2012

Unhealthy competition from rampant premium undercutting within the insurance industry in the country is posing a serious threat to the survival of the sector. Many companies have entered the market without the needed capital but are said to be forcing their way to survive, hence the use of all manne...

AGA holds town hall meeting

Thu Jan 5 2012

The Senior Vice President of AngloGold Ashanti Ghana (AGA), Peter Anderton has assured Ghanaians that the company will continue to support the growth of Ghana. He said their social responsibility to the country is a key priority on the company’s agenda. He was speaking at the company’s T...

Guinness lists Rights Issue shares

Mon Dec 5 2011

Guinness Ghana Breweries Limited (GGBL) has listed an additional 46,666,667 ordinary shares on the Ghana Stock Exchange’s First Official List as a result of the Rights Issue which lasted from October 17, 2011 to November 14, 2011.

The offer which was intended to raise GHS70 mill...

Recapitalisation Will Not Lead To Takeovers - BoG

Mon Dec 5 2011

The Bank of Ghana has described as erroneous, suggestions from a section of the country’s banking community that its new recapitalisation directives could lead to Ghanaian banks being taken over by foreign interests.

While registering the bank’s commitment to t...

Goil Holds Goily Day

Mon Dec 5 2011

Hundreds of motorists participated in the innovative Goil Corporate Day Out event dubbed “Goily Day” which was organised at three selected filling stations in the Accra-Tema Metropolis Thursday.

The three selected stations were the Goil filling station on the Osu Oxford St...

Stanchart to focus resources on Agriculture in West Africa

Mon Dec 5 2011

Standard Chartered Bank says it will focus more resources to financing agriculture within countries in the West Africa sub-region with Ghana and Nigeria being prime targets but rule out any support for biofuel production.

“We are looking at and will devote some resources and shi...

FASL partners GCB over Money Transfer

Wed Oct 26 2011

First African Savings and Loans Ltd (FASL) has signed a partnership agreement with the Ghana Commercial Bank Ltd (GCB) to offer money transfer services. Under the partnership, FASL is expected to take advantage of GCB’s 157 branches nationwide supported by an efficient network to channel remit...

Guinness eyes 9% market share growth

Wed Oct 26 2011

Guinness Ghana Breweries Limited (GGBL) - a subsidiary of Diageo Plc, the world’s biggest spirits group, plans to grow its market share of the beer-market in Ghana by 9% over the next five years. “We’re poised to strengthen our leadership position in the alcoholic and adult premium...

CPC adjudged Ghana�s best exporter for 2010

Wed Oct 26 2011

The Cocoa Processing Company Limited, manufacturers of cocoa butter, has been adjudged the overall exporter of the year 2010 in the country, at the 21st National Awards for Export Achievement on the theme: “Motivating Competitiveness and Sustainable Excellence for Export” , in Accra on S...

Ecobank�s Rami Baitie moves to UT Holdings

Wed Oct 26 2011

The head of Corporate Affairs at Ecobank Ghana, Rami Baitie, has resigned and crossed carpets to UT Holdings. Mr. Baitie is now the group head for marketing and corporate affairs at his new place. According to Citi Business News sources at UT Holdings, Baitie started work in his new capacity this Mo...

GCB to start 24 hour loan service

Thu Sep 22 2011

The Ghana Commercial Bank (GCB)is hopeful of disbursing loans in 24 hours after it launched the 24 hour service together with other services. The Bank announced earlier this year, its intentions to give loans within 24 hours which would become an industry first, beating existing competition of 48 ho...

PBC is Ghana�s best company

Thu Sep 22 2011

Produce Buying Company Limited (PBC) has been adjudged the number 1 company in the latest Ghana Club 100 rankings for 2010, knocking off Toyota Ghana limited which held that position for 2009. Nine other companies that made it to the top ten positions include Zenith Bank at number 10, Goldfields Gha...

PZ Cussons to issue bonus shares

Thu Sep 15 2011

The Board of Directors of PZ Cussons Limited will on Friday September 30, 2011 seek the approval of the shareholders of the company under a special resolution at its Annual General Meeting (AGM) to issue 140 million bonus shares. If approved the intended bonus issue will be in the ratio 5 new shares...

Guinness Rights Issue commences on October 17

Thu Sep 15 2011

Guinness Ghana Limited will commence a GHS70 million Renounceable Rights Issue on October 17, 2011. This is subsequent to the approval granted by the shareholders at an Extra-ordinary General Meeting (EGM ) held on June 14, 2011. The Securities and Exchange Commission also sanctioned the exercise on...

Dr Toni Aubynn quits Tullow

Thu Sep 15 2011

The Corporate Affairs Director of Tullow Ghana Limited Dr Toni Aubynn has resigned. His resignation takes effect from September 22, 2011.

It still remains unclear where he will be heading but sources close to him say he may be picking up a new role at the United Nations or may be runn...

Government to support Aluworks

Thu Sep 15 2011

Government has assured Aluworks Limited of its support to enable it maximise production to supply both the domestic and international markets in the face of fierce competition from importers of products, Vice President John Dramani Mahama has said. “Government will do everything possible...

GSE calls for deliberate government policy on listing of key companies

Sat Sep 10 2011

The Ghana Stock Exchange is asking policy makers to make deliberate effort to ensure that companies in the mining, banking, telecommunication and oil and gas sectors float some percentage of their holdings on the local bourse to boost market activities.

Mr Frank Adu Jr, Chairman of th...

Ayrton-Adcook partnership reap mutual benefits

Sat Sep 10 2011

Ayrton Drugs has started realising the much-expected benefits associated with strategic partnerships following the huge investments in the company by Adcock Ingram, the largest OTC (over the counter) pharmaceutical manufacturer in South Africa. In March last year, Adcock Ingram invested over $16 mil...

Ghana Targets No 1 Cocoa Producer

Sat Sep 10 2011

Ghana has reiterated its commitment to become the leading cocoa growing country in the world going forward. Presently, neighbouring Cote d’Ivoire is the largest producer of cocoa in the world, producing 1.3 million tonnes of cocoa and supplying 46% of cocoa in the world while Ghana produced ov...

StanChart Boss challenges banks to reduce base rates

Thu Sep 8 2011

The CEO of Standard Chartered Bank Ghana Limited, Mr Kweku Bedu-Addo has challenged banks to reduce their base rates. He said this when he revealed at the "Facts Behind The Figure" program of the Ghana Stock Exchange that the bank has dropped its base rate to 16.95% and thus making it the ...

TOTAL Appoints new MD

Mon Sep 5 2011

Total Petroleum Ghana Limited has appointed Mr Guillaume Larroque as the Managing Director and a Board Member of the Company with effect from August 15, 2011. He replaces Mr Jonathan Molapo as the Managing Director of the Company who still remain as a Director of the company.

Th...

Foreign Companies Must Go Public - Director General of SEC

Mon Sep 5 2011

The Director General of the Securities and Exchange Commission (SEC), Mr Adu Anane-Antwi, has urged government to make it a policy for large foreign companies in the country to offload a portion of their stake on the Ghana Stock Exchange.

“We should allow them in to do business ...

PZ Cussons partners GRMA

Mon Sep 5 2011

The Ghana Registered Midwives Association (GRMA) has endorsed the Cussons Baby products distributed by the PZ Cussons Ghana Limited as the baby product of choice for nursing mothers.

The Cussons Baby products, which are the newly improved formulas for perfect baby care, include powder...

GGBL donates filters to Health Centres

Mon Sep 5 2011

Employees of Guinness Ghana Breweries Ltd (GGBL), Ghana’s leading total beverage producer donated 1,300 water filters to selected health centres in the Ashanti region on Monday, 29th August, 2011 at a short but impressive ceremony at the Kaase brewery site in Kumasi.

Speaking at...

Parliament approves $3 billion Chinese loan

Fri Aug 26 2011

Parliament has approved the controversial $3 billion Chinese loan agreement, Friday. The controversial agreement was approved by voice count with the minority abstaining.

The minority was not impressed with the explanation proffered by the Finance Minister Dr. Kwabena Duffuor, especia...

Tullow revises production expectations

Fri Aug 26 2011

Jubilee oil partner, Tullow Oil Plc, has revised average production for 2011 down from between 90,000-94,000 barrels of oil equivalent a day (bpd) to between 82,000-84,000 bpd, after announcing record half-year results. According to Tullow, the revision was due to rig delays at Jubilee, but was on c...

SCB appoints new Registrar

Fri Aug 26 2011

Standard Chartered Bank Ghana Limited has announced the appointment of Computershare Pan Africa Ghana Limited as shareholder Registrar to Standard Chartered Bank Ghana Limited with effect from September 8, 2011.

The bank has therefore advised its shareholders to contact the new regist...

COCOBOD hits one million tonnes target

Fri Aug 26 2011

The Ghana Cocoa Board has exceeded the one million metric tonne target it set for the 2010/11 cocoa season. This was revealed in an official statement which was signed by its CEO Mr Anthony Fofie. It indicated that the 2010/11 cocoa season which is on-going attained an unprecedented level of 1,004,1...