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We’ll meet capital requirement by end of 2018—Fidelity Bank MD

Jim Baiden. MD of Fidelity Bank

As local Banks plead for an extension of the date for meeting the 400 million cedis minimum capital requirement, the Managing Director of Fidelity Bank, Jim Baiden, has reiterated that the bank will surely meet the requirement by December 31st 2018. Mr. Baiden disclosed that the bank’s current capital position is substantially close to the new capital requirement. Speaking to ...

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Ghana’s vision, performance inspires other African countries—IMF

Ken Ofori Atta

The International Monetary Fund (IMF) says Ghana’s new vision of ‘Ghana beyond Aid’ coupled with the first year performance of the economy under President Akufo-Addo is a major inspiration to African countries. Speaking at the maiden edition of the ‘Governor Speaks’ series at the IMF/World Bank Spring Meetings, Abebe Selasie, Deputy Director in charge of Africa said, “Your country’s new ...

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Underpricing ‘killing’ utility providers in sub-Saharan Africa – World Bank

World Bank’s Africa Region Chief Economist, Albert G. Zeufack

The World Bank has identified under pricing as the biggest threat to the survival of utility companies providing electricity, in sub-Saharan Africa. As a result, the Bank is predicting of a possible drop in private sector participation to improve operations of such companies if the situation remain unresolved. The World Bank attributes the worrying impact of underpricing to what it ...

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Mobile money interoperability starts on May 10

Dep Communications Minister, George Andah

Effective next month, government will begin the implementation of one of its key policies aimed at boosting financial inclusion, which is Mobile Money Interoperability. That affirmation is in line with the Vice Presidents’ assertion that the policy which will allow mobile money users to send and receive money from one network to the other, will be implemented in May. This ...

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Fidelity Bank rewards 3 customers with GH¢50,000 each [photos]

WhatsApp Image 2018-04-21 at 11.24.14 AM (1)

Fidelity Bank has rewarded three loyal customers with the sum of 50,000 cedis each in its grand draw to cap the 10x Richer Deposit campaign. The draw was held at a customer Appreciation Dinner at the Kempinski Hotel in Accra. The three winners are Anita Mensah from Market Circle branch in Takoradi, Mawutor Deodorney from the  Ashaiman Branch, and Shaibu ...

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Ghana’s debt nears distress levels – World Bank

Ken Ofori-Atta - Finance Minister

Ghana stands a high risk of returning to a debt distress situation if it fails to manage its rising debt levels. That is the caution from the World Bank. According to the Bank, this will also mean the country will find difficulty meeting key government expenditure and impact on investments into the country. These among others are the highlights of ...

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Probe auditors of defunct UT, Capital banks—Auditor General

Auditor-General-Daniel-Domelevo-1-600x330

The Auditor-General, Daniel Yaw Domelevo, has called for the prosecution of all auditors found culpable in the recent collapse of local banks in the country. Stakeholders within the banking sector have been calling for the internal and external auditors of collapsed UT and Capital Banks, as well as, the auditors of struggling uniBank to be held partly responsible for the ...

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BoG to crackdown on MFIs breaking rules

bog microfinance

The Bank of Ghana will soon take regulatory action against Microfinance Finance Institutions (MFIs) and financial houses that are refusing to payback investment of their customers. “Some of these microfinances actually went beyond the rule by investing in other businesses that they were not supposed to. They pick money on short term bases and invest in long term real estate ...

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Gov’t urged to clear remaining energy sector debt

Boakye Agyarko - Energy Minister

Government has been urged to issue the second tranche of the energy bond to help clear about 5.3 billion cedis debt in the energy sector. This, they say will restore confidence in both the financial and energy sectors. Government in November last year, sought to raise 6 billion cedis under the first tranche of the bond, to clear the 10 ...

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BoG justifies GH¢2bn bond issue to clear UT, Capital banks liabilities

Capital-Bank- RIP600x330

The Bank of Ghana (BoG) has justified the need to issue a bond to cater for the gap that has been realized after the assets of collapsed UT bank and Capital bank were compared to its liabilities. According to the central bank, it is important for government to issue the bond to save the deposits of customers of the defunct ...

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