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Banking And Finance

Investigations into DKM bribery allegations to end next week

DKM-customers-600x330 (1)

Investigations into alleged reports of bribery against workers and security personnel of GCB bank by DKM customers are expected to be completed on Friday 27th January, 2017. The police, upon request from the Registrar General’s Department, who are official liquidators of DKM micro finance company, early this month begun investigations into the matter. “Some of the workers from the Registrar ...

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Govt to issue 17.4 billion cedis in debt securities 

Ghana Cedi

Government will in the first quarter of 2017, borrow 17,400.00 million cedis through bonds and treasury bills and other government securities. The cash will be used rollover forecast maturities, meet Government’s financing requirements and build buffers for liability management. Of this 15,504.43 million cedis will be used to rollover forecast maturities and the remaining 1,895.57 million cedis will be used ...

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Heritage bank to commence operations in February

Prof. Kwesi Botchwey

Heritage bank, one of the new banks which recently got the green light from the Bank of Ghana(BoG) to operate as a commercial bank in Ghana is to begin full operations in February this year. The bank which is a wholly owned Ghanaian bank, got the nod from the BoG to commence business operations as a universal Bank in the ...

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Change in gov’t not to affect MPC decision – Prof. Bokpin

bank-of-ghana pic

Economists have ruled out any significant impact of the change in government on the operations of the Monetary Policy Committee of the Bank of Ghana. It follows the commencement of the MPC’s first regular meeting for 2017 on Monday January 16th, 2017. Per the regulations governing the Central Bank, the Governor of the central bank is the Chairman of the ...

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New regions to cause budget distortions if … – Economist warns

Ghana Cedi

Economist Dr. Joe Amoako -Tuffour has cautioned Finance Minister Nominee, Ken Ofori Atta on the need to find sustainable funding for the proposed new regions to be created by the NPP government. He contends the country risks huge financial challenges should government fail to align its revenue with expenditure with the additional regions. “…The rising fixed cost of government is largely ...

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Number of banks to hit 37

Bank new

Despite calls for banks to merge in order to build their capacity, Citi Business News has gathered that four more banks have applied to the Bank of Ghana(BoG) awaiting approval from the central bank to commence operations. Out of the four, two are new banks applying to operate in the country, while the remaining two are Savings and Loans companies. ...

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Banks express hope in reduction of NPL in 2017

A woman holds 03 July 2007 in Accra a wa

Banks in the country are optimistic of reducing the high Non Performing Loans recorded in the banking sector in 2016. The Energy sector debt owed to banks is the major contributor to Non Performing Loans in the country. Even though official figures are not yet out, it is projected that Non Performing Loans in the sector may go beyond 15 ...

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BoG to move banks payment system to EMV

BoG to move all bank payments to EMV by end of year

The Bank of Ghana(BoG) has announced plans to migrate all payment systems of banks in the country from magnetic chip to Europay-MasterCard-Visa( EMV) chip based cards this year. The move is targeted at reducing fraud in electronic transactions such as debit and credit cards. There have been calls in recent times for the central bank to boost the security features ...

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Resist temptation of printing money for revenue- Ofori Atta warned

A woman holds 03 July 2007 in Accra a wa

Professor of Economics and Director of Research at the African Center for Economic Transformation, Dr. Joe Amoako–Tuffour has cautioned named Finance Minister Ken Ofori Atta to resist the temptation of printing money to finance government expenditure. According to him, such moves will have a dire impact on the fiscal stability of the government, since history has demonstrated it. “First resist ...

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An open letter to New Finance Minister:  Dr. Joe Amoako –Tuffour writes  

Ken Ofori-Atta is Finance Minister nominee

Dear Honourable Minister: Your job is revered but unenviable. The task ahead of you is daunting because you have inherited a slow moving, indebted and jobless economy. In October 2013, the UK-based Economist Intelligence Unit (EIU) described Ghana’s fiscal state as a “mess”. Rating agencies agreed and responded with Ghana’s sovereign credit downgrades. It has since become “messier” even under ...

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Ghana Business News