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Banking And Finance

BoG to issue new guidelines to curb cyber fraud

Dr. Ernest Addison, Governor of the Bank of Ghana

The Governor of the Bank of Ghana (BoG) Dr. Ernest Addison has disclosed that the central bank will soon publish guidelines for players in the financial sector to reduce cyber fraud. This follows an increase in the cases of cyber fraud, particularly, mobile money fraud in the country. Speaking on Day Two of the Financial Inclusion Symposium organized by MasterCard ...

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#SoFI: Jumo wins $ 150,000 Mastercard Foundation prize

Ann Miles, Director of Financial Inclusion at the Mastercard Foundation, presents the award to Buhle Goslar of Jumo

Mobile financial services platform, Jumo has been awarded by the Mastercard Foundation as the most client-centric financial services company. As a result, the company gets US$150,000 to support its operations. The prize was presented on Wednesday, November 8, 2017. It also marks the third of Mastercard Foundation’s annual Clients at the Centre Prize. According to Mastercard, the US$150,000 prize recognizes ...

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Direct Savings and Loans wins at Ghafawards

Ghafawards pic

Direct Savings and Loans Ltd, has been adjudged “Promising Savings and Loans Company” at the just ended 2017 Ghana Accountancy and Finance Awards (Ghafawards). This took place at the maiden edition of the Ghafawards which came off at the Movenpick Hotel, Accra over the weekend. The Ghana Accountancy and Finance Awards provides a platform to recognize individuals and companies that ...

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Gaming Commission destroys over 600 jackpot machines

dav

The National Gaming Commission has destroyed over 600 illegal jackpot machines it seized at bars and restaurants in the Greater Accra Region, Eastern region and the Central region. The commission carried the exercise through a task force it set up recently. Speaking to Citi Business News after the destroying the machines at landfill site in Nsawam, the Commissioner at the ...

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Finance Ministry dismisses Minority’s claims on energy bond

bond

The Ministry of Finance has reacted to what it describes as unsubstantiated claims by the Minority in Parliament over the energy bond. According to the Ministry, the arguments put forward by the side do not reflect the actual situation. The Minority on Wednesday held a press conference where it criticized the below 6 billion cedis yield of the bond. It ...

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Gov’t gets $221m in second domestic dollar bond

dollars

Ghana scooped all $221.4 million tendered for a three-year domestic dollar bond at a 6.25 percent yield on Thursday, boosting the government’s plans to explore local funding sources, arrangers said. Initial guidance for the bond, the second to be issued by the major commodities exporter and open only to Ghanaian investors, was 6.25 percent. Ghana is emerging from a fiscal ...

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Banks’ BDC debts reduce by 540 million cedis

Ghana Cedi

The total debt owed banks by Bulk Oil Distribution Companies (BDCs), is expected to reduce by some 540 million cedis by the end of this week. It follows the disbursement of proceeds from the energy bond to the affected institutions. The disbursement, Citi Business News understands was carried out on Wednesday, November 8, 2017 to Legacy Bond Limited (LBL) for ...

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Investor uncertainty, others impacted energy bond  

Ghana Cedi

Improper packaging, uncertainty as well as political composition of the Board of ESLA have been cited as possible reasons for the underperformance of the energy bond. It follows ESLA Plc’s failure to raise the 6 billion cedis targeted under the first tranche of the energy bond. ESLA Plc received a total of 4.69 billion cedis after close of auction on ...

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Energy bond unsuccessful after two tries

Ken Ofori-Atta - Finance Minister

ESLA Plc failed to meet the target for the first tranche of the bond after a second attempt. The managers of the bond  were seeking to raise 6 billion cedis under two separate bonds. But accrued a total of 4.69 billion cedis after it closed the auction last Friday. The 7-year bond received the targeted 2.4 billion cedis while the ...

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IMF to release $ 100m to Ghana

imf

The International Monetary Fund (IMF) is expected to disburse the 5th tranche of the Extended Credit Facility (ECF) to Ghana within the coming weeks. It follows the fifth review of Ghana’s performance under the program, last week. Citi Business News understands the Fund has not been very satisfied with government’s missing of the revenue targets considering the ambitious policies being ...

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Ghana Business News