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Banking And Finance

Average base rate of banks hits 25.7%

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The average base rate among commercial banks is 25.7 percent. This represents a 3.4 percent change from the 26.6 percent recorded in September. According to the Bank of Ghana’s Annual Percentage and Average Interest report, Unibank remains the bank that offers the highest percentage on base rate. Their interest stands at 35.7 percent. This is however a reduction from the ...

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No need to launch National Development Bank- Financial Observer

Finance Minister, Ken Ofori-Atta

Some financial observers have advised government to reconsider the decision to launch a national development bank next year. According to them, the move will be a duplication since government already controls majority shares in some banks that have a focus on the intended reason for setting up the national development bank. The Finance Minister Ken Ofori Atta during the 2018 ...

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Electronic PoS tax systems kick off in July 2018


The Ministry of Finance has set July 2018 as the implementation date for the electronic Point of Sale systems to track tax revenue. At least this is the information available to Citi Business News. Citi Business News also understands that the rolling out of the program is however subject to the completion of the necessary laws to accommodate the plan. ...

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Interest rates on deposits remain at 10.4 %

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The average interest rate among commercial banks remained unchanged at 10.4 percent in October 2017. According to the Bank of Ghana’s Annual Percentage Rate (APR) and Average Interest (AI) report, Bank of Africa and Bank of Baroda offer the highest interest rates on customer deposits at 16.1 percent. At the second position is Omni Bank with 14.7 percent interest rate. Following ...

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Banks will be stronger with new capital requirement

Former CEO of Ecobank Group, Arnold Ekpe

Former CEO of Ecobank Group, Arnold Ekpe has said that the move by the Central Bank to increase the minimum capital requirement will enable banks to finance big-ticket transactions of the government. The Bank of Ghana (BoG) in September this year revised upwards the minimum capital requirement for banks from 120 million cedis to 400 million cedis, as part of ...

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First Atlantic Bank to meet new capital requirement

WhatsApp Image 2017-11-15 at 7.22.44 AM

First Atlantic Bank has stated that it will meet the new minimum capital requirement set by the Bank of Ghana before deadline date in December 2018. This follows the upward revision of the minimum capital requirement for banks from the current 120 million cedis to 400 million cedis. The banks have up until December 2018 to recapitalize. Speaking to Citi ...

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#Ghbudget: Gov’t to launch National Development Bank

Finance Minister, Ken Ofori-Atta

The Finance Minister, Ken Ofori-Atta, has announced that government will launch a National Development Bank, with the capacity to mobilize private capital towards agricultural and industrial transformation. According to him, Government has already set-up a task force to develop a road-map for the establishment of the bank. Mr. Ofori-Atta made the announcement during the presentation of the 2018 budget statement ...

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2018 budget to focus on jobs, tax reforms, agric & business

Ken Ofori-Atta

Finance Minister Mr. Ken Ofori Atta will today [Wednesday], November 15, 2017, present the 2018 budget to lawmakers. The budget will be second the for the Akufo-Addo administration since it took over the administration of the country in January 2016. The budget is expected to focus on about 10 key areas including infrastructure, macroeconomic stability, job creation, agriculture, entrepreneurship, business ...

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Telecom boom redefines African media


Media organisations in Africa are devising strategies to capitalize on the increasing use of technology to improve their service delivery. The move is set to include the adoption of new mechanisms to deliver stories particularly business reporting to guide policy decisions. The issue has been at the forefront of deliberations at the 2017 Bloomberg Africa Business Media Innovators Summit. It ...

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2018 Budget: Economists warn against ambitious oil revenue projection

Ken Ofori Atta - Finance Minister

As the Finance Minister Ken Ofori Atta prepares to present the 2018 budget statement before parliament tomorrow, some financial observers have caution against ambitious oil revenue projection. According to them, previous experiences must serve as a guide to government as Ghana has no control over the price of oil. In the 2017 mid-year budget review presented by the Finance Minister ...

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Ghana Business News