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Use ACH in 2018–GhIPSS urges companies

Mr. Archie Hesse -CEO; GhIPSS

The Ghana Interbank Payment and Settlement Systems (GhIPSS) is urging companies and organisations to minimize the use of cheques and use more of the Automated Clearing House (ACH) for payments in 2018. According to GhIPSS, the move is to drive patronage for ACH which was in line with the global trend towards the use of technology to achieve efficiency. A ...

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$2.25bn bond saga– CHRAJ clears Ofori-Atta of Conflict of Interest

Ken Ofori Atta - Finance Minister

The Commission on Human rights and Administrative Justice (CHRAJ), has cleared the Minister of Finance, Ken Ofori-Atta, of conflict of interest in the issuance of the government’s recent bond. “On the basis of the evidence available to the Commission, it has come to the conclusion and therefore holds that, the allegations by the complainant that the respondent has contravened Article ...

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Banqmoni launched to enhance financial inclusion

Ghana Cedi

As part of efforts to enhance financial inclusion Banqmoni has partnered GT Bank and Loyalty Insurance to offer banking services to customers through mobile money agents. The service is currently operational with twenty four banks in the country and it seeks to allow customers make deposits to their bank accounts through mobile money agents. Speaking to Citi Business News at ...

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BoG must clarify roles of various financial institutions to public

bog microfinance

Some bankers want the Bank of Ghana(BoG) to clarify the role of the various financial institutions in the country as it prepares to introduce a new licensing regime next year. The Central bank has announced it will be rolling out a new licensing regime from next year, while putting on hold the issuance of new licenses for financial institutions, such ...

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National ID cards to be issued in January 2018

ID card

The National Identification Authority (NIA) should be issuing the National ID cards from January 2018, barring any last minute hitch. This is the indication from the Office of the Vice President, Dr. Mahamudu Bawumia. The move will however depend on the maturity of the Legislative Instrument (LI) on the policy currently before Parliament. Speaking on the Citi Breakfast Show on ...

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Ghana remains an oil led economy – Statistical Service


Latest figures released by the Ghana Statistical Service show that Ghana’s economy continues to be led by the oil sector. A development, some economists have warned could have dire implications for the country’s future if not checked. For the third quarter this year, the Ghana Statistical Service stated that oil contributed largely to the growth in the country’s Gross Domestic ...

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Producer price inflation drops to 7.1% in November


The Producer Price Inflation (PPI) for Ghana reached 7.1 percent in November 2017. This represents a 1.2 percent drop in the 8.3 percent recorded in October 2017. The Producer Price Inflation measures the average change over time in the prices received by domestic producers for the production of their goods and services. The Acting Government Statistician, Baah Wadieh explained to ...

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Banks’ average base rates remain at 25.7%

bank-of-ghana pic

The interest rate at which commercial banks lend to their customers remained unchanged at 25.7% in November 2017. The same figure was recorded in the month of October 2017. The base rate is the lowest rate at which a bank would lend to its customers. According to the Bank of Ghana’s Annual Percentage Rates (APR) and Average Interest (AI) report, ...

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BoG’s decision not to license new banks apt

Banking consultant and Head of the Osei Tutu II Centre for Executive Education and Research, Nana Otuo Acheampong

Ghana’s Banking sector may experience some stability due to the decision of the Bank of Ghana to ban the licensing of new banks in 2018, Banking Consultant, Nana Otuo Acheampong has said. According to him, the move will allow the Bank of Ghana space to clean the banking system while the door is shut, to strengthen existing banks before others ...

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Govt misses 2017 deadline for financial inclusion


Government has failed to meet its deadline for its key policies aimed at ensuring financial inclusion. The three; mobile money interoperability, national Identification system and Digital address system were key upon assumption of office of the NPP administration. But after chalking a year into their administration, the government has announced that it has postponed the implementation of at least two ...

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Ghana Business News