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President urges BoG to work without fear

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President Nana Akufo-Addo has urged the central bank to carry out its role without fear of favor to ensure that local banks are not pushed out of the banking sector. According to the President, it is important that the central bank is allowed to carry out its duty without any political interference. The Association of Indigenous Banks last month presented ...

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IMF urges Ghana to reduce debt stock

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The International Monetary Fund (IMF) is urging government to work to further reduce the country’s debt. While commending the managers of the economy for reducing the debt to GDP rate to 60 percent as at February 2018, the Country Director of IMF Natalia Koliadina said the country’s public debt was still significant. Speaking on a panel at the Third CEO ...

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Reduction in policy rate to urge private sector growth

Head of the Economics Department of the University of Ghana, Prof. Peter Quartey

Economist, and Head of the Economics Department at the University of Ghana, Professor Peter Quartey has stated that the reason for the further reduction in the policy rate is aimed at stimulating economic growth through the private sector. The policy rate was on Monday,[May, 21st, 2018] reduced from 18 percent to 17 percent, representing a drop in 100 basis points ...

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ISF Bank to become GN Bank, USA in July

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Dr. Papa Kwesi Nduom, Chairman of the Board of Directors of South Side Chicago based ISF Bank has announced that the USA banking regulator, the Office of the Controller of the Currency (OCC), has approved the changing of the name of the ISF Bank which started in 1934 by 13 black men to become GN Bank, USA. This was at ...

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BoG reduces policy rate to 17%

Dr. Ernest Addison, Governor of the Bank of Ghana

The Bank of Ghana (BoG) has reduced the policy rate to 17 percent. This represents a 100 basis points reduction in the policy rate which was at 18 percent. Today’s announcement comes after the central bank reduced the rate from 20 percent to 18 percent in March this year. The announcement was made after the Monetary Policy Committee (MPC) of ...

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BoG likely to reduce policy rate again – Razia Khan  

Senior Economist at Standard Chartered Bank

A Senior Economist with Standard Chartered Bank, Razia Khan is projecting that the Bank of Ghana may reduce the policy rate today, May 21, 2018. The Monetary Policy Committee (MPC) of the central bank is expected to announce a policy rate today after concluding its review on the economy. The MPC, at its last meeting in March 2018 reduced the ...

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COCOBOD gets $1.3bn for 2018/2019 crop season

COCOBOD announces over 53% reduction in price of cocoa fertilizers

COCOBOD has commenced moves to raise 1.3 billion dollars through a syndicated loan to cater for the sale of cocoa beans for the 2018/2019 crop season. A statement released by COCOBOD and copied to Citi Business News said the consortium of banks to provide the facility included ABN AMRO Bank, Bank of China, Industrial and Commercial Bank of China, and ...

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Ghana’s debt hits 145 billion cedis

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Ghana’s total public debt stock has reached 145 billion cedis. Official figures released by the Bank of Ghana show that this is the level of the country’s debt as at February 2018. The figure also represents a debt to GDP ratio of 60 percent. The external component of the debt is at 17.4 billion dollars or 76.9 million cedis. This ...

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Accountants, Auditors must help in building Ghana

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An Associate Director at Deloitte Ghana, Kwabena Situ is advising players in the accounting and auditing space to develop their capabilities to tackle issues of national concern to strengthen the economy. Mr. Situ is optimistic the improvement will also aid in contributing their quota to national development. “When communicating data, you need to be aware of certain things so in ...

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Decouple Banking Supervision Dept. from BoG—Cal Bank MD

Frank Adu Junior - MD, CAL Bank

The Managing Director of Cal Bank, Frank Adu is calling for a decoupling of the Banking Supervision Department from the Bank of Ghana(BoG) to enhance its monitoring roles. According to him, the department is currently under resourced hence is unable to fully undertake its responsibility of monitoring and sanitizing the banking sector. Speaking to journalists after taking their turn at ...

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