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Increasing risk cause of high interest rates–IFC


The International Finance Corporation (IFC) has told Citi Business News it is committed to assisting banks in Ghana to reduce their risk of lending to customers. The IFC, believes this can be done through the strengthening of the country’s collateral registry and credit bureau. As at February 2018, the average interest rate at which commercial banks lend to their customers ...

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Three banks to begin their own version of mobile money

Mobile-Money transaction

At least three banks are set to commence the issuing of electronic money which will allow customers transfer money on a virtual platform. According to the Bank of Ghana, the development forms part of efforts to reduce the use of cash and switch to a more cashlite economy. Citi Business News understands that this development is likely to impact competition ...

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Cashless economy: New Payment Bill before cabinet

bog microfinance

Cabinet is currently considering the new Payment Systems and Services Bill for onward submission to Parliament for passage soon. The eventual passage of the law should address all outstanding concerns that have emerged following the rise in the use of digital technology. The Head of the Payment Systems Department of the Bank of Ghana, Dr. Settor Amediku disclosed this to ...

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Citi FM’s Vivian Kai Lokko adjudged Most Outstanding Female Media Personality

Vivian Kai Lokko - Head of News, Citi Fm

Head of News at Citi FM , Vivian Kai Lokko, has emerged The Most Outstanding Female Media Personality at the just ended Forth Feminine Ghana Achievement Awards, 2018. She was adjudged “the best for her deep understanding of business, financial and economic issues in Ghana,” organizers of the program said. Mrs. Kai Lokko, who was recently elevated to the Head of News ...

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Average Interest on savings drops marginally

Ghana Cedi

The average interest that consumers earn on monies they deposit with commercial banks in Ghana should average 10.1 percent. This represents a 0.3 percent reduction compared to the 10.4 percent recorded in January this year. This is contained in the latest Annual Percentage Rates and Average Interest report published by the Bank of Ghana(BoG) for February this year. According to ...

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IMF endorses collapsed UT, Capital banks bond

Capital-Bank- RIP600x330

The International Monetary Fund(IMF) said it supports Ghana’s plans to sell 1.6 billion cedis ($362 million) of bonds to settle the liabilities of collapsed UT and Capital Banks, a Bloomberg report has said. The IMF country representative, Natalia Koliadina, disclosed that the proposal to sell the debt of the two collapsed banks was made by the government of Ghana during ...

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Electrical Dealers Association decry high import duties


The Ghana Electrical Dealers Association has bemoaned the one hundred percent increase in import duties on their goods at the ports. The traders argue that the situation has made it very difficult for members to clear their goods which has led to huge volumes of electrical cables and others, stuck at the ports. The traders, some of whom have been ...

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MiDA, NEDCo sign agreement under Power Compact II

Mr Eson-Benjamin

The Millennium Development Authority (MiDA) and the Northern Electricity Distribution Company (NEDCo) have signed an Agreement which paves way for MiDA to release funds for four key project activities valued at US$65.7 million in the distribution company’s operational area. The activities come under the NEDCo Financial and Operational Turnout (NFOT) Project, one of six Projects that make up the Ghana ...

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Financial inclusion of women and youth is vital for growth and jobs


People who have no access to bank accounts or other financial services – typically women and the youth – are unable to send and receive payments or store money. This puts a brake on their contribution to economic growth. On the other hand, when these excluded groups, particularly unbanked women, gain access to affordable financial products and services allowing them ...

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Ghana among top smartphone users in Africa

jumia mobile report 2

A recent report on the Ghanaian Mobile Sector by Africa’s leading e-commerce company Jumia, has revealed that Ghana is one of Africa’s largest mobile markets, with about 34.57 million subscribers and a penetration rate of 119%. The report further revealed that there are 10.11million active internet users in Ghana meaning nearly ⅓ of the country’s population have access to internet. ...

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