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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Minimum capital for microfinance companies won’t be reduced-BoG

bycitibusinessnews
September 8, 2015
in Banking And Finance, Business, Top Stories
Bank of Ghana
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The Bank of Ghana (BoG) has rejected calls by the Ghana Association of Microfinance Companies (GAMC) for a downward review in the new minimum capital requirement of GHc2 million set for microfinance institutions.

[contextly_sidebar id=”n1gXCrBcBYf3ZxZEcgr1zASLDlhwCVgn”]Speaking on the maiden edition of Citi Fm’s consumer focused show,  Business Today, the national vice board chairman of GAMC, Ekow Boham said the 2million cedis was on the high side and called on the BoG to review downward the amount.

‘’Two million cedis is on the high side and we need to understand the industry we are playing in… But due to issues with most of the microfinance institutions in the country which resulted in most of them going down the regulator BOG also had to step in and first moved the requirement from 100,000 cedis to 500,000 cedis which was received with mixed reactions as some of the players thought it was good but others also in the industry said it was a bit on a high side.’’ He stated.

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But the regulator of the industry which is the BOG says it will not reduce the amount.

Head of Other Financial Institutions Supervisory Department of the BoG, Raymond Amanfu told Citi Business News, the high risk nature of the operations of the MFI’s makes it difficult to review the capital requirement downwards.

He questioned why the BOG must review the requirement ‘’the cost of setting up institutions have gone up and the monies they are bringing is not for the central bank, it is for their own good so we won’t reduce it.’’

He says, several of the microfinance institutions have risks that are not proportional to their stated capital hence the central bank’s resolve to maintain the requirement.

‘’Some of them are even doing investments and fixed assets acquisitions that are higher than their equity so that is why we have raised the capital and we have given them a timeframe. ‘’  Raymond Amanfu stressed.

Per the new directive by the Bank of Ghana, all licensed tier 2 microfinance institutions are to raise their minimum paid-up capital to GH¢2,000,000 by 30th June 2018.

–

By:  Lorrencia Nkrumah/citifmonline.com/Ghana

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[From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

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Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

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