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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

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

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

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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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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    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

    Bawumia calls for more AfDB support as African economies battle global challenges

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

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Financial institutions must provide credit to business women—2nd Dep Governor of BoG

byBobbie Osei
April 12, 2019
in Banking And Finance, Business, Economy, Local Economy, Top Stories
Elsie Addo Awadzi - Second Deputy Governor, BoG

Elsie Addo Awadzi - Second Deputy Governor, BoG

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Some leading female executives and government appointees say the financial conditions are right for financial institutions to advance more credit to business women in the country.

The latest data from the Bank of Ghana shows that the three largest recipients of total credit or loans in Ghana, namely, commerce & finance, services and manufacturing sectors accounted for 56.9 percent of total credit in December 2018.

Commenting on the state of credit advancement in the banking sector, the Second Deputy Governor at Bank of Ghana, Elsie Addo Awadzi during her keynote address at the first ever female CEO’S and Business executives’ breakfast meeting organized by GLITZ Africa, charged financial institutions to increase the volume and value of credit they give out to business women in the country.

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“I keep reminding the financial institutions about improving access to finance for women. Economic independence of women is really important and we need to do more to make sure that more women receive the credit they need to succeed with their businesses.”

The Chief of Staff, Madam Akosua Frema Opare outlined some of the areas that need to be reviewed when it comes to advancing credit to women in the Small and Medium sized Enterprises space.

“Seeing that a lot of women traders are in the informal sector, financial institutions need to create an enabling environment for such women. An area that can be looked at is interest rates for women in the SME space as a way of ensuring that they get access to finance to grow their businesses. Again the issue of banks demanding lands or landed property as collateral before giving credit to women business owners needs to be looked at.”

The Director of Tax Services at Pricewaterhouse Coopers (PwC), Ayesha Bedwei at the same female CEO’S and Business Executives’ breakfast meeting also highlighted the multiplier effect that can be achieved if more credit is extended to women in the SME space.

“To be able to expand and grow their business, having access to credit is very important. So for banks actively going out to give women businesses the opportunity to access loans for expansion is really critical.”

Credit Portfolio Analysis

The banking industry’s stock of gross loans and advances (both domestic and foreign) contracted by 12.0 percent in real terms to GH¢36.54 billion in December 20183 compared with the 4.2 percent contraction recorded in the same period last year.

Loans to the private sector (private enterprises and households) far outweighed loans to the public sector, accounting for 91.4 percent of the total stock of loans as at end-December 2018, with the remaining 8.6 percent going to the public sector.

Growth in private sector credit (excluding the loans under receivership) declined by 11.7 percent in December 2018, after recording a modest growth of 2.3 percent in December 2017. Banks’ credit stance on loans to households, however, continued to ease, resulting in a pickup in real growth of household credit to 28.6 percent in December 2018 from 11.7 percent in December 2017.

Household credit constituted 22.9 percent of the stock of total credit outstanding as at end-December 2018, while credit to private enterprises accounted for 66.3 percent. The share of indigenous private sector credit in total credit declined in favour of household credit between December 2017 and December 2018.

In terms of sectoral distribution, credit to commerce and finance accounted for the largest share (24 percent) of the industry’s outstanding credit as at end-December 2018. The services sector followed with a share of 21.5 percent of total credit.

–

By: Bobbie Osei/citibusinessnews.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)

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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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