Author: Bobbie Osei
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Poor fiscal consolidation contributing to high interest rates – Dr. Addison
Governor of the Bank of Ghana, Dr. Ernest Addison has highlighted the country’s poor fiscal position as one of the reasons for the high lending rates in Ghana. According to him, among other things, the disparity in the country’s revenue and expenditure forces government to borrow from banks, leading to a crowding out of the…
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Bankers Association calls for increased ATM fraud education
The Ghana Bankers Association has called for increased education on ATM or Card fraud in the country. The 2020 fraud report from the Central Bank revealed that among other things, ATM or Card fraud accounted for 6.3% of the total number of reported cases, as compared to a proportion of 4.7% recorded in 2019. Also,…
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Financial institutions charged to procure advanced systems to deal with cyber threats
The First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari has challenged financial institutions to continuously examine the state of their security systems and design appropriate mechanisms to counter possible cyber threats. The financial sector, according to the 2020 Banking Industry Fraud report, saw the value of attempted cyber fraud in general rise…
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Improved SIM ecosystem will facilitate Ghana’s economic transformation – Joe Anokye
Director-General of the National Communications Authority (NCA), Joe Anokye, says he’s confident the ongoing SIM Card registration exercise will become a cornerstone for the country’s transformation. The ongoing SIM Card Registration Exercise, which has been questioned by some stakeholders, commenced on 1st October 2021. It is expected to among other things help develop and build…
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Rural Banks working to reduce cases of fraud – ARB Apex Bank
The ARB Apex Bank Limited, which serves as a “mini” central bank for Rural & Community Banks (RCBs) says the increase in different types of fraud in rural banks is a course for concern. According to the Bank of Ghana’s Banks & SDI Fraud Report for the year 2020, Banks and rural community banks recorded…
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Unregistered SIM cards after 6-month deadline will be deactivated – Ursula
Days into the SIM card registration exercise, the Minister of Communications and Digitalisation, Ursula Owusu-Ekuful has reiterated that all persons and businesses that fail to register their SIM cards by the end of the 31st March 2022 deadline, will have themselves to blame. According to her, unregistered SIM cards used by individuals and businesses after…
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Renegotiate old contracts in extractive sector – Economist urges government
Economist and lecturer at the University of Ghana, Dr. Adu Owusu Sarkodie has urged the government to consider renegotiating old contracts in the extractive sector which do not offer the country value for money. He also wants government to become an active participant in the production process in the extractive sector. Data from the Institute…
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Republic Bank introduces two new flexible mortgage repayment plans onto Ghanaian market
Republic Bank (Ghana) PLC has introduced onto the market two new and additional mortgage repayment plans that are targeted at giving home owners more flexible forms of repayment and saving on interest paid at the end of the loan term. This is the first of its kind in Ghana and provides customers the ability to…
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New directors of GOIL promise to improve the company’s profitability
Newly appointed directors of GOIL Company Limited have promised to prioritize the improvement of the company’s share value along with profitability during their tenure. Shareholders of GOIL at an Extraordinary General Meeting voted for and ratified the appointment of four individuals as new directors. The four include Mr. Reginald Daniel Laryea, Mr. John Boadu, Madam…
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Telcos Chamber cautions against taxing mobile money in Ghana
The Ghana Chamber of Telecommunications has urged government not to consider the possibility of taxing mobile money in the short to medium term. This follows ongoing concerns amongst mobile money agents and other stakeholders of a likely introduction of some taxes on mobile money transactions. Data from the Bank of Ghana over the years shows…