Author: Pius Amihere Eduku
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BoG to sanction banks, other SDIs for misuse of incentives amidst COVID-19 pandemic
The Bank of Ghana has served notice that it will not fail to sanction banks and other Specialized Deposit Taking Institutions (SDIs) that fail to efficiently utilize its interventions to increase their liquidity to contain the impact of the coronavirus pandemic. At the recently concluded MPC meeting, the central bank announced some major reviews to…
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Ghana’s Balance of Trade hit $780m in February 2020 – BoG
Ghana’s total exports exceeded imports by 780 million dollars as at February this year, representing 1.1 percent of the total value of all goods and services produced in the country. This year’s figure is also an increase compared to the 378 million dollars or 0.6 percent of Gross Domestic Product (GDP), recorded in February 2019.…
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Reduced policy rate must reflect in banks’ lending rate – Prof. Assibey
Economist, Professor Eric Osei Assibey, says banks must ensure that the reduction in the policy rate must impact the cost of credit to enable local manufacturers bridge the shortfall in the supply of some goods in the wake of the coronavirus pandemic. The Monetary Policy Committee (MPC) of the Bank of Ghana has reduced its…
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GCB Bank provides GH¢100,000.00 support for covid-19 fight
Ghana’s largest bank, GCB Bank Ltd, has provided GH¢100,000.00 support to the government of Ghana to help the national fight against the spread of the coronavirus (COVID-19) in the country. The donation was presented through the Ministry of Health at a ceremony on Friday, March 20, 2020. The Managing Director of GCB Bank, Mr. Anselm…
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Ecobank Transnational Incorporated makes two new appointments to its board
Ecobank Transnational Incorporated, ETI, has announced two new appointments and changes on its Board of Directors. Dr. George Agyekum Nana Donkor has been appointed as a Non-Executive Director to replace Mr. Bashir Mamman Ifo as the representative of ECOWAS Bank for Investment & Development (EBID) on the Board of ETI. Dr. Donkor was recently appointed…
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Aviation Minister impressed with COVID-19 safety measures at KIA’s cargo section
The Minister of Aviation, Joseph Kofi Adda, he is satisfied with the measures put in place by various cargo operators at the Kotoka International Airport to prevent the possible spread of the coronavirus. He has however indicated that there would be sustained regular monitoring by the Ministry to enhance the necessary safety mechanisms. Already, the…
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Containing COVID-19: BoG removes charges for some momo transfers, adjusts limits
The Bank of Ghana has announced that electronic transfer of money of up to GH¢100 will not attract any charge from March 20, 2020. In a statement, the Central bank said the decision however excludes cash out transactions on the same network or to different networks. According to the Bank of Ghana, the move is…
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BoG cuts policy rate to 14.5% as it weighs economic impact of COVID-19
The Monetary Policy Committee (MPC) of the Bank of Ghana has reduced the policy rate to 14.5%. This is a 150 basis points reduction in the rate which had been kept unchanged at 16 percent for at least five consecutive times. The policy rate determines the rate at which the central bank lends to commercial…
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GRIDCo partly blames power outages on lack of funds to purchase fuel
The Ghana Grid Company, GRIDCo, has blamed the lack of sustained financing to fuel the various dual power generation plants as partly accountable for the intermittent power outages experienced in parts of the country. According to the power transmission company, Ghana’s ability to resolve the recurring problem should ease the apprehension associated with intermittent power…
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Enterprise Group donates GH¢20.1m to three institutions to contain spread of COVID-19
As part of measures to help contain the spread of the coronavirus pandemic in Ghana, Enterprise Group has presented an amount of GH¢20.1 million, comprising an insurance package and cash donations, to three key institutions to aid their work. Following the announcement of recorded cases in Ghana which stands at seven, there have been calls…