Category: Banking And Finance
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DDE: Banks secure 5% coupon for 2023; other revisions
The government has revised some terms of its Domestic Debt Exchange Programme (DDEP) following discussions with the Ghana Association of Banks. Hitherto, the new bonds under the programs were not to accrue any interest until 2024, starting at 0% coupon in 2023 which steps up to 5% in 2024 and 10% from 2025. But after…
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Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments
Retail customers not interested in a rollover of their cocoa bills would now be paid using COCOBOD’s deposits at the banks. That’s the agreement reached among the Bank of Ghana, Ghana Cocoa Board (COCOBOD) and the commercial banks following the COCOBOD’s bills default. This comes after Government last week, defaulted in the payment of matured…
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Banks seek shorter maturities in local debt-swap deal
Ghanaian banks are holding out for better terms in a domestic bond-exchange program aimed at easing the government’s debt-service burden. This is according to Bloomberg. No bank will make a profit in 2022 if they accept the new bonds offered under the exchange, and some face collapse, according to two people familiar with ongoing talks…
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Zenith Bank ceases trustee services in unit trust schemes in Ghana
Zenith Bank Ghana Limited, a licensed Trustee that engages in Trustee activities in the securities industry and capital market in Ghana, has voluntarily requested to cease its unit trust services in the country. A statement issued by the Bank however noted that “all other businesses within the Capital Market are operational.” The statement by the…
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UBA Ghana Ranks No. 1 in Customer Experience by KPMG
United Bank for Africa (UBA) Ghana has been ranked number 1 in Customer Experience in the third edition of the KPMG Ghana Banking Industry Customer Experience (BICX) Survey. The survey which aims to understand customers’ banking experiences and their expectations from banks was conducted in 2022 surveying all 23 Banks in the Country. It covered…
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Banks will lose 60% revenue under Debt Exchange programme – Alex Mould
A former Executive Director of Standard Chartered Bank, Mr. Alexander Kofi-Mensah Mould, popularly called Alex Mould, has warned that the Akufo-Addo government’s debt exchange programme will have dire implications on the Ghanaian economy. According to him, if the debt exchange programme is carried out in its current form, it would result in many banks losing…
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Databank’s liquidity challenges being resolved – Kojo Addae-Mensah
Chief Executive Officer (CEO) of Databank, Kojo Addae-Mensah has disclosed that the fund management company is almost through with resolving its liquidity challenges. The firm had told its cherished clients that it is reeling under the impact of difficulties that have rocked the fund management industry owing to the macroeconomic crisis bedevilling the country. It…
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First National Bank collaborates with payment partners to resolve transaction debit issues
First National Bank is collaborating with its international payment partners to resolve transactional differentials on some accounts. About a week ago, First National Bank embarked on an exercise to resolve and reconcile debit card transactions carried out in December 2022 and early January 2023. This exercise required some exchange rate adjustments to customer balances with…
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Capital Bank case: Fitzgerald Odonkor, Tetteh Nettey acquitted and discharged
An Accra High Court has acquitted and discharged the Second and Third accused persons in the Capital Bank case, Tetteh Nettey and Rev Fitzgerald Odonkor. The two were both charged alongside the founder of the defunct bank Ato Essien. In April this year, Rev. Odonkor revealed that he was against the bank’s payment of GH¢27.5…
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Court accepts Ato Essien’s GH¢90m repayment terms
An Accra High Court has changed its position and accepted the GH¢90 million repayment terms on Ato Essien’s restitution deal. The Court presided over by Justice Eric Kyei Baffour last week rejected the settlement deal between state prosecutors and the embattled founder of now-defunct Capital Bank, Ato Essien. Justice Eric Kyei Baffour, a Justice of…