Category: Banking And Finance
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Ursula Owusu-Ekuful accuses telcos of milking consumers over CST deduction
Communications Minister Ursula Owusu-Ekuful has accused the mobile telecommunications companies of milking consumers over the implementation of the recently increased Communication Service Tax (CST). In a letter written to the National Communication Authority (NCA), the Minister said before the increment in the CST from 6 to 9 percent, telcos were absorbing the tax. However, the…
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ICAG to meet accountants, firms that worked for collapsed financial institutions
The Institute of Chartered Accountants (Ghana), the country’s regulator of the accountancy is set to meet with accountants and accounting firms that worked with financial institutions that lost their licenses in the Bank of Ghana clean up. This latest action follows a similar one where four accounting firms were fined by the regulator for their…
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State charges Ato Essien, 3 others over Capital Bank collapse
The state has charged William Ato Essien, founder of defunct Capital Bank, together with three others with 26 offenses leading to the collapse of Capital Bank in 2017. The charge sheet presented to an Accra High Court also included three others: Rev. Fitzgerald Odonkor (former CEO of the Bank), Tetteh Nettey and Kate Quartey-Papafio (CEO,…
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Fidelity Bank gives hope to less privileged children at Chorkor
Fidelity Bank in collaboration with the Give Me Hope Foundation has provided support to 30 less privileged children of school-going age at Chorkor to go ‘Back to School’. The educational support which includes exercise books, school uniforms, school bags, stationery and shoes were distributed to the less privileged children in the community. This was part…
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Controlling forex supply: BoG to auction additional $125m
The Bank of Ghana is seeking to auction a total of $125,000,000 for the fourth quarter of 2019; spanning October to December. The exercise is expected to be carried out in five tranches covering the three months. For each tranche, the Central bank is seeking to auction $25,000,000. A notice by the Bank of Ghana…
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Political will coupled with more tax revenue needed for fiscal stability — Economist
Ahead of election 2020, some key stakeholders in the economy have reiterated the need for political commitment to ensure Fiscal discipline (i.e an ideal balance between revenues and expenditure of government) in the short to medium-term. A key step to ensure such discipline came in the Fiscal Responsibility Act which was assented to by President…
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Receiver grants new lifeline to customers of collapsed S&L, finance houses to file claims
Depositors and creditors of the 23 collapsed savings and loans companies and finance houses who could not submit their claims have been granted another lifeline to do so — they now have up to October 18, 2019, to file their claims. A statement issued by the receiver on Monday, October 7, 2019, said: “The Receiver…
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Fidelity Bank MD writes: Together we’re more
“Praye, se woyi baako a na ebu: wokabomu a emmu” – When you remove one broomstick it breaks but when you put them together they do not. This often repeated Akan proverb is relevant today because there’s no time like now to take stock, and appreciate what a unified effort achieves. In unity lies our…
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Adapt to changes to stay afloat — APEX MD tells RCBs
The Managing Director of the ARB Apex Bank, Kojo Mattah, has underscored the need for Rural and Community Banks (RCBs) to adapt to the evolving changes on the business front, and for that matter in the banking space in order to be relevant. He said there are many transformations taking place on the business landscape,…
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Zenith Bank Ghana celebrates 14th Anniversary
Zenith Bank Ghana took the opportunity of its 14th anniversary to entrench the leading role it has been playing in the banking landscape with carefully curated activities aimed at adding value to society as well to the Bank. As one of the most decorated Banks by way of industry awards as well as a very…