Category: Banking And Finance
-
Standard Chartered donates to the Accra Rehabilitation Centre
The staff of Standard Chartered last Friday undertook a clean-up exercise at the Accra Rehabilitation Centre and also donated assorted items for the upkeep of the students at the Centre. Commenting on the essence of the initiative, Asiedua Addae, Head of Corporate Affairs, Brand and Marketing said the outreach was part of activities to mark the…
-
Stop paying facilitation fees to middlemen for wholesale deposits — BoG warns banks
The central bank has directed banks and other specialised deposits institutions to, as a matter of urgency, desist from paying facilitation fees to middlemen or agents that assist in securing wholesale deposits. The Bank of Ghana in a statement issued on Wednesday said it made the observation during the recent banking industry clean up exercise.…
-
Banks must be prudent after banking sector clean-up — FBN Bank MD
Managing Director of FBN Bank Ghana, Victor Yaw Asante has advised banks to be more prudent in their operations to ensure a robust banking sector. This, he believes, will prevent them from going back to the state within which it was before the banking sector cleanup by the Bank of Ghana. The Central Bank increased…
-
PAC won’t hesitate to recommend prosecution of guilty persons — Avedzi
Chairman of the Public Accounts Committee in Parliament James Klutse Avedzi says they won’t hesitate to recommend prosecution of all persons involved with the about 2000 auctioned cars that are currently unaccounted for, according to the 2018 Auditor General’s report. According to the report, a total of 1,719 vehicles that were auctioned by the Customs Division of the Ghana Revenue…
-
EIU predicts shutdown of investment banks this month
Economist Intelligence Unit (EIU) a global business intelligence provider is predicting a number of struggling investment banks will be shut down this month by the Securities and Exchange Commission. SEC has been probing a number of investment firms for the misapplication of some GH¢5 billion in risky investments. Deputy Director-General at the Securities and Exchange…
-
Ghana launches 2018 PEFA report
Ghana over the weekend launched the 2018 edition of the Public Expenditure and Financial Accountability (PEFA) report in Accra. PEFA is a tool for assessing the status of Public Financial Management (PFM). The report, which is the fourth edition, establishes a baseline for PFM performance, using the revised Framework that came into effect in early…
-
![[Article] A smart investor is an informed investor](https://citibusinessnews.com/wp-content/uploads/2019/06/bank-of-ghana.jpg)
[Article] A smart investor is an informed investor
In recent times, the financial sector in Ghana has come under strict scrutiny from its regulators. The Bank of Ghana (BOG) for instance, has been very stern in whipping both Financial and Non-Bank Financial Institutions into shape. The result of this exercise has led to the collapse and revocation of the license of seven (7)…
-
Customers, workers of distressed financial institutions cry out
Despite government spending as much as GH¢12 billion on the financial sector clean up, the effect of the exercise has not seemed to trickle down to customers who largely complain about their inability to access their deposits. The Bank of Ghana’s clean up exercise started with the banking sector where a total of nine banks…
-
Nana Araba Abban appointed Ecobank’s Head of Group Consumer Banking
Ecobank Transnational Incorporated (ETI), the Lomé-based parent company of the Ecobank Group, has announced appointment of Nana Araba Abban as Group Consumer Banking Head with immediate effect. Nana will be a member of the Group Executive Committee and report directly to the Group Chief Executive Officer. Nana Araba Abban is a Chartered Accountant (FCCA) with…
-
EIU backs Bank of Ghana to keep inflation in check for at least 4 years
The Economist Intelligence Unit (EIU) is forecasting that the Bank of Ghana will succeed in keeping inflation within its medium target of between 8-10 percent for at least the next three years. According to the EIU in its latest country report, the consumer price index is not going to go beyond the 10 percent mark.…