Category: Banking And Finance
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Bawumia set to launch GhIPSS card with dual functionality
Vice-President Dr. Mahamudu Bawumia will on Wednesday, August 7, launch a GhIPSS bank card, which has the functionalities of an e-zwich and gh-link card, as part of efforts to encourage the use of cards for transactions. It is to provide the public with the option of carrying one card with dual functionality instead of two…
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Legacy debt repayment: Banks to access another tranche by end of August
Banks that are exposed to the legacy debts within the energy sector say they are expecting some disbursements by the end of this month to defray part of the outstanding debt. They are also anticipating a swift clearing of the remaining amount with Parliament’s approval of the increase in the Energy Sector Levy. The NPP…
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Workers of Trust Microfinance take on PwC over unpaid salaries
Some workers of Trust Microfinance have expressed their dissatisfaction over the non-payment of their salaries by the Receiver, Eric Nana Nipah of Price Water House Coopers (PWC) after the Bank of Ghana revoked the company’s license. The workers tell Citi Business News their contracts have also not being renewed. “The first week of the revoking…
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Ghana needs US$10billion annually to meet infrastructure demand — Ofori-Atta
The government will need up to US$10 billion a year to achieve its infrastructure demand. Finance Minister, Ken Ofori-Atta told the press after the African Caucus Meeting held in Accra. According to him, although Ghana’s debt keeps rising like other African countries, borrowing still remains an alternative for raising funds for development. “The problem is…
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BoG likely to shut down 20 savings and loans companies
The Bank of Ghana’s decision to close down more than half of the 37 licensed savings and loans companies is imminent, a source close to the central bank has told Citi Business News. According to the source, who asked not to be named, about 20 struggling savings and loans companies would have their licenses revoked…
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Republic Bank optimistic about govt’s new mortgage financing plan
Banks which have been selected to undertake the government’s National Housing and Mortgage Finance initiative say they are expectant of the prospects of the program in bridging Ghana’s housing gap. One of such banks, Republic Bank, believes its competitive rates should help to ease the burden of prospective homeowners. The Finance Minister Ken Ofori-Atta in…
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Africa’s Transformation Beyond Aid is a must — Akufo-Addo
Africa’s transformation beyond aid is a must, President Nana Addo Dankwa Akufo-Addo has charged. The President addressing the 2019 African Caucus Meeting in Accra said African countries can tap into their youthful and dynamic workforce to drive their economies, and make the continent a powerhouse in the global economy. The annual Africa Caucus meeting brought…
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FBN Bank launches campaign to reward customers
FBN Bank has embarked on a campaign to reward its customers for their loyalty to the bank. The campaign dubbed ‘Save and Win’, according to the bank’s Managing Director Victor Yaw Asante is aimed at promoting a savings culture among its customers. Speaking at the launch of the campaign in Accra, Mr. Asante said, “We…
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Dr. Addison appointed co-chair of Swiss-based Financial Stability Board
Swiss-based Financial Stability Board (FSB) has appointed Governor of the Bank of Ghana, Dr. Ernest Addison as a Co-Chair of the Regional Consultative Group for sub-Saharan Africa effective July 1, 2019. Dr. Addison will be working with Governor of the Reserve Bank of South Africa, Lesetja Kganyaga to jointly Chair the Regional Consultative Group of…
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SEC probes fund managers for GH¢5bn locked up in ‘shady’ deals
The Securities and Exchange Commission is investigating money managers for locking up as much as GH¢5 billion in risky investments they’re struggling to retrieve for clients. The funds are stuck in short-term unlisted bonds, direct private-equity stakes and related-party deals for small- and medium-sized businesses, said Paul Ababio, deputy director-general at the Securities and Exchange…