Category: Banking And Finance
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Ghanaians cautioned against delaying saving for old age – Databank CEO
Group Chief Executive Officer at Databank Kojo Addae-Mensah has cautioned Ghanaians on the dangers of delaying saving for retirement, saying such delays is the reason why some people invest in risky investment schemes that promise high returns. According to him, the caution is warranted following insights gathered by Databank about the poor attitude to retirement…
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We’ll work with Bank of Ghana to fix challenges — ARB Apex Bank
The ARB APEX Bank Limited has assured the public that it will work together with the Bank of Ghana to address challenges facing some rural and community banks to ensure that funds of depositors are protected. Kojo Mattah, Managing Director of ARB APEX Bank Limited, gave the assurance in a speech delivered on his behalf…
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Spending over 96% of supplementary budget on debts is crucial – Prof. Quartey
Government’s decision to use almost 97% of its supplementary budget to pay debts may be described as better late than never. That is the position of the Director of Economics at the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey. His comments come on the back of analysis by Citi Business News…
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#GHBudget: Ten things to note from the 2019 Mid-Year Budget
The Finance Minister Ken Ofori-Atta on Monday, July 29, 2019, appeared in Parliament to present government’s mid-year budget and supplementary estimates in line with the Public Financial Management Act, 2016 (PFMA) Act-921. Citi Business News unpacks the budget presented into 10 salient points. GDP growth has been revised to 7.1 percent from 7.6 percent The…
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Receiver pays Gh¢21.7m to 33,000 microfinance depositors
The Receiver of the 347 microfinance companies (MFCs) whose licences were revoked by the Bank of Ghana (BoG) has so far paid GH¢21.7 million to approximately 33,000 depositors. This is out of GH¢480 million validated and agreed claims by 66,000 depositors as at July 19, 2019. The Receiver has received claims from approximately 140,000 depositors,…
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#GHBudget: Financial sector clean-up could cost GH¢21 billion
The cost of cleaning up the financial sector could cost as much as US$4 billion, which is about GH¢21 billion, Ken Ofori-Atta, Finance Minister has said. The Finance Minister speaking on the floor of Parliament today said the government had to step in to protect the integrity of the sector as well as protect depositors…
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Domestic revenue falls short by GH¢4.2 billion; fiscal deficit target missed
Domestic revenue mobilization target fell short of its target for the first half of 2019 by about GH¢4.2 billion, the Finance Minister Ken Ofori-Atta has told Parliament. Government over the past three years has struggled to achieve its revenue targets and this year’s shortfall comes as a little surprise. Explaining the reasons behind the shortfall,…
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#GHBudget: Banking sector reforms will create more jobs — Ofori-Atta
Finance Minister Ken Ofori-Atta has said that the banking reforms undertaken by the central bank will support the creation of more jobs. Presenting the mid-year budget review in Parliament today, Mr. Ofori-Atta said the reforms have created more resilient banks that can support the economy and businesses and thus the creation of more jobs. The…
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FBNBank repositioned to aid Ghana’s economic development agenda – Dr. Adeduntan
The Chief Executive Officer (CEO) of First Bank of Nigeria Limited and Subsidiaries, Dr. Adesola Kazeem Adeduntan (FCA), has disclosed that FBNBank Ghana is well-capitalized to help drive Ghana’s economic growth and development agenda. Dr. Adeduntan who recently paid a day’s working visit to Ghana to interact with the Management and Staff of FBNBank introduced…
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Bank of Ghana records GH¢793 million loss in 2018
The Bank of Ghana (BoG) last year recorded a loss of GHS793 million resulting from its operations, the bank’s 2018 Annual Report, has shown. The figure represents a more than 50 percent drop from the GHS1.6 billion the bank made in 2017 when the troubles from the banking sector were at their peak. The central…