Category: Banking And Finance
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Ekow Afedzie appointed acting MD of Ghana Stock Exchange
The current Deputy Managing Director of the Ghana Stock Exchange (GSE), Ekow Afedzie, has been appointed to act as the Managing Director effective August 1. Kofi Yamoah, current Managing Director is expected to retire at the end of October 2019 but will commence his terminal leave from August 1. Mr. Afedzie has worked…
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Vodafone partners Zenith Bank to deliver mobile financial services
Vodafone Ghana, one of the leading telecommunication companies in the country and Zenith Bank, have joined forces to enhance the delivery of mobile financial services to the citizenry. The partnership, according to a statement from Vodafone Ghana grants Zenith Bank, the ability to support Vodafone’s cash hubs and agents with liquidity, whilst acting as…
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Consolidated Bank to publish financial statements by August – CEO
The 2018 full year and 2019 half year financial statements of the Consolidated Bank Ghana (CBG) Limited should be published by the first week in August. It will follow the completion of the review of the documents by the regulator. The Managing Director of Consolidated Bank Ghana Limited, Daniel Addo who disclosed this assured all…
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SEC commences forensic investigations into 21 investment firms
The Securities and Exchange Commission (SEC) has disclosed that it is currently conducting a forensic audit into the operations of about twenty companies within the securities market. Deputy Director-General of the SEC, Paul Ababio tells Citi Business News the exercise should inform the next line of action in eliminating non-compliant companies and protect investor funds.…
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More DKM Microfinance customers to be paid from next month
The Registrar-General, the Official Liquidator for defunct Diamond Microfinance Limited (DKM), has announced that it will from 1st August, begin the payment process of dividends to depositors who submitted new claims as well as depositors who were unable to validate their claims back in February this year but have since done so. The announcement follows a…
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Zeepay targets 150m mobile money subscribers in 20 African countries
Zeepay, a leading African financial technology (fintech) company, is seeking to reach more than 150million mobile money wallets in 20 African countries as it partners global remittance giants to transfer monies directly to these mobile money wallets. Andrew Takyi-Appiah, Managing Director of Zeepay, speaking at the launch of Ria2Mobile in partnership with Ria Money Transfer…
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Dr. Addison casts doubt on new Eco common currency adoption strategy
Governor of the Bank of Ghana, Dr. Ernest Addison, has suggested that the strategy for the adoption of the eco, as a common currency for the West Africa sub-region, could fall short again. Dr. Addison speaking at last Friday’s Monetary Policy Committee’s press conference in Accra stated that adoption of the common currency must be…
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Growing external debt component is cause for concern – Prof. Quartey
Director of Economics at the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey has cautioned that the cedi is at risk of depreciation due to the rising external component of Ghana’s public debt. Out of the total GHS200 million debt figure as at May this year, the external component reached GHS105.4 billion…
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Stanchart launches SC keyboard on banking app
Standard Chartered has launched a Social Banking Solution, SC Keyboard as part of its digital drive. The feature is part of the Bank’s Full Digital Bank on Mobile – SC Mobile and allows the Bank’s customers to access a variety of financial services from within any social or messaging platform without having to open the…
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IFS warns real budget deficit may exceed 5% by end of 2019
The Institute for Fiscal Studies (IFS) is warning that government may record a real budget deficit of more than 5 percent of GDP if government does not reduce its appetite for borrowing. According to the IFS, even though government has outlined measures not to overspend, the trend rather shows that government is borrowing outside its…