Category: Banking And Finance
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SSNIT to cease lump sum pension payments from 2020 – Employment Minister
From next year (2020), all pensioners on the new pension scheme, will access their lump sum payments from the managers of pension schemes other than the Social Security and National Insurance Trust (SSNIT). By this, the state pension’s manager, SSNIT will only be mandated to pay monthly benefits to pensioners. Employment and Labour Relations Minister,…
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Ofori-Atta to present mid-year budget on July 17
Minister of Finance Ken Ofori Atta is expected in Parliament on July 17 present the 2019 mid-year review and supplementary budget. The Minister is enjoined by the Public Financial Management Act to present a mid-year review to Parliament six months after the presentation of the main budget for the fiscal year. The Minister in a…
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January 2020 roll out date for Eco ‘tentative’ – Peter Quartey
The announcement by the Heads of State of ECOWAS on the adoption of a common currency, the ECO, is rather a declaration of intent than action. That is the position of the Director of the Economics Division at the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey. He has therefore urged the…
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GHc33 million missing cash report not true – Exim Bank
The Ghana Exim Bank has described as false a publication by the Herald Newspaper suggesting that 33 million cedis has gone missing at bank. A rejoinder signed by the Head of Corporate Affairs, at the Ghana Exim Bank, Richard Osei Anane and copied to the National Media Commission described the “publication as malicious, mischievous and…
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Standard Chartered awarded Digital Bank of the Year
Standard Chartered Bank Ghana Limited, has for the second consecutive year been named the Digital Bank of the Year at the Ghana Information and Technology Awards (GITTA). This is an affirmation of the Bank’s leading role in digitisation. In 2015 the Bank increased investment in digital platforms to meet its client needs through an enhanced end-to-end…
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African countries risk going back to HIPC debt levels with increased borrowing — Fmr Governor, Central Bank of Nigeria
The Former Governor of the Central Bank of Nigeria, Charles Soludo, is warning that sub-Saharan African countries that got huge debt forgiveness under the High Indebted Poor Countries could find themselves buried under debt once more if borrowing appetite is not curtailed. More than 30 countries in sub-Saharan Africa were beneficiaries of the World Bank…
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ECOWAS adopts Eco as single currency for sub-region
Beginning in January 2020, countries within the West African sub-region will be able to use a single currency called ECO. The currency was adopted by the Authority of ECOWAS Heads of State and Government on Saturday in Nigeria’s capital Abuja. The West African leaders endorsed the currency at their 55th Ordinary Session and approved a…
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Government to review luxury vehicle tax in Mid-Year Budget
The Ministry of Finance has announced plans to review the luxury vehicle tax introduced in the 2018/2019 national budget. Under the law, vehicles with engine capacity above 3.0 are charged fees ranging from 1000 cedis and above. The law has been criticized by car dealers and vehicle importers, arguing that it has increased their cost…
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Breaking: Government to review luxury vehicle tax in mid-year — Ofori-Atta
The Ministry of Finance has announced plans to review the luxury vehicle tax introduced in the 2018 national budget. Under the law vehicles with engine capacity above 3.0 Litres are charged fees ranging from GHS1,000 and above. The law has been criticized by car dealers and vehicle importers, arguing that it has increased their cost…
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Increased foreign currency deposits contributed to cedi’s depreciation – BoG report
A latest banking sector report has shown that the increased deposits of foreign currency partly contributed to the depreciation of the cedi recorded within the first four months of 2019. According to the banking sector report spanning activities between January to April 2019, foreign currency that were deposited at banks increased by 28.2 percent in…