Category: Banking And Finance
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BoG has no plans of increasing savings & loans minimum capital requirements — Second Deputy Governor
The Bank of Ghana has said it has no immediate plans of increasing the minimum capital requirements for savings and loans companies despite a number of them facing distress times and difficulties in meeting customers’ obligations. The Second Deputy Governor of the central bank, Mrs. Elsie Awadzie, speaking at the 9th Annual General Meeting (AGM)…
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Parliament approves annual public debt report amidst heated debate
Parliament has approved the Annual Public Debt Report for the 2018 Financial Year after a heated debate between the Majority and Minority members on the floor of the House on the figures presented. The Minority caucus criticized the government for bloating the nation’s debt stock from GH¢122 billion to GH¢173 billion, whilst the Majority…
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NIC raises minimum capital requirement for insurance companies by over 200 percent
The National Insurance Commission (NIC), the insurance industry’s regulator, has increased the minimum capital requirement of insurance companies by over 200 percent. A statement issued by the commission said the increment comes after a series of consultations with stakeholders since 2017. It said it also considered the developments within the financial landscape over the period.…
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Akufo-Addo backs Bank of Ghana to ensure financial sector is sound
President Akuffo Addo has charged the central bank to maintain a fit financial sector by ensuring strict adherence to the various laws governing the sector. The president made these remarks while delivering his keynote address at the ongoing 2019 SWIFT African Regional Conference in Accra. President Akuffo Addo, who opened the SWIFT African Regional Conference,…
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#CitiBizFestival: Cultivating a savings habit will secure the future – Paul Kofi Mante
Investment analyst and Managing Director of EDC Investment, Paul Kofi Mante has advised workers to cultivate a savings habit by putting away about 20 percent of their income into an investment. He explained that cultivating a savings habit will not only sustain workers in difficult times but will also make workers financially independent. Speaking on…
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Investment banker Mahama Iddrisu passes on
Information reaching Citi Business News indicates that Investment Banker, Mahama Iddrisu has died. He passed on Sunday (June 16, 2019). Mr. Mahama Iddrisu was the former Managing Director of the Ecobank Development Corporation (EDC) Stock Brokerage Limited. Mr. Iddrisu was an Investment Banker who contributed to various discussions on Citi Business News. He had an…
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SSNIT calls for a review of contribution rate
The Social Security and National Insurance Trust (SSNIT) has called for a review of the contribution rate of workers to enable it to sustain the pension scheme and to pay workers higher pensions. Currently, the contribution rate is 11 per cent of basic salary but SSNIT wants it reviewed to 19.2 per cent. At the…
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Completing financial sector clean-up is urgent — World Bank tells BoG
The outgoing Country Director of the World Bank, Henry Kerali has said the Bank of Ghana urgently needs to complete its ongoing financial sector clean-up exercise. The Bank of Ghana financial sector reforms since 2017 has led to the closing down of nine banks, close 400 microfinance, and microcredit institutions. The central bank has served…
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21 people being prosecuted for financial misappropriation — Bawumia reveals
Vice President Dr. Mahamudu Bawumia on Friday said the government is putting effective administrative systems and strengthening anti-graft institutions in the quest to combat corruption in the country. In view of that, he said, 21 persons were undergoing trial for misappropriation of public funds and assured of government’s commitment to supporting such prosecutions no matter…
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Loan defaulters reach out to receiver of consolidated banks as ultimatum expires today
Some loan defaulters of the seven collapsed banks merged into Consolidated Bank Ghana, have reached out to the receiver, Nii Amanor Dodoo of KPMG, to discuss new terms of their indebtedness as a one-month ultimatum issued by the receiver elapses today, June 14, 2019, Citi Business News has learned. The receiver in a notice published…