Category: Banking And Finance
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Funds of 5 collapsed investment companies safe–SEC
The Securities and Exchange Commission (SEC) has assured customers of five collapsed fund management firms that their investments are safe. Last week, the S.E.C revoked the licenses of the companies for breaching rules guiding their operations. The companies include; Georgetown Capital Partners Limited, Equity Capital Limited, Index Analytics Limited, DM Capital limited and Oxygen Advisory…
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BOG warns public of export and import of foreign currencies
The Bank of Ghana(BoG) has warned of severe consequences for persons who flout its rules concerning the importation and exportation of foreign currencies. In an announcement to the public, the central bank stated that it has powers under the Foreign Exchange Act, 2006 (ACT 723) to make rules governing the importation of foreign exchange and…
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Stanbic MD backs BoG’s request for updates on collapsed banks
Managing Director of Stanbic Bank, Alhassan Andani has backed the Central Bank’s decision to compel receivers of the seven collapsed banks to present a quarterly update. Mr. Andani is hopeful this will ensure discipline within the banking space. His comments come at the Central Bank’s frustration over the slow pace of work by receivers of…
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Fidelity bank records GH¢164m in profits for 2018
Fidelity bank posted a profit after tax of 164 million cedis in 2018. This is 82 percent higher compared to the previous year’s performance. Within the period, the bank also worked to reduce its exposure to impairment by 17 percent. The management attributed the development to its strengthened credit risk policies. Speaking to Citi Business…
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Govt cautioned to maintain fiscal discipline to sustain Cedi stability
Majority of participants at the Graphic Business Stanbic Bank Breakfast Meeting have cautioned government to maintain fiscal discipline to help sustain the stability of the Cedi against other trading currencies, especially the US Dollar. According to them, there is the need to follow fiscal policies that will create room for a balanced trade market to…
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Govt will achieve IMF, World Bank growth projections—Ofori-Atta
Finance Minister, Ken Ofori-Atta has stated that Ghana will meet its 2019 growth projections set by the International Monetary Fund (IMF) and World Bank. Some analysts have questioned the significance of the 8.8 percent and 7.6 percent growth rate projections made by the IMF and World Bank for Ghana’s Economic growth for 2019, saying that…
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Telcos start payment of interests on mobile money for 2019
Users of mobile money services of the various telecommunication companies should be receiving interests on their wallets for the first quarter of 2019, by the end of this week. It comes on the back of the publication of the interest payment calendar by the Bank of Ghana. The payment calendar for interests on mobile money…
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TUC, other groups sign MoU with gov’t to participate in management of economy
The Trades Union Congress (TUC) and the Employers Association have signed a Memorandum of Understanding with the Finance Ministry and the Ministry of Employment and Labour Relations for effective participation in discussions relating to the management of the economy. The TUC and the Employers Association now have a slot to make inputs into policies pertaining…
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Commodity prices, cedi depreciation push Producer Price Inflation up to 6.7%
The producer price inflation rose to 6.7 percent in March 2019. This is 3 percent higher compared to the 3.7 percent recorded in the same period in 2017. The Ghana Statistical Service attributes the rise to the prevailing prices of commodities like gold and petroleum on the international world market. The Government Statistician, Professor Samuel…
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Gold Coast Fund Management engages SEC over liquidity issues
Gold Coast Fund Management (GCFM) has welcomed confirmation by the Securities and Exchange Commission (SEC) that it is seriously engaging with the company to find a lasting solution to the liquidity crisis it is facing. The Commission has revealed it has received and started reviewing proposals from GCFM, the biggest fund manager, on how the…