Category: Banking And Finance
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BoG justifies introduction of upgraded cedi notes
The Bank of Ghana (BoG) says the introduction of the upgraded cedi note is a normal exercise it undertakes to fight counterfeiting of the currency. The upgraded banknotes are scheduled to be in circulation from May 6, 2019. According to the central bank, both the old and the new notes will be used concurrently until…
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Tier 1 & 2 pension funds safe – Securities industry association assures contributors
The Ghana Securities Industry Association (GSIA) has given an assurance that pension funds being managed by members of the association are safe. According to the association, the regulatory framework around the management of pension funds was stringent and backed by more prescriptive guidelines that made it difficult for any of its members to divert funds…
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Banks must prioritize fight against cyber fraud—Zenith Bank CEO
The Managing Director and CEO of Zenith Bank Henry Oroh has called on stakeholders in the banking sector to prioritize investment into systems and structures that will give them utmost protection from the rising incidence of cyber fraud in the country. Ghana lost over $220 million dollars to recorded cybercrime cases between 2016 and 2018,…
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Informal sector to pay taxes through Mobile Money—Dr. Bawumia
The Ghana Revenue Authority (GRA) has announced that small scale self employed tax payers including commercial transport operators will soon pay taxes through mobile money. The authority says it is ready to launch an electronic payment platform for operators in the informal sector to improve tax collection. Currently only 200,000 taxable people in the informal…
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Ghana is far from debt distress level – Ken Ofori Atta
The Finance Minister Ken Ofori Atta has refuted claims that Ghana stands a high risk of debt distress. The Economic Commission for Africa has listed Ghana as part of countries whose debt levels raise concern about ability to withstand the impact of the move on their economies. Ghana’s debt is stood at 173.2 billion cedis as…
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GRA starts implementation of 50% slash on import values
The Ghana Revenue Authority (GRA) has directed valuating agencies at the ports to effect changes in their valuation for imports effective Thursday [April 4, 2019]. A memo signed by Commissioner General of Customs, Isaac Crentsil to the agencies asked them to adjust the mechanism in accordance with the new directives from the government. Portions of…
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IMF exit conditions caused exchange rate spikes in March – Bawumia
Vice President, Dr. Mahammadu Bawumia has blamed the depreciation of the cedi the country experienced in March 2019 on some of the exit conditions by the International Monetary Fund (IMF) programme. According to him, the Bank of Ghana had to implement reforms to ensure an increase in the country’s international reserves in a bid to end…
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BoG didn’t pump money into economy to stabilize cedi – Bawumia
The Bank of Ghana did not inject $800m into the country’s international reserves in order to stabilize the cedi when it sharply depreciated against its major trading currencies in March 2019. This is according to the Vice President, Dr. Mahamudu Bawumia. Dr. Bawumia, who is also the chairman of the government’s Economic Management Team while…
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SEC increases capital requirement for capital market operators
The Securities and Exchange Commission (SEC) has indicated that it will increase the minimum capital requirement for companies operating within the Capital Market by end of year. The companies include Fund managers, mutual funds, unit trusts, broker dealers and custodians. Fund Managers for instance will have their present minimum capital of Ghc100,000 increased to Ghc2…
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adb gets 146.6 million cedis from shareholders
Adb bank has raised an additional 146.6 million cedis from shareholders to shore up the bank’s capital level. The move also follows the bank’s renounceable rights issue that it embarked on in March. Information available to Citi Business News also indicates that the shares will be available for trading on the local bourse from Friday,…