Category: Banking And Finance
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Parliament defers passage of GHc2bn for Ghana Amalgamated Trust
The Government’s decision to support five local solvent but undercapitalized banks through the Ghana Amalgamated Trust (GAT) suffered a setback on Wednesday as Parliament deferred the passage of a GHc2 billion cedis sovereign guarantee for use by the Trust. After a debate on the Finance Committee report which recommended its approval by majority decision, the…
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Fuel prices to increase further if cedi depreciation continues—OMCs warn
Oil marketing companies (OMCs) are bemoaning the dire impact the cedi depreciation is having on their operations. The OMCs warn they may be forced to increase their prices at the pumps if the rate of depreciation continues. The local currency has depreciated more than 8.5 percent this year, hitting GHS5.54 from GHS4.99 at the beginning…
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Disregard ‘erroneous’ media reports about GRA boss – GRA
The Ghana Revenue Authority has denied reports that the Commissioner-General and two other commissioners of the authority have been removed. According to the GRA, the erroneous impression that the Commissioner General has been ‘cleared out’ of office is untrue. A press release signed by the Assistant Commissioner in charge of public affairs, Kwasi Bobie-Ansah, said…
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Ghana Commodity Exchange signs MoU with Barclays Bank
The Ghana Commodity Exchange and Barclays Ghana, a member of the Absa family, signed a Memorandum of Understanding to cooperate with each other in building a framework for the settlement of trades as well as the provision of financial services to exchange actors. As part of this MOU, Barclays Ghana, the biggest lender to the…
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Republic Bank sets Corporate Banking Unit in Takoradi
Republic Bank Ghana, a subsidiary of Republic Financial Holding Limited has set up a Corporate Banking office at its improved Takoradi branch. This was revealed by the Managing Director of the Bank, Anthony Jordan during the commissioning of the new Takoradi branch last week Friday. According to the Managing Director, Republic Bank has long since…
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Absa Group reports increase in 2018 earnings
Absa Group Limited, one of Africa’s largest financial services providers, reported an increase in revenue and earnings for 2018, a year of almost unprecedented corporate activity as the group repositioned itself for delivery against a new growth strategy as an independent African bank. Normalised headline earnings increased 3% to R16.1 billion compared with 2017 and…
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Ex-UT, Capital bank staff to meet GCB management over contract termination
Ex-workers of defunct UT and Capital Banks are scheduled to have a meeting with the management of GCB Bank over the termination of their contracts. Overall, 56 ex-staff of the banks were affected after the GCB Bank said they did not possess the minimum qualification required to work with the bank. Although the workers have…
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‘Payment Systems and Services Bill’ to be passed in June– BoG
The Bank of Ghana(BoG) says it is confident that works on the Payment Systems and Services Bill being done by parliament will be completed by the end of June this year. The Payment Systems and Services Bill has been in parliament for about 2 years. When passed into law it is expected to further strengthen the regulatory…
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Gov’t must enforce strict anti-money laundering cyber rules-Analyst
Some cyber security analysts are calling on government to ensure that there is strict adherence to cyber security and anti-money laundering regulations in the country. The call comes as the European Union has rejected a proposal by the EU Executive Commission to include Ghana and 22 other countries to its dirty money list. Ghana was…
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‘Go Lite with Zenith Bank’ launched to promote cashlite system
The Managing Director and CEO of Zenith Bank Henry Oroh has reiterated the bank’s commitment to supporting the Bank of Ghana(BoG) to promote a cash-lite economy in Ghana. According to him, a lot of progress has been made in the promotion of a cashless economy, but more needs to be done. Available data from the…