Category: Banking And Finance
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Defunct Heritage bank workers asked to go home
The Receiver of defunct Heritage Bank, Vish Ashiagbor has directed that all branches of the bank across the country should cease operations except the Tema Community 1, and Suame – Kumasi branches. A letter by Vish Ashiagbor sighted by Citi Business News said “Consolidated Bank Ghana will cease to operate the former branches of Heritage…
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Good news for defunct DKM customers yet to receive funds
The Registrar-General, the Official Liquidator for defunct Diamond Microfinance Limited, DKM, has asked depositors to collect their payments from selected GCB Bank branches by May 31, 2019 or forfeit their monies. In a public notice, the Liquidator said depositors who filed cases in court against DKM and wish to withdraw the case can also do…
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GHL Bank Opens 2019 Housing Fair
Ghana’s number one mortgage financing firm, GHL Bank will host its first Housing Fair of 2019 on the weekend of 27th and 28th April. The event will bring together a wide range of developers whom the bank has had a long-standing relationship with, as well as new and upcoming housing brands, property experts and service…
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Africa must implement a strategy on technology – Fidelity Bank MD
The Managing Director of Fidelity Bank, Mr. Julian Opuni, has suggested the need for Africa to develop and implement a strategy on technology, which will positively impact development of the continent. “Africa must implement a continental strategy with regards to technology which will help drive collaboration, transfer of technology and ideas to impact on the…
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BoG starts new forex directives to stabilize cedi against dollar
The Bank of Ghana has issued some directives on how participants in the forex market must conduct their businesses to help stabilize the cedi. The new directives that is being implemented today [25 February, 2019] are also targeted at improving information flow on how operators in the forex market will react and act on issues…
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GAT to issue first bond this week to aid undercapitalized banks
The Ghana Amalgamated Trust (GAT) will be raising its first bond this week to help capitalize some banks that were deemed to be performing well but unable to meet the 400 million cedis capital requirement. GAT will seek about 780 million cedis in its first tranche to help adb bank, Prudential bank, umb as well…
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Ghana must still stay in connection with IMF after exit—Prof. Quartey
Economist, Prof. Peter Quartey has urged government not to alienate the International Monetary Fund (IMF) after Ghana successfully completes its extended credit facility program with the fund. Following the completion of the 7th and 8th review under the program, many stakeholders have spoken of the need to implement the needed strategies to ensure Ghana doesn’t return to…
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Stanchart launches full digital bank on mobile
Standard Chartered Bank announced the official launch of a full Digital Bank on mobile – Standard Chartered Mobile (SC Mobile) fulfilling the Bank’s determination to provide the best digital lifestyle for our clients. This has been designed with continuous feedback from clients, incorporating innovative technology to allow clients to execute all banking activities from a…
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Financial Stability Council will prevent a recurrence of Menzgold saga–Nana Addo
President Akufo-Addo has assured that establishment of the Financial Stability Advisory Council will prevent people from losing their funds like in the case of gold dealership firm, Menzgold . Delivering the State of the Nation Address, the president stated that the council will monitor and advise government on acts in the financial sector that may…
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PPI for January drops to 3.4 percent due to downward trend of inflation
The Producer Price Inflation for January 2019 has dropped to 3.4 percent. The drop represents a 1.0 percentage point decrease relative to the 4.4 percent recorded in December. The Producer Price Inflation (PPI) measures the average change over time in the prices received by domestic producers for the production of their goods and services. Speaking…