Category: Banking And Finance
-
World bank modernizes Ghana post in 2 phases
The World Bank has slashed by half funds it allocated to Ghana Post for the modernization of 50 post offices under the e-transform project. Slashing of the money from 3.5 million dollars to 1.7 million dollars according to the Communications Ministry, was due to a decision made by the bank to modernize Ghana post in…
-
Value of Mobile Money transactions grow significantly—BoG report
The latest figures released by the Bank of Ghana (BoG) indicate that the value of mobile money transactions grew significantly in 2018. The data also showed an increase in the number of transactions Ghanaians made on the mobile money platform last year. According to the data, the total value of mobile money transaction from 2017…
-
Six fund managers exit investment market
The Securities and Exchange Commission (SEC) has cautioned the public against doing business with some six fund management companies who have voluntarily ceased their operations. The companies cited various reasons for the decision. As a result, the regulator says they are not supposed to engage the public in that capacity henceforth. The fund management companies…
-
$670m support to stabilise cedi laudable – Prof. Peter Quartey
Professor of Economics at the Institute of Statistical, Social and Economic Research (ISSER), Peter Quartey, has described as a move in the right direction, the decision by the Bank of Ghana to use six hundred and seventy million dollars ($670,000,000) to stabilize the cedi. The Governor of the Bank of Ghana, Dr Ernest Addison revealed…
-
NIC to announce new capital levels by first quarter
The National Insurance Commission (NIC) says it will before the end of the first quarter of 2019 announce new minimum capital requirements for players in the insurance industry. Companies within the insurance sector are to expect increases of more than 200 percent according to the Commissioner of Insurance, Mr. Justice Yaw Ofori. The expected recapitalization…
-
Absa CEO, Maria Ramos to retire at end of February 2019
Absa has announced that its Group Chief Executive Officer, Maria Ramos will retire in February 2019. Ms Ramos’ retirement is based on the fact that she turns 60 which makes her eligible to retire. A statement from Absa on the matter said: “Maria has been Group Chief Executive since 2009. She has led the Group…
-
Ghana’s 2018 export improve significantly–BoG data
Figures from the Bank of Ghana(BoG) have shown that Ghana’s exports increased significantly between 2017 and 2018. Substantial improvement in Ghana’s export receipts from oil, helped in adding more than USD 1 Billion dollars to Ghana’s export figures for 2018. The country in 2017 saw total exports reach USD 13.835 billion dollars, whereas in 2018…
-
Economist lauds debt re-profiling as debt reaches GH¢172.9bn
An Economist, Professor Eric Osei Assibey has suggested that the government’s debt re-profiling could be having a positive impact on reducing the country’s debts. According to him, some interim improvements within the economy could have a greater impact if the plan is sustained. Professor Assibey’s comments come on the back of a recent Bank of…
-
Revocation of Heritage bank license was fair – BoG
The Governor of the Bank of Ghana, Dr. Ernest Addison, has refuted claims that the central bank unfairly revoked the license of Heritage Bank. Heritage Bank lost its license after the Bank of Ghana completed its banking sector reforms in December 2018. The majority shareholder of the bank, Seidu Agongo, recently in a statement accused…
-
BoG reduces Policy Rate to 16 percent
The Governor of the Bank of Ghana Dr. Ernest Addison has announced a cut in the policy rate from 17 percent to 16 percent. This represents a 100 basis point drop. This is the maiden meeting of the Monetary Policy Committee of the Bank of Ghana this year. The policy rate is the rate at…