Category: Banking And Finance
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Ghana’s debt hits 172.9 billion cedis
The total amount that Ghana owes reached 172.9 billion cedis in November 2018. This is according to data from the Bank of Ghana. The Summary of Economic and Financial data by the central bank shows that between July and November 2018, the country added 13.2 billion cedis to its debt. The figure went up from…
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Payment System Law will streamline fintech industry—Zeepay Managing Director
Players in the country’s Eco digital space are optimistic the passage of the Payment System and Services bill will streamline their activities. The new payment system and services bill which currently before parliament is to replace the current electronic money issuer’s guidance being used by the industry. The move to pass the bill has also…
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Felix Addo appointed Advisor for National Investment Bank
The Bank of Ghana has appointed Mr. Felix Addo as an Advisor for the National Investment Bank(NIB). The news comes after the central bank hinted in a press statement dated 4th January that it has appointed an Advisor has been appointed for the bank. A statement released by the Bank of Ghana today[25th January, 2019]…
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Vodafone must list on GSE after acquiring 4G spectrum—Kofi Yamoah
Managers of the Ghana Stock Exchange have disclosed that they are working with the Ministry of Communications to compel telecom company Vodafone to float part of its shares on the bourse as a requirement after it purchased a 4G spectrum. Justifying the need for Vodafone to list on the stock exchange, the Chief Executive Officer…
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Contracting McKinsey improved revenue collection in 2018–GRA
The Ghana Revenue Authority (GRA) says contracting the services of consulting firm Mckinsey accounted for the improved revenue collection for the year 2018. In July 2018, the GRA engaged the services of consultancy firm, McKinsey, to provide advice to the authority and train its personnel to improve revenue collection. However some analysts thought the move…
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Insurance Industry not in financial distress–NIC
The National Insurance Commission (NIC) has debunked messages making rounds on social media suggesting that some insurance companies are in financial distress. The NIC warned that circulating such false information about a section of the financial sector could cause serious challenges to players in the industry. The press release copied to Citi Business News and…
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Beige Bank receiver chases over 1,000 loan defaulters
The receiver of defunct Beige Bank is chasing over 1,000 loan defaulters of the bank. The names of individuals and companies have been published as the first batch of defaulters in state newspaper The Ghanaian Times. The individuals and entities have been indebted to the bank between 2013 and 2017. Some of the companies listed…
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Staff of defunct Construction Bank owe a chunk of its loans-Report
A report on the inventory of assets and property of the five consolidated banks has revealed that Construction Bank’s entire loan portfolio of GHs 620, 000 were term loans given to nine of the company’s employees. The report, which covers the five banks, —Beige, Unibank, Construction, Sovereign and Royal banks, gives the value of assets…
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Albert Essien chairs GAT as banks get GH¢2bn support
Renowned Banker Albert Essien, has been appointed as Board Chairman of the Ghana Amalgamated Trust (GAT). In a statement issued by the Finance Ministry, the former MD of Ecobank will work with Eric Nana Otoo as Managing Director of the company. The Ghana Amalgamated Trust (GAT) was set up by the government to support solvent…
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Odorna fire: Uninsured shops trigger compulsory insurance
Players in the country’s insurance sector are calling for the enforcement of the “compulsory insurance for commercial properties”. Their call follows the recent fire that gutted the Odorna market on the 17th of January,2019. Some occupants of the market lost their goods running into thousands of Ghana cedis. Ghana’s insurance industry however continues to record…