Category: Banking And Finance
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Springfield Group recognized by London Stock Exchange Group
Ghanaian energy giant, Springfield Group’s contribution towards the development of Ghana and Africa’s energy requirements continues to be recognized. Springfield was recognized and listed by the London Stock Exchange Group (LSEG), along with a handful of others, in LSEG’s Companies to Inspire Africa in 2019 Report launched in London yesterday. The selection was made from…
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“I was asked to resign from office by Finance Minister”—Former Deputy BoG Governor
Former Second Deputy Governor of the Bank of Ghana, Dr. Johnson Asiama has rejected assertions that he resigned from the Bank of Ghana (BoG) due to his involvement in embattled gold dealership firm Menzgold. Dr. Asiama in reaction to an alleged statement made by a Vice Chairman of the NPP, Omarie Wadie that Dr. Asiama…
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EOCO delaying arrest of cryptocurrency scam operators—Victims allege
Victims of cryptocurrency scam, Global Coin Community Help are accusing government of dragging its feet in addressing their grievances. According to them, although their issue is similar to that of Menzgold, government has failed to bring the perpetrators to book, several months after their deposits amounting to 135 million cedis got locked up in crypto-currency…
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Govt must set realistic targets for inflation—Economist
Economist, Dr. Lord Mensah has blamed the failure of government’s inability to meet its end of period inflation target for 2018, on the Finance Ministry’s decision of setting unrealistic targets. The inflation rate for the final month of 2018, December, increased marginally to 9.4 percent, from the 9.3 percent recorded in November 2018. The marginal increase…
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‘We’ll help our members to obey BoG regulations’—Savings and Loans Association
The Savings and Loans Association of Ghana has assured that it will do all it can to help its members abide by new rules that will be announced by the Bank of Ghana to protect the financial sector. The Bank of Ghana (BoG) has indicated that it is set to turn its attention on the…
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Frontclear concludes landmark transaction with Fidelity Bank and Societe Generale
Frontclear, Fidelity Bank Ghana and Societe Generale, has completed a USD40-million cross-currency total return swap transaction. The trade marks a first-of-its-kind cross-border deal in Ghana, and it follows on Frontclear’s two-year technical assistance to the country’s money market development. Cross-border transactions in Ghana typically face operational and legal challenges, such as constraints to use local…
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Ex UT, Capital bank workers to receive exit pay this week?
Former workers of Capital and UT banks are likely to receive their severance packages later this week if the Joint Receivers complete the processes on the modalities for payment. The representatives of the workers, that is, the Union of Industry, Commerce and Finance workers (UNICOF) are to meet the Joint Receivers for the payment plan. This…
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![Banking crisis affects business of susu collectors [Audio report]](https://citibusinessnews.com/wp-content/uploads/2019/01/susu-collector-and-customer-in-ghana1-1.jpg)
Banking crisis affects business of susu collectors [Audio report]
It appears the banking sector crisis that led to the collapse of nine banks has trickled down to the micro level affecting the operations of Susu collectors. Interactions with some stakeholders in the susu collection business have shown that confidence in their operations is fast going down due to challenges in the financial sector that…
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Article: Ghana’s High Lending Rate Regime- Causes, Impacts, Way Forward
Introduction Ghana’s financial system has facilitated the smooth flow of funds between several economic units (i.e. individuals, businesses, and agencies) at the community, regional and national levels since the 1950’s when Bank of Ghana was set up to regulate banking transactions in the country. However, historically and in present times, the provision of credits by…
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Workers of Heritage, Premium Banks given three-month contract
The receiver of collapsed Heritage and Premiums banks, Mr Vish Ashiagbor of PricewaterhouseCoopers (PwC), has terminated the employment contracts of workers of the two erstwhile banks. In place of this, each of the workers, numbering about 200, has been given a three-month contract to work with their new employer, Consolidated Bank Ghana Limited (CBG). The…