Category: Banking And Finance
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Publish names of banks that have met GHS400m capital—BoG told
Some stakeholders in the banking sector are expecting the Bank of Ghana to announce the list of banks that have met the minimum capital requirement to end speculations in the sector. At the last press conference for 2018 to announce the policy rate, the governor of the Bank of Ghana, Dr. Ernest Addison stated that…
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Bank of Baroda-Stanbic deal an assumption not take over—bank clarifies
All deposits and loan portfolio of Bank of Baroda have been handed over to Stanbic bank effective yesterday[January 1, 2019]. The move follows an assumption between the two banks. A statement from Bank of Baroda to Citi Business News dismissed reports of a takeover indicating that it is rather voluntarily winding up its Ghana operations…
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Stanbic Bank ‘takes over’ Bank of Baroda
The Ghana unit of Standard Bank of South Africa, Stanbic Bank Ghana Limited, has absorbed customers of the local subsidiary of Indian-state lender, Bank of Baroda under an arrangement that comes at no cost to the former. Multiple sources involved in the arrangement say the transaction was sealed in the tail end of December 2018,…
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The Accra Bourse: The highs and lows of 2018
The bullish performance of the Accra Bourse in 2017 led most analysts to predict a continuation of the trend on the back of favorable economic indicators expected in the year 2018. Stability of the cedi, lowering of interest rates, declining inflation, stable power supply, amongst others are some of the reasons given for the positive…
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The Concept of Open banking: a critical juncture for the finance industry
Flying across the world for pleasure or business has become so common today that it’s almost like taking a bus. There are seamless connections for passengers and baggage from almost anywhere to anywhere, it’s an efficient and affordable means of travel and were it not for the painful security and immigration protocols, it may almost…
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Your investments are safe—Gold Coast Holdings assures customers
Gold Coast Holdings has assured its customers and the general public that their investments are safe and secured. According to the company, it is making good progress in transforming the Structured Finance product that thousands have benefited from to become an even more beneficial one. The assurance comes after some customers of the company formed…
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Customers of Gold Coast Fund Management petition presidency over locked up funds
Some aggrieved customers of investment company, Gold Coast Fund Management are threatening to demonstrate on January 7, 2019 to demand payment of their funds. The customers, yesterday petitioned the Securities and Exchange Commission, the Bank of Ghana and the Presidency over their locked up funds. The group, the Concerned Gold Coast Fund Management Customers, is…
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Ghana’s economy grows by 7.4% in third quarter
Ghana recorded a 7.4 percent economic growth rate ending September 2018. This is according to the third quarter estimates released by the Ghana Statistical Service. The figure represents a decrease compared to the 8.7 percent recorded for the same period last year [2017]. For the third quarter of this year which spans July to September,…
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Criminal investigations into banks’ collapse underway – Nana Addo
President Nana Addo Dankwa Akufo-Addo, has revealed that a Special Investigations Team has been put in place to undertake criminal investigations into the failures of all seven banks for possible prosecutions by the relevant State agencies. Addressing the media at an end of year press conference on Wednesday, 19th December, 2018, President Akufo-Addo assured that “no…
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BoG must strengthen non-bank sector of economy—IMF boss
Managing Director of the IMF, Christine Lagarde has charged the Bank of Ghana to address the weaknesses in the non-bank sector of the economy to make the financial sector more resilient. Madam Lagarde commended the Central Bank for undertaking various reforms to strengthen the banking sector, including the revocation of licenses of some seven Banks.…