Category: Banking And Finance
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Bailing out victims of financial scams sends bad signals-Prof Quartey
Professor of Economics at the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey, has cautioned government against bailing out customers of financial scams in the country. According to him, government’s decision to pay customers of DKM for the losses they incurred when the company collapsed, will only embolden other victims of similar…
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Plans to recapitalize ADB threatens merger with NIB
It is emerging that the proposed merger between ADB and NIB may not come off following a recapitalization plan outlined by ADB. The Finance Minister, Ken Ofori Atta has stated of plans to establish a National Development Bank with the merger. The latest comes with about three weeks to the deadline for the minimum capital…
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FBNBank receives $72.5m to meet BoG capital requirement
FBNBank Ghana Limited has received an amount of US$72.5 million from its parent bank, First Bank of Nigeria to shore up its capital to meet the Bank of Ghana’s new minimum capital requirement of 400 milion cedis. In statement issued on Tuesday, by the Managing Director of the Bank, Mr. Gbenga Odeyemi said with this,…
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![What everyone should know about credit cards [Article]](https://citibusinessnews.com/wp-content/uploads/2018/12/credit-cards-1.jpg)
What everyone should know about credit cards [Article]
For many people, the use of a credit card as a financial instrument, is met with some amount of apprehension. Justified or not, a lot of these apprehensions are borne out of a lack of an understanding and a complete appreciation of a credit card, how it differs from other cards and the benefits it…
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Retain part of your earnings in Ghana—BoG to mining companies
The Bank of Ghana (BoG) has reiterated calls for mining companies to abide by the retention agreement to help retain some foreign currencies in the country. The agreement is aimed at preventing mining companies from keeping all their earnings outside the country after selling their products. Speaking at the 4th Ghana Mining Industry Awards, Governor…
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BoG sets new rules on related-party lending by banks
The Bank of Ghana has disclosed the full implementation of the directive on financial holding companies, next year [2019]. The Governor of the central bank, Dr. Ernest Addison maintains that it will solidify the regulator’s efforts to sustain the gains so far made in the financial sector. Addressing the Annual Dinner of the Chartered Institute of…
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SSNIT lost no money in 5 collapsed banks—Director General
The Director General of the Social Security and National Insurance Trust Dr. John Ofori-Tenkorang has disclosed that even though SSNIT had shares in four out the five banks that were collapsed into the Consolidated Bank Ghana Limited, it made no losses. This he said was due to securities it had which allowed SSNIT to easily…
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‘We’ll continue to certify Ghana’s gold’—GSA to PMMC
The Ghana Standards Authority has reiterated that it will continue to certify gold as part of its mandate enhancing standards. The statement is in sharp contrast with assertions made by the Managing Director of the Precious Minerals Marketing Company (PMMC) Dr. Kwadjo Opare-Hammond that the Ghana Standard Authority has no right to certify gold. According to…
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Banking sector cleanup attracts more investors – GIPC
Ghana is recording appreciable investments into its financial sector following the clean up by the central bank. The CEO of the GIPC, Yofi Grant tells Citi Business News the centre should record more after the banks recapitalize. The banking sector reforms which has spanned for about a year and a half, has seen seven local…
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BOND excels at Ghana Club 100 Awards
Indigenous financial institution, BOND Savings and Loans Plc has been adjudged and honoured amongst the best 100 companies in corporate Ghana. The company took the 50th position out of 100 best companies at the prestigious Ghana Club 100 Awards organised by the Ghana Investment Promotion Centre (GIPC) in Accra last Friday to acknowledge the hard…