Category: Banking And Finance
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BoG staff gave liquidity support to banks without security—Ace Ankomah
Private legal practitioner Ace Anan Ankomah has disclosed that an investigative report on the recent collapse of banks implicates some former leaders of the Bank of Ghana who contributed in irregularities. Mr. Ankomah stated that the former leaders approved billions of cedis in liquidity support for banks without security as they themselves benefited from the…
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I was only invited by police – Beige Bank boss refutes arrest claims
The Chief Executive Officer (CEO) of the collapsed Beige Bank, Mike Nyinaku, has said he was never arrested by police for selling the defunct bank’s properties contrary to some media reports. Mr. Nyinaku told Citi News he has only been invited by police, most recently over an enquiry into the disposal of some vehicles. [contextly_sidebar…
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Develop single cash transfer platform for vendors – Bawumia to telcos
The Vice President, Dr. Mahamadu Bawumia has directed the rolling out of a third phase of the mobile money interoperability. It follows the successful launch of the second phase of the platform on Wednesday, November 28, 2018. According to Dr. Bawumia, the third phase should allow vendors and merchants to transfer money from one network…
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Phase 2 of mobile money interoperability goes live
The Vice President, Dr. Mahamudu Bawumia is advocating a review of the cap on daily mobile money transfers. He explains this should reduce the turnaround time for businesses and individuals. The Vice President made the remark when he launched the second phase of the mobile money interoperability on Wednesday, November 28, 2018. “Given this powerful…
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1.2 billion cedis NPLs write off to end in December
The Bank of Ghana has shifted its projection of a drop in the Non Performing Loans of banks, by two more months. Governor of the Bank of Ghana, Dr. Ernest Addison says he expects the reflection by the end of year. Some industry watchers are also confident the move should afford banks the ability to…
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Banks’ recapitalization impacts dividend payment to SSNIT
The Social Security and National Insurance Trust (SSNIT) has disclosed that most banks it is a shareholder in, have been unable to pay dividends for last year due to the increase in the minimum capital requirement. The Director General of SSNIT, Dr. John Ofori Tenkorang explains to Citi Business News this has also affected the…
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EximBank Board charged to boost SME growth
Finance Minister Hon. Ken Ofori Atta has sworn in three members of the Ghana Exim Bank Board with a call on the 9-member Board to prudently utilize the financial resources allocated to them. He believes this will enable the government achieve its target of implementing the IDIF Project. Mr. Ofori Atta said the Bank must…
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BoG keeps final 2018 policy rate at 17%
The Bank of Ghana has maintained the policy rate at 17 percent. This was after 85th regular meeting of the Monetary Policy Committee (MPC) of the central bank met for the final time for 2018. The policy rate is the rate at which the Bank of Ghana lends to commercial bank. The policy rate has…
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Visa, leading banks bring mobile payments to Ghana
Visa, the world’s leader in digital payments, in partnership with leading Ghanaian banks, has announced the launch of Visa on mobile, its innovative mobile payment service in Ghana. From today, the partnership commences with four Ghanaian banks who have either enabled Visa on mobile on their mobile banking applications and/or have acquired merchants to be…
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Cedi records poorest performance in November 2018
The local currency, the cedi, witnessed its weakest performance in November 2018 compared to the same period in 2017; a Bank of Ghana report has shown. The cedi, in relation to the dollar, recorded a depreciation of 7.82 percent as at Thursday, November 22, 2018. This was after a two month downward performance of the…