Category: Banking And Finance
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MD of Fidelity Bank Jim Baiden retires
The Managing Director of Fidelity Bank Mr.Jim Baiden has announced his retirement from the bank. Confirming his retirement to Citi Business News, Mr. Baiden stated that he officially retired from Fidelity Bank on Friday October 26 2018. Mr. Baiden has been in the banking industry for about three decades. According to the bank’s website, Jim…
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Dr. Nduom to retire from Groupe Nduom in December
The founder and owner of Groupe Nduom, Dr. Papa Kwesi Nduom has resigned as the Chairman of some of the companies under Groupe Nduom. This is a move taken ahead of a decision to retire by end of December this year. According to the Head of Corporate Affairs of Group Nduom, Frank Owusu Ofori, Dr.…
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No need for panic withdrawals—BoG urges public
The Bank of Ghana(BoG) has urged the public to refrain from panic withdrawals. The central bank has been chastised by some players including Chairman of Groupe Nduom, Papa Kwasi Nduom for failing to educate the public on recent reforms it is undertaking to clean up the banking sector, leading to panic withdrawals from banks. The…
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SEC stops guaranteed returns in capital market
The Securities and Exchange Commission (SEC) has asked all Fund Managers to stop offering guaranteed returns on investment to their clients. The directive which has been in effect since July, is among the numerous interventions to sanitise the industry and protect the integrity of the capital market. The Director General of the SEC, Daniel Ogbarmey…
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GCB expands international operations
GCB Bank Limited has stated that it is expanding its operations to other countries. The Deputy Managing Director of the Bank in charge of Operations, Mr Samuel Amankwah who disclosed this said: “As a forerunner, GCB is establishing and deepening correspondent banking relationship with Sierra Leone and Liberia in West Africa.” In 2017, GCB Bank…
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Investment market to get new cyber security laws
The Securities and Exchange Commission (SEC) has told Citi Business News it will within the coming months, issue new directives that will deal with cyber fraud cases within the investment market. The Director General of the SEC, Daniel Ogbarmey Tetteh explains that the exercise is to reduce the amount of money lost to the crime…
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Use 2019 budget to boost tax revenue – IFS to gov’t
Executive Director of the Institute for Fiscal Studies, Professor Newman Kwadwo Kusi has advised government to review the tax systems in the upcoming budget in order for government to realize more revenue for the country. The budget has been scheduled to be read on the 15th of November, 2018. Professor Kusi argues that the move…
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BoG Governor hopeful of further drop in interest rates
The Governor of the Bank of Ghana, Dr. Ernest Addison has disclosed that interest rates will drop further when external pressures on the economy decline. The central bank has kept its policy rate unchanged at 17 percent, for two consecutive times this year. The move is anticipated to increase access to capital by businesses as…
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GRA to ‘name and shame’ tax evaders after prosecution
The Ghana Revenue Authority with support from the Finance Ministry has announced it will soon name and shame, and also prosecute tax evaders especially those in the informal sector. To this end the Authority has launched the second National Tax Campaign to ensure voluntary tax payments especially from the informal sector. Currently, the informal sector…
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BoG launches Cyber Security Directives for banks (Audio report)
The Bank of Ghana has launched the Cyber and information Security Directive for Financial sector. According to the central bank, the directive is in recognition of the National security agenda aimed at safeguarding the financial industry and its players from cyber attack. Speaking at the launch a a go at the Bank of Ghana, the…