Category: Banking And Finance
-
Capital, UT Bank collapse: PwC recovers 15% of total loan stock
The Joint Receivers of collapsed UT and Capital banks, PricewaterhouseCoopers (PwC), has disclosed that it has recovered fifteen percent (15%) of the total loan stock of the two banks. A statement on the progress of work done over the last one year said that the receivers are pursuing legal action against defaulters of loans of the…
-
‘We are not collapsing’ – Prudential bank assures customers
Local bank, Prudential bank is urging its customers to ignore reports cautioning them to withdraw their deposits because the bank is near collapse. According to the bank the publication is false and should be ignored because they are mere fabrications calculated to destroy its image. The bank further states that it has never experienced any…
-
First National Bank leads discussion on Ghana’s first Green Bonds
First National Bank in collaboration with the Ministry of Finance, Ministry of Environment and other related state agencies will be holding a green bond workshop in Accra, this week. The move is in an effort to develop innovative solutions to finance projects with a positive social, climate and environmental impact in the Republic of Ghana.…
-
Panic withdrawals: Don’t be anxious of capital flight – Nana Otuo
Banking Consultant, Nana Otuo Acheampong has downplayed effects of the ongoing panic withdrawals that have hit local banks. It follows fears that the situation could lead to capital flights which will distort economic growth considering the magnitude of withdrawals that may be involved. The uncontrolled withdrawals embarked on by customers of banks and specialized deposit…
-
IFC increases investments to sub-Saharan Africa to $6.2bn
IFC, a member of the World Bank Group, has announced record new investment commitments of $6.2 billion in long-term financing in Sub-Saharan Africa for its 2018 fiscal year. This is up from $3.5 billion in the previous fiscal year. IFC’s annual investments and mobilizations in the region accounted for more than a quarter of IFC’s…
-
IMF cuts global economic growth target to 3.7%
The International Monetary Fund (IMF) has cut global growth projection to 3.7 per cent for this year [2018] and 2019. The Fund says the global economy’s growth target has dropped by 2 percent from the initial 3.9 percent. The Economic Counsellor and Director of Research Department at the IMF, Maurice Obstfeld disclosed the Fund’s new…
-
GRA’s revenue faces massive dip over fake TIN – Analyst
A Tax analyst, William Demitia is predicting of a huge distortion to revenue for the rest of the year if the Ghana Revenue Authority fails to address allegations of fake issuance of Tax Identification Numbers (TIN). Reports suggest that some tax officials are complicit in the act and it is affecting taxpayers. Citi Business News…
-
Savings & Loans companies back BoG’s reforms
The Association of Savings and Loans Companies has backed an intended action by the Bank of Ghana to reform the industry. The Association is confident the move will restore confidence and stabilize the financial sector. “Whatever happens, there are certain effects such that it is going to make sure that financial institutions are better positioned…
-
Ghana Finance Week takes off from October 10
Stakeholders within the financial industry will be converging on Accra to chart ways of improving the operations within the sector and restore confidence. The discussion will take place during the Ghana Finance Week scheduled for October 10-13, 2018. The forum is also part of building the financial ecosystem in Ghana amidst the recent happenings in…
-
BoG to save cedi’s free fall with $650mn of cocoa syndicated loan
About 650 million dollars from the cocoa syndicated loan is to hit the Bank of Ghana’s account today. This is because the COCOBOD will make the first draw down from the loan to be lodged at the central bank’s account. The figure represents fifty percent of the 1.3 billion dollars that the Ghana COCOBOD secured…