Category: Banking And Finance
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Operators want cap on global money transfers reviewed
Some players operating in the mobile money sector are calling on the Bank of Ghana to review the limit of transactions that is currently permitted on remittances done via mobile money. They believe such a move will promote inter-regional trading activities. According to the proponents, the current limit of 500 dollars per transaction is low and restricts business…
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Cryptocurrency: Advocates push for swift laws by BoG
Cryptocurrency analysts are urging the Bank of Ghana to expedite processes to formulate laws to regulate their business. They want the regulator to step in to avert a possible controversy between it and patrons of the product. The increasing interest in the use of cryptocurrency has been met with mixed reactions considering the complex nature…
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Menzgold extends gold vault suspension
Gold dealership firm, Menzgold will not open to the public today [September 19, 2018] contrary to its earlier promise. Customers who hope to engage the firm on their gold dealership services will have to wait till September 28. Menzgold temporarily shut down following an impasse with the Securities and Exchange Commission, regulator of the capital…
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SEC approves Energy bank’s IPO to raise GH¢340m
The Securities and Exchange Commission (SEC) has approved for the Energy Commercial bank to issue an Initial Public Offering (IPO) to help it meet the minimum capital requirement for banks. The bank should resort to the investing public to raise 340 million cedis which represents about fifty percent of the company’s stake. Though SEC’s approval…
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Omnibank, Sahel Sahara to spend GH¢1.2m on merger
It will cost about one million cedis to complete the merger between Omnibank and Sahel Sahara bank. This is the information available to Citi Business News from management of the two banks. The disclosure comes on the back of the signing of a Memorandum of Understanding between the two banks. The merger process involves the…
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S&P raises Ghana’s rating to ‘B’
Ratings agency, Standard and Poor’s has raised its long term ratings on Ghana to ‘B’ from ‘B minus’. The agency also says the outlook is stable for Ghana’s rating. A statement on the latest stance by S and P attributed the rise to improving banking sector stability as well as lower inflation. Standard and Poor’s…
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Omnibank, Sahel Sahara advance with merger process
Omnibank and Sahel Sahara bank are hopeful meeting of meeting the new minimum capital requirement by December 2018. The two banks which are in a process to merge say their hopeful that the stronger bank to be created will support the country’s financial sector. Following the Bank of Ghana’s no objection to the merger on…
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BoG must ensure banks obey new cyber fraud rules–consultant
Some financial risk consultants have urged the Bank of Ghana to strictly ensure banks comply with robust plans yet to be implemented to reduce the impact of cyber-crime. The Central Bank is embarking on new strategies to reduce cyber-crime to the barest minimum. Among the robust plans is the need for banks to train all…
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Banks collapse: Financial stability strategy rolls out in 2019
The Ministry of Finance is hopeful of finalizing processes for the implementation of the Financial Inclusion Strategy by the end of 2018 ahead of full take off in 2019. The strategy will address issues of soundness and stability in the financial market. It will also be involved with the deployment of financial infrastructure, strengthen financial…
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SEC orders closure of unlicensed investment companies
The Securities and Exchange Commission (SEC) has issued a strong warning asking all unlicensed financial investment schemes to close down their operations or risk facing the law. The Commission is cautioning that the activities of such entities pose a threat to the financial sector which need to be stopped. The SEC says the unlicensed institutions…