Category: Banking And Finance
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IMF to prioritise Banking crisis, GDP growth in 7th review
As the International Monetary Fund (IMF) prepares for the seventh review of Ghana’s performance under the economic assistance program, some economists have outlined issues that are likely to top the discussions. Among them are the government’s efforts at maintaining fiscal discipline as well as controlling the public sector expenditure. The Fund is to meet the…
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FBN Bank Nigeria reiterates commitment to recapitalize subsidiary in Ghana
First Bank of Nigeria Limited (“FirstBank” or the “Group”), a foremost Nigerian bank with over US$15 billion in assets and US$1.9 billion in shareholders’ funds as at December 31, 2017 confirmed, that the recapitalization of its wholly owned subsidiary, FBNBank Ghana to the revised minimum capital requirement was progressing according to plans. This is on…
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Businesses push for direct Yuan conversion in Ghana
The introduction of the Chinese Yuan as a major trading currency in Ghana will bring flexibility and ease of doing business. This is the take by business associations in Ghana. By this, they have reiterated calls for government and the Bank of Ghana to make the Chinese Yuan accessible in Ghana. They also contend that…
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Single Treasury Account to be operational by end of 2018
The Finance Ministry has disclosed that it is wrapping up processes to consolidate the over 15,000 government accounts within the commercial banks into a single account with the Bank of Ghana, by the end of the year. The Single Treasury Account policy is under the Financial Management Act, 2016, (Act 921). The law requires that…
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Banking sector cleansing is for stronger local banks–Nana Addo
President Akufo Addo has stated that his vision for the banking sector is to have few but stronger local banks which can compete with their foreign counterparts. He has disputed claims suggesting that the administration is looking at creating avenues for foreign banks to thrive at the expense of local ones. Many arguments seeking the…
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Cyber crime rises but industry recovers GH¢160m in 2017
An estimated 80% of the value of all cyber fraud cases was recovered in 2017, the Bank of Ghana has stated. However, instances of cyber fraud continue to rise as the figure went up by about 42% between 2016 and 2017. The central bank is therefore embarking on new strategies to reduce the crime to…
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‘It makes no sense to deliberately collapse local banks ‘ – Akufo-Addo
President Akufo-Addo has said that his government is not on a deliberate mission to collapse the country’s indigenous banks. Speaking for the first time on the recent shake-up in the banking sector that has resulted in the collapse of seven local banks, he said the moves are necessary to streamline the sector and strengthen it.…
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Ghana’s Pension laws must be reviewed-Dr. Nduom
Dr. Papa Kwesi Nduom, Board Chairman of GN Bank has reiterated calls for a revision of the pension law in Ghana, to enable pension funds to be used in helping local banks meet the Central Bank’s minimum capital requirement of 400 Million Ghana Cedis. The Bank of Ghana has given all universal banks in the…
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Access Bank introduces Remita Payroll processing solution
Customers and non-customers of Access Bank can now say goodbye to the difficult and unending hours spent to process their payroll, payments, reporting and reconciliations with the introduction of Remita Payroll. This has been made possible through a strategic alliance between Access Bank, one of Ghana’s leading retail banks, and SystemSpecs, a pioneer software development…
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NIC undertaking due diligence in insurance industry
The National Insurance Commission(NIC) has announced that is undertaking due diligence in the insurance sector to prevent it from entering into a crisis. There have been calls by industry watchers asking the commission to restructure the industry. The commission says it will soon announce new regulatory reforms which will be transparent and effective. In an …