Category: Banking And Finance
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Absa Bank introduces first-ever QR code feature for ATMs
If you are an Absa Bank customer with a penchant for using the bank’s ATM, there’s a new feature on the machine that will make your life simpler and more convenient than before. For the first time in Ghana, customers can now withdraw money from any of Absa’s ATMs with the luxury of a digital…
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GCB Bank PLC to pay GHS132.5m dividend to shareholders
Leading indigenous bank, GCB Bank PLC has announced the payment of a final dividend of fifty pesewas per ordinary share, representing GHC132.5 million, to be paid to its shareholders, for the financial period ended December 31, 2021. The amount represents a 100 per cent increase compared to the 2020 figure of 0.25 pesewas, following the…
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Standard Chartered Bank records GH¢1.07 billion revenue in 2021
Standard Chartered Bank Ghana PLC has recorded a revenue of GH¢1.07 billion for the year 2021. This represents a five percent growth in revenue compared to the GH¢1.02 billion recorded in the previous year. Profit before tax for the Bank also stood at GH¢695 million for the 2021 financial year. Operating costs increased from GH¢288…
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Vendors bemoan negative impact of E-Levy after 1st month of implementation
After a month of implementation of the Electronic Transfer Levy (E-Levy), mobile money agents and users of the platform in Accra continue to bemoan its impact on their lives. Checks by Citi Business news show that while some are trying to find ways around the payment of the levy others are hoping things take a…
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Databank CEO bemoans bond buyers’ increased appetite for high interest rates
CEO of the Databank Group, Kojo Addae-Mensah, has bemoaned the overreaction of Ghanaian investors on the bonds market to high levels of inflation. The national inflation rate has risen to 23.6% as of April this year, from 8.5% in April of last year. The current rate is almost thrice the Central Bank’s 2022 target of…
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Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims
Some disgruntled customers of Ghana Life Insurance Company Limited are accusing the company of using delay tactics in the payment of their matured insurance policies. According to the customers the delay in the payment of their matured funds comes after investing with the company for about 6 years. Most of the customers Citi Business News…
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BoG urges African DFIs to enhance credit rating positions to boost investment
The Bank of Ghana is urging Development Finance Institutions across Africa to ramp up efforts to enhance credit rating positions to attract more global investments. Access to global debt capital and loan markets continues to remain a problem hence the call by the Central Bank for these financial institutions to implement policies that will attract…
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Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison
Governor of the Bank of Ghana Dr. Ernest Addison, has revealed that Ghanaians are likely to experience heightened inflation rates for the rest of the year 2022 but should expect a single digit inflation in the year 2023. The national inflation rate as at April this year stood at 23.6%, almost triple the Central Bank’s…
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Monetary Policy Rate increased again by 200 basis points; now at 19%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate by 200 basis points to 19 %. This is the second time in 12 months that the Central Bank has increased the key rate by 200 basis points or more. The rate, which is of keen interest to businesses,…
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Policy rate likely to be increased to tame inflation – Databank CEO
The Monetary Policy Committee (MPC) of the Bank of Ghana will from today Wednesday, 18th May 2022 to Friday, 20th May 2022 hold its 106th Regular Meetings to review developments in the economy. The MPC’s regular meetings over the next three days will conclude with an announcement of a decision to either maintain, reduce or…