Category: Banking And Finance
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Republic Bank Ghana appoints new board member
Republic Bank Ghana, a subsidiary of Republic Financial Holdings Limited has announced the appointment of Mr. David Addo-Ashong as a member of the Board of Directors of the Bank. His Confirmation came following the approval of his appointment by the Bank of Ghana and the Ghana Stock Exchange. Mr. David Addo-Ashong is a Partner at…
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Anglogold Ashanti appoints new CEO
Anglogold Ashanti has appointed Kelvin Dushnisky as the CEO and Executive Director of the company. His appointment takes effect from September 1st 2018. He replaces Srinivasan Venkatakrishnan who will be exiting the company by the end of August. Mr. Dushnisky joins Anglogold Ashanti from Barrick Gold Corporation where he serves as the President and Executive…
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Private sector dominates banks’ NPLs – BoG report
Ghana’s private sector still dominates with its share of non-performing loans in the banking sector. The latest banking sector report released by the Bank of Ghana shows that the private sector made up as much as 90 percent of all NPLs for the banking sector as at April this year. The Bank of Ghana says…
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Terkper asks: Is Ghana’s Personal Income Tax regime turning harsh on low-income earners?
Introduction The 2018 Mid-Year Review proposed an additional 35 percent top marginal rate for taxpayers under the Personal Income Tax (PIT) regime. While this has become the main attraction, we note that the Bill to amend the Income Tax Act, 2018 (Act 896) repeats an important downward adjustment in the 5 and 10 percent brackets,…
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BoG maintained 17% policy rate to assess impact of new taxes
Economist, Dr. Lord Mensah has stated that the Bank of Ghana may have maintained the policy rate at 17 percent to avert any negative impact on the economy due to government’s move to introduce new tax measures. “I think it’s in the right direction because for now, we do not know how the economy is…
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Gov’t to introduce more, effective tax measures in 2019 budget
The Finance Minister, Ken Ofori-Atta has revealed that government will be introducing effective measures to collect more property taxes in the 2019 budget. According to him, a revamping of the property tax collection system is needed to help government meet its revenue targets going forward. Government missed its revenue target for the first five months…
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Gov’t, poor credit practices cause of high NPLs – Economists
Some Economists have attributed the continuous rise in Non-Performing Loans (NPLs) in the banking sector to poor credit risk practices on the part of banks. In their opinion, credit to businesses in the country will continue to be high if the banks fail to do due diligence when giving out credit. The comments follow the…
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Cedi depreciates by 5.83% in July – BoG
Latest data from the Bank of Ghana dubbed the Summary of Economic and Financial Data has shown that the cedi depreciated by 5.83% by July this year compared to the same period last year. The cedi until recently saw a sharp depreciation against the dollar, creating some uncertainty among business associations, calling for the free…
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BoG to reduce policy rate further – Absa Research
Absa Research says it is anticipating that the Bank of Ghana will reduce its policy rate towards the end of the year in line with recent developments in the economy. Its projection is premised on the fact that inflation which refers to the general rise in the prices of goods and services will reduce in…
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16 banks left to their fate over minimum capital
The sixteen (16) banks yet to meet the minimum capital requirement will have to expedite processes to tap into available options before the December 31 deadline hits them in the face. That is the advice from Banking Consultant, Nana Otuo Acheampong. He explains that since such major decisions will require time, it will be appropriate…