Category: Banking And Finance
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Stakeholders urged to ramp up education on E-levy ahead of 1st May start date
With about 10 days to go, to the highly anticipated implementation of the Electronic transfer Levy (E-Levy) by the Ghana Revenue Authority, the Ghana Chamber of Telecommunications, is calling for a ramping up of education by the various stakeholders on the project to ensure the public is adequately informed. The levy of 1.5 % on…
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GCB Bank records strong growth in profits in 2021, after a sluggish 2020
Leading local bank, GCB Bank Limited has recorded an overall strong performance in the year 2021, as seen in its impressive growth in profits, both before tax and after tax as well as the increase in the loans and advances given to the bank’s customers last year as compared to the situation in 2020. Profits…
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Telcos Chamber wants E-levy law reviewed to exclude salary payments via MoMo
Ahead of the highly anticipated implementation of the Electronic Transfer Levy (E-Levy) from May 2022, the Ghana Chamber of Telecommunications has called for a review of portions of the law to exclude the 1.5% charge on payment of salaries made via mobile money. According to the chamber, per the current law, salaries that are paid…
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More oil cash could help gov’t meet 2022 revenue target – Seth Terkper
Former Finance Minister, Seth Terkper says a sustained high price of crude oil on the international market could help government in raking in much-needed revenue for this year. From a revenue target of GH¢72 billion in 2021, government has set for itself a new target of GH¢ 100 billion for 2022, and is hoping the…
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We’re working to ensure successful implementation of E-levy – Telcos Chamber
The Ghana Chamber of Telecommunications, says despite the tough demands that come with the reconfiguration of the systems of Electronic Money Issuers (EMI’s) in Ghana, for the implementation of the Electronic transfer Levy (E-Levy), its members are committed to making sure the implementation comes off successfully. The implementation of the E-levy, which is expected to…
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ADB Bank’s profit jumps by almost 25% in 2021 to hit GH¢ 81.6 million
The Agricultural Development Bank, ADB Bank has continued its trend of profitability in the year 2021, after seeing its profit before tax rose by almost 30% to hit GH¢126 million at the end of last year. Strong growth in the banks’ net interest income and net fees and commission income among others, contributed to its…
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Our investment in security systems will minimize fraud cases – GAB
The Ghana Association of Banks says its members have invested heavily in infrastructure to help prevent and detect fraudulent activities in their systems. President of the Association, John Awuah stated that “The good thing is as a community of banks the level of investment that we have undertaken to be able to stop these fraudsters…
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Access Bank’s profits before tax hits half a billion Cedis in 2021; profit after tax increases by 33.5%
Leading local Bank Access Bank Ghana PLC has seen a significant jump in its profits for the year 2021. The bank which recorded a profit before income tax of almost GHC 360 million in 2020, saw that metric jump up to a little over GHC 500 million in 2021, representing a growth of about 41%…
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Go beyond the caution; enforce laws against pricing in foreign currencies – Forex analyst to BoG
A Forex Analyst is warning that the Bank of Ghana’s notice of caution to persons pricing goods and services in foreign currencies, will come to naught, if the Central Bank fails to ensure that the laws concerning the practice are enforced. According to the apex bank, such practices breach the Foreign Exchange Act, 2006 (Act…
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Gov’t will still struggle to meet 2022 revenue target despite E-Levy passage – Seth Terkper
Former Finance Minister, Seth Terkper has expressed doubt over government’s ability to meet the revenue target of GH¢ 100 billion, despite the approval of the Electronic Transfer Levy (E-levy) law. The implementation of the E-levy, which is expected to commence in May 2022, was originally expected to help bring in about GH¢6.9 billion this year…