Category: Banking And Finance
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Ghana’s free market structure prohibits regulation of cryptocurrencies – Banking Consultant
Banking consultant Nana Otuo Acheampong has blamed Ghana’s free-market economy for the Bank of Ghana’s inability to institute punitive measures to prevent persons from introducing and operating cryptocurrency schemes in the country. The remarks follow recent press releases by the Bank of Ghana (BoG) warning the public against patronizing cryptocurrencies such as Bitcoin and the…
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World Bank supports Ghana with GH¢42M to pay LEAP arrears to beneficiaries
The World Bank on Monday, April 4, 2022, released GH¢42 million through the Ghana Productive Safety Net Project 2 (GPSNP 2), to support the Government of Ghana (GoG) to pay two cycles of arrears—75th and 76th cycles—of the Livelihood Empowerment Against Poverty (LEAP) for 344,000 beneficiary households. The ongoing global economic challenges, which have been worsened by…
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Bawumia unveils joint venture companies under DIHOC
Vice President Dr. Mahamudu Bawumia has inaugurated twelve (12) joint venture production companies under the Defence Industries Holding Company Limited (DIHOC) of the Ghana Armed Forces (GAF), with a call on the business community to venture more into such collaborations with the armed forces. “[It is] Interesting, and it is very important [to know that],…
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1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey
Director of the Institute of Statistical, Social and Economic Research, at the University of Ghana, Prof. Peter Quartey is concerned that the 1.5% rate of the Electronic transfer levy (E-Levy) will prevent government from achieving the GHC 6.9 billion target set for the levy. President, Nana Akufo-Addo, signed into law the E-levy Bill, two days…
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Delay in passing E-Levy likely to affect GHC 6.9 billion target – Ofori-Atta
The Finance Minister Ken Ofori-Atta says it is unlikely that government will be able to achieve the GHC 6.9 billion target set for the Electronic Transfer Levy (E-levy). According to him the many delays and hurdles experienced in parliament before the E-levy bill was passed will affect the ability of the Ghana Revenue Authority (GRA)…
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Reversal of COVID-19 era reliefs to banks will mop up excess liquidity – Nana Otuo
Banking consultant Nana Otuo Acheampong is confident that the reversal of the COVID-19 era reliefs given to Universal Banks, will help in mopping up excess liquidity within the banking system. According to him, instead of lending to the private sector, banks in the country continue to use the excess liquidity they have to buy treasury…
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BoG advises against negative speculation about the Ghana Cedi
The Bank of Ghana has called out persons and groups that continue to negatively speculate about the Ghana Cedi with the hope that the local currency will continue to depreciate against the US Dollar. While data from the Central Bank shows that the Cedi had depreciated by about 15%, in the first 3 months of…
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Hubtel introduces SMS & Money to change the way businesses pay and get paid
In the latest version of its product upgrades, Ghana’s leading name in bulk SMS messaging, Hubtel, has released features to enable users to collect payment and send money to as many contacts at the same time via SMS. Head of Product at Hubtel, Patrick Asare-Frimpong, announcing this update, said, “In Ghana, mobile money and bank…
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New MPR might aid in attracting investment for Ghana – Economist
Economist with Databank, Courage Boti, believes the revision in the monetary policy rate has the potential of attracting foreign investment into Ghana. This comes on the back of the recent increase in the policy rate by 250 basis points to 17 percent. According to him, this new development might mean more attractive interest rates for…
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Hike in policy rate will affect lending rates – Banking Consultant
The recent hike in the monetary policy rate by 250 basis points to 17% by the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG), will inevitably lead to an upward adjustment in average lending rates to businesses and individuals. The Monetary Policy Rate, which is of keen interest to businesses, signals the rate…