Category: Banking And Finance
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Increase in policy rate will make fixed income market more attractive – Economist
Following the recent hike in the policy rate, investors on the equity market are expected to re-adjust their portfolio holdings on the domestic stock market, to reap an increase from fixed income securities. This is according to Economist with Databank, Courage Martey. The Monetary Policy Committee of the Bank of Ghana, since November 2021, maintained…
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Bank of Ghana increases policy rate to 17%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate by 250 basis points to 17 percent. This is the first time the Central Bank has increased the key rate since November of last year. The rate, which is of keen interest to businesses, signals the rate at which…
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Public debt stock rises above GH¢ 350 bn by Dec., 2021; more than 80% of GDP
Latest data released by the Bank of Ghana puts Ghana’s total public debt stock as at December, 2021, at US$ 58.6 billion or GH¢351.8 billion. The amount is equivalent to 80.1% of Ghana’s Gross Domestic Product, the highest level recorded in recent history. In Cedi terms, the total debt stock increased by about GH¢7.3 billion…
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ADB resumes Saturday banking in 27 branches
The Agricultural Development Bank PLC (ADB), has resumed its Saturday Banking Services in twenty-seven (27) branches across the country. The selected Branches in the Greater Accra Region include Spintex, Madina, Tema Main, Dansoman, Kaneshie, Makola, Ridge, New Town, Nima, Ring Road Central (RRC), Teshie, Nungua, and Abeka Lapaz. Also in the Ashanti Region and Bono/Bono…
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Indigenous banks urged to leverage technology to reduce unbanked population – UMB CEO
Indigenous banks are being urged to leverage technology to reduce the number of unbanked Ghanaians in the system. According to the CEO of the Universal Merchant Bank Nana Dwemoh Benneh the time is right to tackle this long-standing issue within the financial sector. According to the World Bank’s Consultative Group to Assist the Poor (CGAP),…
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UMB is focused on building its SME portfolio and digital-first positioning – CEO
The Chief Executive Officer of the Universal Merchant Bank (UMB) Nana Dwemoh Benneh says the bank is focused on building a strong Small and Medium-Sized enterprises portfolio while making inroads into becoming one of the leading digital-first banks in the country. The remarks come as the bank celebrates its 50th anniversary. Universal Merchant Bank (UMB)…
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Telecommunications Chamber, BoG intensifying efforts to curb mobile money fraud – Dr. Ashigbey
The Ghana Chamber of Telecommunications says it is working extensively with the Bank of Ghana to implement multiple strategies, in a bid to clamp down on mobile money fraud, which has in recent times led to a massive loss of funds of some businesses and individuals. According to the World Bank, the rapid growth of…
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Government cannot heed calls to implement a fixed exchange rate- Banking Consultant
Banking Consultant, Nana Otuo Acheampong has spoken against the possibility of Ghana pegging its local currency against the dollar following calls by the Importers and Exporters Association of Ghana to do so. The local currency has witnessed significant depreciation against the US Dollar. It is currently selling for about GHC 7.80 at some forex bureaus.…
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Too much anxiety negatively impacting Cedi performance – Prof. Peter Quartey
Director of the Institute of Statistical, Social and Economic Research, at the University of Ghana, Prof. Peter Quartey has cautioned against heightened anxiety around the local currency. According to him, too much anxiety will lead to speculation about the currency which could fuel further depreciation. The Cedi has depreciated significantly against its major trading currencies…
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Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant
Technology Consultant and Digital Lead of Pop Out, Maximus Ametorgoh says consumers in Ghana are likely to pay a little bit more for products purchased on E-commerce platforms as the Ghana Revenue Authority (GRA’s) prepares to introduce a non-resident E-commerce and Digital Service Registration Portal, to help with the taxation of e-commerce platforms operating in…