Category: Banking And Finance
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Bank of Ghana maintains policy rate at 14.5%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has maintained the policy rate at 14.5% percent. This is the second time the Central Bank has maintained the rate after increasing it by 100 basis points in November 2021. The rate, which is of keen interest to businesses, does not only signal the…
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Kwamina Bentsi Enchill Duker appointed as 1st CEO of Development Bank Ghana
Former Managing Director of Fidelity Bank, Asia, Kwamina Bentsi Enchill Duker has been appointed as the first Chief Executive Officer of the Development Bank Ghana (DBG). Kwamina Bentsi Enchill Duker brings to DBG, over 30 years of experience in finance and investment across different geographies including the UK, Asia and Ghana. A statement issued by…
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Cedi depreciation pushes debt to almost GH¢345 billion in Nov; 78.4% of GDP
Latest data put out by the Bank of Ghana puts Ghana’s total public debt stock, as of November 2021, at US$ 58.2 billion or GH¢344.5 billion. In Cedi terms, the total debt stock increased marginally from GH¢341.8 billion in September by about GH¢3 billion to the GH¢344.5 recorded in November. In Dollar terms however the…
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Too many tax policy inconsistencies worrying – Tax Analyst
Tax Analyst, Francis Timore Boi has bemoaned the trend of tax policy inconsistencies from the government. According to him, the regular announcement of tax policies followed by a withdrawal of same isn’t good for the government. Since 2017 till date the government has made major U-turns in connection with some key policy proposals, including the…
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Republic Bank Ghana commissions ultra-modern head office annex
Republic Bank, a bank committed to providing personalised, efficient and competitively priced financial services, has commissioned its new banking space known as the ‘Republic Court Building’ to make banking easy and convenient for all. The bank also paid for the cost involved in the renovation of the African Union (AU) Square. Speaking at a ceremony…
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Bank of Ghana likely to maintain Monetary Policy Rate at 14.5% – IEA predicts
The Institute of Economic Affairs (IEA), is projecting an unchanged policy rate of 14.5% by the Bank of Ghana. The Monetary Policy Committee of the Central Bank is presently holding its 104th Monetary Policy Committee meeting to review developments in the economy. Speaking during a roundtable meeting on “Making Monetary Policy in Ghana More Fit-For-Purpose”…
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Tax analyst urges gov’t to increase minimum taxable income to GH¢500
Tax Analyst, Francis Timore Boi has urged the government to consider increasing the salary amount that is taxed at zero percent to a minimum of GH¢500. Currently, employees who receive GH¢365 and below as monthly salary or ¢4,380 as annual salary do not have their earnings taxed. This follows the amendment (no. 2) of the…
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Disregard news of compulsory ‘Akwaaba insurance policy for international travelers – NIC
The National Insurance Commission (NIC) which regulates the insurance sector in Ghana, has described reports that all international travellers arriving in Ghana by the end of March this year will be expected to sign on to a compulsory insurance cover known as the ‘Akwaaba’ insurance policy, as untrue. Media reports suggested that the said product…
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![Mixed reactions greet BoG’s directive on use of Ghana Card for financial transactions [Video]](https://citibusinessnews.com/wp-content/uploads/2022/01/9fefb2e34cef087cb8569e5dd5760f10.jpg)
Mixed reactions greet BoG’s directive on use of Ghana Card for financial transactions [Video]
Some Ghanaians have expressed mixed reactions to the directive of the Bank of Ghana for all licensed and regulated financial institutions under the central bank, to accept only the Ghana Card for transactions from July 1, 2022. Per the notice from the Central Bank, the move is in furtherance of the BoG’s objective of ensuring…
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Banking sector stakeholders laud directive on use of Ghana card for transactions
Stakeholders in Ghana’s banking industry are elated about the Bank of Ghana’s directive to have the Ghana card as the sole ID card to be used for financial transactions. This is because they believe this will check fraud and sanitise the country’s financial system in its entirety. The Bank of Ghana, on Wednesday, served notice…