Category: Banking And Finance
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Aggrieved First Fund customers demand release of locked-up cash
Members of the Coalition of Aggrieved Customers of First Fund have reiterated their call for the Securities and Exchange Commission (SEC) to ensure they are paid their locked-up cash. According to the Coalition, the customers number about 24,000 people and the monies owed them amounts to over GH¢117 million. It will be recalled that the…
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Ghana Card to be the only ID for all financial transactions from July 1 – BoG
The Bank of Ghana (BoG) has served notice to all licensed financial institutions and the general public that effective July 1, 2022, the Ghana Card shall be the only identification card accepted for any form of banking or financial transactions in the country. According to a statement signed by the Central Bank and sighted by…
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We’ve not dismissed 90% of recently recruited staff – BoG
The Bank of Ghana has dismissed reports circulating on social media that it has sacked 90% of recently recruited staff. According to the Central Bank, such reports have been twisted to misinform the general public. In a statement signed by the Bank and sighted by Citi Business News, the Bank noted that it is not…
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Tesah Capital dissociates itself from alleged ponzi scheme, Tizaa Ghana Fund
An investment management company, Tesah Capital Limited, has dissociated itself from an alleged Ponzi scheme known as Tizaa Ghana Fund. A publication by GhanaWeb about the alleged Ponzi scheme, Tizaa Ghana Fund, had the company’s logo in the background, an image captured at the recent launch of Tesah Capital’s Collective Investment Schemes. But a statement from Tesah Capital Limited…
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New AGI President calls for affordable power, credit to drive industrial growth
Newly sworn-in President of the Association of Ghana Industries (AGI), Dr. Humphrey Ayim-Darke, has charged government to prioritise, among other things, efforts at reducing the cost of electricity and the cost of credit to Ghanaian businesses. According to him, the affordability of the two would help make Ghanaian businesses to be competitive in the era…
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Implement strategies to sustain increased consumer preference for digital payments – Bawumia
Vice President, Dr. Mahamudu Bawumia, has asked African countries to introduce innovative ways and strategies to sustain the increased consumer preference for digital payments. According to him, this will ensure the smooth and effective implementation of the Pan African Payment and Settlement System (PAPSS) as well as an increase in intra-African trade. Speaking at the…
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We’ll continue to implement policies to build strong insurance sector – NIC
The National Insurance Commission (NIC) has assured of continued efforts to increase insurance penetration in the country in 2022. According to the NIC, even though insurance is one of the most important sectors in the economy, it has not recorded the needed patronage it deserves. Speaking on behalf of the Commissioner of Insurance at the…
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Strict enforcement of AfCFTA regulatory framework will ensure smooth implementation of PAPSS – Bawumia
Vice President, Dr. Mahamudu Bawumia has called for strict enforcement of the regulatory framework of the African Continental Free Trade Area, AfCFTA, for financial services to ensure the smooth and effective implementation of the Pan African Payment and Settlement System (PAPSS). According to him, it is important that payments services regulation of member states are…
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![Our Monetary Policy Needs Urgent Review – Togbe Afede XIV [ARTICLE]](https://citibusinessnews.com/wp-content/uploads/2021/11/Togbe-Afede-XIV.jpg)
Our Monetary Policy Needs Urgent Review – Togbe Afede XIV [ARTICLE]
This article is a rejoinder to Bank of Ghana, BOG’s press statement headlined, “Responses to Issues Raised by Togbe Afede XIV (TAXIV) on High Interest Rates in Ghana”. During the courtesy call on me by the Rt. Hon. Alban Bagbin, Speaker of Parliament, on November 20, 2021, I spoke against BOG’s high monetary policy rate…
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BoG responds to Togbe Afede XIV on High Interest Rates in Ghana
The Bank of Ghana’s attention has been drawn to a recent article published on JOY FM online platform (myjoyonline.com) with the caption: “Bank of Ghana has lost focus”, and which has since been republished by other media houses and circulated widely on social media. In the said article, Togbe Afede XIV is reported to have…