Category: Banking And Finance
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Treasury bill auction sees oversubscription as interest rate increases
The government saw a 5.63% over subscription in treasury bill sales, despite rising interest rates. This is according to the Bank of Ghana’s auction results for last week. The offer attracted bids amounting to GHS 3.20 billion out of the GHS 3.22 billion of the bids tendered. This increase indicates strong investor demand but also…
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Zenith Bank & PAPSS partnership: Enhancing cross-border trade for Ghanaian SMEs
Cross-border trade presents significant challenges for Ghanaian businesses. The inefficiencies and high costs of existing payment systems hinder expansion beyond Ghana’s borders. The complexities arising from differing currencies, rules, and intermediaries result in complicated transactions and substantial fees, eroding profits and global competitiveness. However, amid these difficulties, entrepreneurs persevere, envisioning a future where seamless, real-time…
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GH¢60bn loss: BoG can’t refuse to lend to government – Dr. Kwabena Duffuor
A former Governor of the Bank of Ghana, Dr. Kwabena Duffuor has said the Central Bank is obligated to provide support to government in times of a crisis provided it’s done with adherence to the law. Dr. Kwabena Duffuor who also is a former Finance Minister between 2009 to 2012 disclosed that in financing Government,…
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BoG new head office 41% completed; to be finished in Sept. 2024
The new headquarters of the Bank of Ghana (BoG) is expected to be completed in September 2024. The physical progress on the 13-storey facility currently stands at 41%. This was disclosed in a document issued by the Bank of Ghana in Accra on August 21. The Minority in Parliament and other Civil Society Organisations have…
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No procurement law breached in $250m new HQ project – BOG insists
The Governor of the Bank of Ghana, Dr. Ernest Addison, has emphatically stated that the institution did not breach any procurement laws in its pursuit of building a new headquarters for the Central Bank. The response from the BoG comes in the wake of concerns raised by Samuel Okudzeto Ablakwa, the Member of Parliament (MP)…
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Ministry of Energy staff arrested for stealing GHC 287,775 from ADB
The Accra Circuit Court will on September 5 this year resume hearing a stealing case involving a secretary of the Ministry of Energy and the Agricultural Development Bank. Regina Abanga, a secretary at the Ministry of Energy is accused of manipulating ATM machines belonging to ADB and withdrawing sums to the tune of GHC 287,775.…
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Restore GN Savings and Loans license – Former staff urges govt
A group calling itself concerned former employees of defunct GN Savings and Loans Limited is appealing to the Akufo-Addo government to restore the bank’s license to complement efforts in creating sustainable jobs. GN Bank which was under the Groupe Nduom brand lost its operational license after it was reclassified as a Savings and Loans firm…
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About 2000 youth to benefit from garment and apparel module by YEA
Government has revealed that about 2000 youth are set to benefit from the phase one of the Garment and Apparel Module being rolled out by the Youth Employment Agency (YEA). This, government maintains will contribute to sustainable jobs geared towards reducing the high unemployment rate in the country. Speaking at the launch of the new…
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Akufo-Addo must address nation on BoG ‘crisis’ – Ato Forson
Minority Leader Dr Cassiel Ato Forson has asked President Nana Addo Dankwa Akufo-Addo to address the nation on the government’s measures taken to resuscitate the Bank of Ghana (BoG). “Given the unprecedented collapse of our central bank, it is imperative for the President of Ghana to urgently address the nation. During this address, the President…
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Anchored in strength: Zenith Bank’s steady pursuit of excellence in the first half of 2023
In the midst of a turbulent macroeconomic operating environment, Zenith Bank (Ghana) Limited has emerged as an excellent example of resilience and exceptional performance. The first half of 2023 was not without its challenges – a turbulent global economy, coupled with fluctuating markets. However, in the face of these headwinds, Zenith Bank not only weathered…