Category: Banking And Finance
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85% of susu collectors now use technology – Association
The Ghana Cooperative Susu Collectors Association says about 85% of its members now use some form of technology in their operations. According to the association, this forms part of their digitization agenda. Susu is an age-old saving system where a person called a susu collector visits individuals to collect cash deposits daily for a month.…
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BoG urges companies to uphold corporate governance practices
Governor of the Bank of Ghana, Dr. Ernest Addison, has reiterated the need for the financial sector to uphold good corporate governance practices to enhance efficiency. According to him, corporate governance plays an important role in the financial sector as it helps to create a strong banking sector and enhance their financial intermediary role in…
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Ghana removed from money laundering list
Ghana is no longer on the global list of high risk money laundering and terrorist financing countries, after it enacted various legislations to criminalise money laundering and fight the crime. This was made known by global money laundering and terrorist financing watchdog, Financial Action Task Force (FATF) on Friday, June 25, 2021. The country was…
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Ofori-Atta charges AfDB to tackle problems hindering Africa’s post-COVID-19 recovery
Finance Minister, Ken Ofori-Atta has tasked the African Development Bank (AfDB) to show leadership in addressing key risks being faced by the continent, to ensure a successful socio-economic recovery from the Coronavirus pandemic. Mr. Ofori-Atta made the remarks during his welcome statement for the 2021 Annual Meetings of the African Development Bank Group, which has…
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Banking sector cleanup: Allow the law to take its course – BoG Governor urges Parliament
The Governor of the Bank of Ghana, Dr. Ernest Addison, has asked Parliament to allow the law to take its course in the ongoing legal tussle regarding the revocation of licences of some financial institutions in the country. While the government has issued criminal proceedings against some shareholders of financial institutions whose licences were revoked,…
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BoG must sanction banks that flout new directives on fees and charges – Banking Consultant
A Banking consultant, Dr. Akwasi Atuahene, has called on the Bank of Ghana to take action against financial institutions that fail to implement its new directives to stop deducting some charges and fees on the accounts of customers. The Central Bank in a statement on Friday, June 18, 2021, directed banks and Specialized Deposit-Taking institutions…
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African Development Bank to invest $3 billion in Africa’s pharmaceutical industry
In recognition of the devastating effects of the COVID-19 pandemic on African economies, the President of the African Development Bank, Akinwumi Adesina, says the bank is willing to help West African countries accelerate growth and development to ensure economic stability. Speaking at the opening of the 59th ECOWAS Heads of State and Authority summit in…
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BoG abolishes bank charges on savings account and other ‘unfair’ fees
The Bank of Ghana has directed banks and Specialized Deposit-Taking institutions to desist from charging some fees and charges, as well engaging in some practices it describes as unfair to the banking populace. The fees and charges, and practices identified by the central bank as unfair include, Credit Insurance Premium Overcharges, Maintenance Fees on Savings…
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Stakeholders advocate for strong corporate governance, others for DBG to succeed
The institution of strong corporate governance structures has been highlighted as one of the many critical things that need to be in place to ensure the success and longevity of the yet to be launched Development Bank Ghana (DBG). The remarks were shared as part of a virtual forum organized by Impact Investing Ghana in…
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Bank of Ghana launches domestic gold purchasing programme to boost reserves
In its quest to shore up its reserves, the Bank of Ghana will in the coming days start purchasing gold from the local markets. This is according to the Governor of the Bank of Ghana, Dr. Ernest Addison. Speaking at an event to launch the Bank of Ghana’s Domestic Gold Purchase Programme, Dr. Addison explained…