Category: Banking And Finance
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GUTA accuses banks of maintaining high interest rates despite drops in policy rate
The President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng is accusing banks in the country of running a cartel arrangement that keeps interest rates high despite reductions in the monetary policy rate. According to him, the lack of responsiveness of banks, when it comes to reacting to changes in the policy…
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Interest rates to drop in ‘two to three months’ following policy rate reduction – Consultant
Interest rates on loans for businesses and individuals should begin dropping in response to the lowering of the monetary policy rate by 100 basis points to 13.5% in May, 2021. The Monetary Policy Committee (MPC) of the Bank of Ghana, for the first time since March 2020, reduced the policy rate to 13.5% after it…
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Peasant Farmers concerned about Development Bank Ghana’s mode of operation
The Peasant Farmers Association of Ghana says it is disappointed that the yet to be established Development Bank Ghana will not deal directly with farmers. The bank is a major part of the GHS100 billion Ghana CARES ‘Obaatampa’ programme aimed at dealing with the devastating economic effects of the COVID-19 pandemic. Head of Programmes and…
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Ghana’s debt crosses GHS300 billion mark as debt-to-GDP ratio drops to 70.2%
Ghana’s total public debt stock has increased once again according to new data released by the Bank of Ghana. The debt stock which ended 2020 at GHS291.6 billion, saw about GHS13 billion being added in the first quarter of 2021. This represents an increase of about 4 percent, and brings Ghana’s total public debt as…
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Policy rate to remain unchanged for 7th consecutive time – Economist predicts
Professor of Economics at the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey has predicted that the policy rate will remain unchanged at 14.5 percent. Should the prediction come to pass it will be the seventh consecutive time the rate has remained at that figure since March last year. The rate is…
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![Mobile money vendors explore more protection from telcom operators [Video]](https://citibusinessnews.com/wp-content/uploads/2021/05/mobile-money.png)
Mobile money vendors explore more protection from telcom operators [Video]
When the first Mobile Money service was launched in Ghana in 2009, the market probably wasn’t ready for full mobile financial services. Around 70 percent of the population was unbanked, that’s according to the World Bank, and only an estimated 35 percent of the population owned a mobile phone. However, the urban-rural divide was a…
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Ghana’s financial market to receive boost after launch of Capital Market Master Plan – Ofori-Atta
The Minister of Finance, Ken Ofori-Atta, says confidence in Ghana’s financial markets should rise, with the introduction of a 10-year strategic Capital Market Master Plan by the Securities and Exchange Commission (SEC). The Capital Market Master Plan (CMMP) is aimed at diversifying the capital market as well as boosting economic growth. The plan hinges on…
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Construction Chamber welcomes government’s move to establish Development Bank Ghana
The Ghana Chamber of Construction Industry has welcomed moves by the government to establish the Development Bank Ghana. In an interview with Citi Business News, the Chief Executive Officer of the Chamber of Construction Industry, Emmanuel Cherry, stated that the bank will be key to the development of the construction industry. “This has been one…
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Enforce anti-money laundering laws to keep Ghana off EU blacklist – E-Crime Bureau
Cybersecurity firm, e-Crime Bureau, has called for strict enforcement of all anti-money laundering regulations, to ensure Ghana is not included in future greylists over money laundering and terrorism financing. Ghana was cited back in May 2020, in addition to a number of other countries, by the European Commission over money laundering and terrorism financing concerns.…
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MSMEs to enjoy low interest rates with creation of Development Bank Ghana – Ofori-Atta
Finance Minister, Ken Ofori-Atta has assured that the establishment of the Development Bank Ghana (DBG) will see a reduction in interest rates for Ghanaian businesses. This comes barely a day after the Ministry of Finance and the European Investment Bank signed an agreement for the provision of a €170 million facility for the establishment of…