Category: Banking And Finance
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Profits of leading banks increased in 2020 despite COVID-19 outbreak
Data from the financial statements of some leading banks in the country for the year ended 2020, shows increases in profits for some and some declines for others. This can be gleaned from the Summary Statements of Comprehensive Incomes of 10 of Ghana’s top banks during a year in which COVID-19 ravaged all aspects of…
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BoG releases list of approved e-money issuers, payment service providers
The Bank of Ghana (BoG) has released the list of regulated companies approved to operate as electronic money issuers and payment service providers for business transactions in the country. They include five dedicated electronic money issuers and 21 payment service providers. This follows the passage of the Payment Systems and Services Act, 2019 (Act 987)…
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Vetting of Ken Ofori-Atta enters day two today
A little over two weeks after he was originally scheduled to be vetted, Finance Minister-designate, Mr. Ken Ofori-Atta finally took his turn before the Appointments Committee of Parliament on Thursday, March 25, 2021. Mr. Ofori-Atta, whose vetting will continue today is the only nominee left on the list of ministers that President Akufo-Addo presented to…
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UBA America to facilitate investment, development capital, trade between North America & Africa
UBA America, the United States’ subsidiary of Pan African financial institution, United Bank for Africa (UBA) Plc, has pledged its continuous commitment to facilitate trade and investment between North America and the African continent. Speaking on Thursday from the Bank’s office in New York, the Chief Executive Officer, UBA America, Ms. Sola Yomi-Ajayi, disclosed that…
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Bank of Africa MD demands review of 5% financial sector clean-up levy
Managing Director for the Bank of Africa, Kofi Andah has asked for a review of the newly introduced financial sector clean-up levy of 5 percent. The levy was proposed in the recently read budget. According to the government, it is meant to help defray outstanding commitments in the sector following the clean-up which cost the…
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GSE lauds suspension of taxes on capital gains on listed securities
The permanent removal of taxes on capital gains on listed securities in the country has been lauded by the Managing Director of Ghana Stock Exchange, Ekow Afedzie, describing it as critical to the growth of Ghana’s capital market. A capital gain is described as an increase in the value of any asset including stocks, over…
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Policy rate may not change anytime soon – Economist
The monetary policy rate has once again been maintained at 14.5% by the Monetary Policy Committee of Bank of Ghana. This marks the 6th time in the past 12 months that the figure which signals the rate at which the Central Bank will lend to commercial banks has been maintained. In the statement issued by…
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BoG maintains policy rate for 6th time over short-term inflationary pressures
The Monetary Policy Committee of the Bank of Ghana after meeting last week and reviewing recent global and domestic developments, including the outlook for the Ghanaian economy has decided to maintain the policy rate for the 6th consecutive time at 14.5 percent. The maintenance of the policy rate which is of keen interest to businesses,…
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Policy rate likely to be maintained for 6th time over high inflation – Economists
The Bank of Ghana is likely to announce a stay of the Monetary Policy Rate for a 6th consecutive time later today, Monday, March 22, 2021. This assertion was made by some economists who have been sharing their view on Ghana’s economic outlook with Citi Business News. The rate which is of keen interest to…
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Government seeks $5.5 billion to settle remaining clients of defunct FMCs
The government is seeking the approval of US$5.5 billion to complete payment of the bailout packages to the remaining customers of defunct fund management companies who are yet to be settled. “Mr. Speaker, for the Securities and Exchange Commission to fully settle investors of the remaining 17 AMCs [asset management companies], an amount of GH¢5.5…