Category: Banking And Finance
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Returning economy to path of fiscal consolidation critical – BoG Governor
Governor of the Bank of Ghana, Dr. Ernest Addison has reiterated the need for government to develop a new medium-term macroeconomic framework to return the economy unto a path of fiscal consolidation. The Governor had earlier on raised questions about the sustainability of the implementation of COVID-19 related interventions meant to cushion Ghanaians and businesses…
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Passage of Anti-Money Laundering Bill will boost investor confidence – e-Crime Bureau
The passage of the Anti Money Laundering Bill by Parliament will go a long way to boost investor confidence in the country’s financial system. This is according to the Head of Technical Operations at e-Crime Bureau, Eric Kwaku Mensah. The Bill which was on December 17, 2020, when assented to by the President will plug…
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-1.1% GDP growth is in line with Central Bank’s economic projection – Dr. Addison
The Governor of the Bank of Ghana, Dr. Ernest Addison has stated that the recent 3rd quarter contraction of the economy is in line with the Central Bank’s economic recovery projection. His comments come on the back of new data from the Ghana Statistical Service indicating that the Ghanaian economy has contracted for the second…
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Effective credit system needed to support Ghana’s automotive industry – Japan Motors MD
The Managing Director of Japan Motors says a strong credit finance culture is needed to support Ghana’s young automotive industry. Salem Kalmoni, whose company is the sole partner to Nissan Africa’s assembly plant in Ghana, noted that as more companies set up assembly plants to manufacture and sell cars to the country’s growing middle class,…
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Amalgamated Mutual Fund PLC begins partial bailout payments to clients of collapsed FMCs
The Amalgamated Mutual Fund PLC (The AM Fund) has commenced cash payments under the partial bailout scheme to clients of the Fund Management Companies (FMCs) for which the Official Liquidator is yet to obtain Liquidation Orders from the courts. This follows the announcement by the Securities and Exchange Commission (SEC) on November 18, 2020, that…
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Emulate example of outgoing Stanbic Bank CEO – BoG Governor to financial leaders
The Governor of the Bank of Ghana, Ernest Addison has charged all leaders in the financial sector to emulate the example of the outgoing Chief Executive Officer of Stanbic Bank Ghana, Alhassan Andani to ensure that the Ghanaian financial sector thrives in the medium to long term. Mr. Andani is credited for transforming Stanbic Bank…
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New cocoa pension scheme will attract youth into sector – Concerned Farmers Association
Following President Nana Addo Dankwa Akufo-Addo launch of a pension scheme for the country’s cocoa farmers, the President of the Concerned Farmers Association of Ghana, Nana Oboadie Boateng Opambour has welcomed the new scheme, but says an independent body with strong representation from cocoa farmers needs to manage the scheme to ensure it succeeds. Speaking…
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NPLs of Ghanaian banks may rise after COVID-19 pandemic – BoG Governor
Governor of the Bank of Ghana Dr. Ernest Addison says he is mindful of the fact that in the aftermath of the Coronavirus pandemic, non-performing loans in the country may rise beyond the current stable levels. An analysis of the Summary of Macroeconomic and Financial Data from the Bank of Ghana released in November shows…
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SIC to pay GCB Bank claims after Saturday’s fire
SIC, the insurers of the GCB Bank Liberty House Branch at Katamanto in Accra have commenced processes to assess damage and pay claims as may be necessary to the company following a fire outbreak at the facility on Saturday. Speaking to Citi Business News, Head of Corporate and Special Risk at SIC, Emmauel Simpiney-Mensah said…
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AfDB seeks more support for Ghana’s National Development Bank
With a little over a month for the National Development Bank of Ghana to commence operations, the outgoing Acting Country Manager of the African Development Bank, Sebastian Okeke, says his outfit is taking every step necessary to get more international financial institutions to support the funding of the bank. To support the establishment of the…