Category: Banking And Finance
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Chartered Institute of Bankers launch code of ethics to curtail fraud
The Chartered Institute of Bankers, Ghana (CIB) in collaboration with the Bank of Ghana (BoG) and the Ghana Association of Bankers (GBA) has launched the Ghana Banking Code of Ethics and Business Conduct. This forms part of efforts to reduce the number of fraud cases perpetrated by employees within the banking industry. Speaking at the…
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First and Second Deputy BoG Governors inducted as honorary fellows of Institute of Directors
The First Deputy Governor, Dr. Maxwell Opoku-Afari, and the Second Deputy Governor, Mrs. Elsie Addo Awadzi were on Thursday, 26th November 2020, inducted as honorary fellows of the Institute of Directors-Ghana (IoD) at the Institute’s Corporate Governance Excellence Awards. – This was in recognition of their role as key advocates in the promotion of the…
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AGI calls for establishment of Industrial Bank
The Association of Ghana Industries is calling on government to speed up processes for the establishment of an industrial bank. According to the AGI this would help address the challenges of access to funding its members face. Speaking to Citi Business News, Director of Business Development Services, Johnson Opoku-Boateng, said government ought to come through…
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Deposits of commercial banks grow steadily despite impact of COVID-19 – BoG
The latest Summary of Macroeconomic and Financial Data from the Bank of Ghana shows that the growth rate in commercial banks’ deposits has been positive throughout the year despite the impact of the COVID-19 pandemic on activities of businesses and individual households. Total banking deposits increased by 27% year-on-year, from GHS78.9 billion in October 2019…
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Registrar-General to meet customers of defunct FMC’s on Thursday
The Registrar-General, Jemima Oware is organising virtual investor class meetings for customers of defunct fund management companies today, Thursday, November 26, 2020. Today’s meeting will commence at 9 am. The virtual meeting is being organised to discuss government’s bailout plan for investors of the various defunct fund management firms. Today’s meeting comes a day after…
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Customers of Blackshield Fund Management Company receive bailout text messages
Some customers of Blackshield Fund Management Company have started receiving text messages from the Securities and Exchange Commission (SEC) for them to get part of their locked up monies paid. SEC explained that the Commission started transmitting the text messages to the customers from Friday, November 20, 2020. The Commission said there were six steps…
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Registrar-General to meet customers of eight collapsed fund management firms
The Registrar-General will today, Wednesday, November 25, 2020, meet with customers of eight defunct Fund Management Companies. A statement from the Registrar-Generals said the meeting will be held virtually and customers can join via specially designated time slots and specially created ID’s. The firms include Unisecurities Ghana Limited, EM Capital Partners, Heritage Securities Limited,…
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Stakeholders question impact of high interest rates on local businesses
Industry stakeholders have questioned the ability of Ghanaian businesses to remain competitive in the era of the African Continental Free Trade Area, following the maintenance of the Monetary Policy Rate by the Bank of Ghana for the 4th consecutive time at 14.5 percent. The reduction in the rate, which determines the percentage at which the…
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COVID-19 related interventions pushing debt stock to unsustainable levels – BoG Governor
Governor of the Bank of Ghana Dr. Ernest Addison has stated that the current debt-to-GDP ratio of 71 percent could be an indication that government is approaching its limit when it comes to the implementation of its COVID-19 related interventions meant to cushion Ghanaians and businesses against the adverse impact of the global pandemic. Apart…
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Rural banks to re-engage BoG on directive to suspend dividend payment to shareholders
President of the Association of Rural Banks (ARBs), Daniel Ohene Kwaku Owusu, has said his outfit will re-engage the Central Bank on its directive to banks and other Specialized Deposit-Taking Institutions (SDIs) to suspend the payment of dividends to their shareholders. He indicated that though the Bank of Ghana’s directive was with good intentions, the…