Category: Banking And Finance
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Policy rate maintained at 14.5% for 4th consecutive time
The Monetary Policy Committee of the Bank of Ghana has maintained the policy rate for the 4th consecutive time this year at 14.5 percent after a similar decision in May, July and September 2020. The rate is of keen interest to businesses, as it signals the rate at which the Central Bank will lend to…
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Value of MoMo transactions drops after five months of consistent increase
The total value of Mobile Money transactions has fallen for the first time after five months of continuous increase. The surge began in May, as it shot up from GHS32.8 billion in April to GHS41.5 billion, representing a whopping 26.5 percent increase. But after several months, it has dropped from GHS58.8 billion in September to…
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End of the road for eight fund managers as official liquidator gazettes them
The Official Liquidator (OL) has gazetted eight additional fund management companies (FMCs) out of the 54 whose licenses the Securities and Exchange Commission (SEC) revoked. Two more companies, which have also been cleared, are going through the winding up and gazetting process. Their gazetting completes their journeys as corporate bodies. Those gazetted include UniSecurities Gh…
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Ghana’s debt stock hits GHS273.8 billion, crosses dreaded 70% debt-to-GDP mark
Ghana’s total public debt stock has risen by GHS54.8 billion in the first nine months of this year, hitting GHS273.8 billion as at the end of September 2020. Government is currently under pressure to slow down the rate of debt accumulation. The new debt figure pushes Ghana’s debt to GDP ratio to 71 percent, crossing…
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Blackshield customers, others to start receiving government’s partial payment from today
The Securities and Exchange Commission (SEC) says customers of the affected fund management companies yet to receive bailout will from today, November 20, 2020, be able to access a partial package of up to GHS50,000 authorized by government. According to the Commission, the amount covers 89 percent of affected customers and 82 percent of pensioners.…
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Blackshied customers, others to receive partial payment of up to GHS50,000 – SEC
Government has authorised a partial payment of up to GHS50,000 to all customers of the remaining defunct Fund Management Companies whose monies were locked up. This follows an earlier directive by government to pay customers whose claims were validated. A statement issued by the Securities and Exchange Commission (SEC) on Wednesday, November 18, 2020, said…
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Stakeholders in banking sector hopeful of more digital means of providing services
In a world where technology seems to be permeating every facet of life, stakeholders in the banking industry are hopeful of a complete digital transformation in all transactions. The COVID-19 pandemic, which unexpectedly hit every sector in the world forced individuals and companies to come up with innovative ways to survive. Most people ended up…
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Chartered Institute of Bankers to launch Code of Ethics to curtail fraud
As part of efforts to reduce the number of fraud cases perpetuated by employees within the banking industry, the Chartered Institute of Bankers in collaboration with the Bank of Ghana and the Ghana Association of Bankers will soon launch the Ghana Banking Code of Ethics. According to the latest banking industry fraud report from the…
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GhIPSS and its CEO pick GITTA award again
The Ghana Interbank Payment and Settlement Systems (GhIPSS) and its Chief Executive Archie Hesse have for the second year running won awards at the prestigious Ghana Information Technology & Telecom Awards (GITTA) held in Accra. Mr. Hesse was adjudged the Payment Systems Personality of the Year, while GhIPSS won the Payments and Clearing Technology Provider…
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CalBank hopeful of more stability on Ghana Stock Exchange
The Managing Director of CalBank, Philip Owiredu, is hopeful that the bank’s price on the stock market will experience some stability and even see some appreciation in the coming months. Despite registering strong profits across board for the first three quarters of 2020, listed banks on the Ghana Stock Exchange, including CalBank, continue to see…