Category: Banking And Finance
-
Don’t pay facilitation fees to access locked-up cash – SEC to clients
The Securities Exchange Commission (SEC) has advised customers of the defunct fund management companies to refrain from paying a facilitation fee to get access to their locked-up cash. An entity, PBAY Limited is purporting to be able to facilitate the payment of customers locked-up funds with some SEC-regulated market operators whose licenses have been revoked…
-
World Bank approves US$250 million for establishment of Development Bank Ghana
The World Bank Board of Executive Directors on Thursday, October 29, 2020, approved US$250 million from the International Development Association (IDA) to support the establishment of the Development Bank of Ghana (DBG) also known as the National Development Bank. The move is to help to increase access to long term finance and boost job creation…
-
Volume of trade on bond market rises by 34% to 75 billion from Jan – Sept, on the back of equities market uncertainty
Stakeholders within the financial sector are confident investors will continue to turn to the fixed income market, away from the equities market, until a time when the Coronavirus pandemic has been brought under control. The poor performance of many companies on stock markets across the world and the uncertainty surrounding the quality of returns of…
-
Banking sector clean-up was not managed well – Togbe Afede XIV
Ghanaian Entrepreneur and President of the National House of Chiefs, Togbe Afede XIV, says the banking sector clean-up could have been handled better by government. According to him, government could have carried out a better scrutiny to prevent the collapse of the huge number of financial institutions that lost their licenses. Togbe Afede, who once…
-
ADB receives ISO:27001 certification
The Agricultural Development Bank (ADB) has earned the International Organization for Standardization (ISO) 27001; 2013 Certification following a rigorous process by PECB Group based in Canada. The Managing Director of the Bank, Dr. John Kofi Mensah, in a statement copied to Citi Business News said the certification process started last year and was successfully completed…
-
Stanbic Board appoints Kwamina Asomaning as Chief Executive as Alhassan Andani retires
After 14 years of steering the affairs of Stanbic Bank Ghana Limited, Chief Executive (CE) Alhassan Andani will retire on November 30, 2020. The Board of Directors, with the approval of the Central Bank, has selected Kwamina Asomaning, currently the Executive Director of Corporate and Investment Banking, as the new Chief Executive. Kwamina Asomaning, Kwamina…
-
High interest rates collapsing indigenous businesses – Togbe Afede XIV
The President of the National House of Chiefs, Togbe Afede XIV, is blaming the collapse of indigenous companies on Ghana’s interest rates which have over the years, remained very high. According to him, the high rates prevent Ghanaian companies from borrowing from the banks, which means they are not able to invest in their business…
-
ARB Apex Bank boosts access to RCBs with new office complex in Koforidua
ARB Apex Bank, which exists to serve all rural and community banks in Ghana, has opened a new office complex building in the Eastern Regional capital, Koforidua, to increase its existing branches in the country. The GH¢3,142 million building, has a regional office branch on the ground floor, a state-of-the-art conference room on the first…
-
Absa Bank Ghana launches new banking proposition for women entrepreneurs
As part of efforts to improve access to financing for women entrepreneurs in the country, Absa Bank Ghana has unveiled its new banking proposition which offers tailored financial solutions to empower women to sustainably grow their businesses. According to the bank, the new product, ‘Absa EMERGE’, will help bridge the financial gap which is currently…
-
Rural banks deposits increase by 22% to reach GHS4.3bn
Latest figures from the Central Bank covering the second quarter of 2020, shows an improvement in the value of deposits mobilized by rural and community banks (RCBs) between April and June of 2020, when compared to the same period in 2019. According to the data, deposit mobilization by rural and community banks, RCBs, saw a…