Category: Banking And Finance
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NPLs should drop to single digits in 2021 and beyond – Banking consultant
Banking consultant Nana Otuo Acheampong has expressed confidence in seeing the percentage of non-performing loans in Ghana’s banking sector, drop to single digits beyond 2020. His comment follows the announcement by credit rating agency, Fitch Ratings that, despite non-performing loans falling to 14 percent in 2019, from 22 percent two years prior, they will remain…
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COCOBOD targets 1.5 million tonne rise in cocoa production within five years
Management of the Ghana Cocoa Board (COCOBOD) says the successful implementation of earmarked programs under the $600 million AfDB credit facility, should increase the country’s annual cocoa production from about 900,000 metric tonnes to 1.5 million within the next five to seven years. The agreement for the facility which was signed in November 2019, is…
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Educate public on deposit protection scheme – Otuo Acheampong to banks
Banking Consultant, Nana Otuo Acheampong has called on financial institutions in the country to prioritize educating the public on the deposit protection scheme. According to him, this will ensure its success as well as increase the confidence of customers in the banking sector. The Ghana Deposit Protection Insurance Scheme was established to protect insured depositors…
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We need a people-centered and sustainable recovery post COVID – BoG Governor
The Governor of the Bank of Ghana, who chairs the Board of Governors of the IMF and the World Bank, Dr. Ernest Addison, has urged colleague Governors globally to ensure the speedy formulation and implementation of policies to protect the gains made prior to the Coronavirus crisis. In a virtual address to Governors at the…
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Gov’t launches $2 billion guarantee scheme to facilitate lending to SMEs
The First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari, has challenged small and medium scale enterprises (SMEs) across the country, to access the various financial support programs government has been rolling out in the aftermath of the coronavirus pandemic. He says this will ensure that the companies build their capacity to locally…
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Bank of Ghana presented with Central Bank of the Year Award
The Bank of Ghana has been presented with the prestigious Central Bank of the Year Award by the Central Banking Awards Committee. The award follows the bank’s successful implementation of monetary policy and impressive achievement in reforming the banking sector in Ghana. A statement issued by the Central Bank stated that, “the usual awards dinner…
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BoG to introduce new policies to boost financial sector confidence
The Bank of Ghana has announced that it is set to introduce new policies to ensure that the Banking and Special Deposit Taking Institutions sectors remain resilient, inclusive and supportive of Ghana’s economic growth trajectory. According to the BoG, this forms part of efforts to restore confidence in the country’s financial sector. It will be…
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Over GHS7m paid to some investors of liquidated fund management firms- GCB Capital
Management of GCB Capital Limited has stated that about GHS 7.77 million has been credited to the accounts of some two hundred investors of the 20 defunct fund management companies that have been cleared by the court for their liquidation. This comes days after the official liquidator of the 53 defunct fund management companies, Jemima…
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SEC increases capital requirement for market operators to GHS2M
As part of efforts to sanitize and strengthen the capital market, the Securities and Exchange Commission, SEC, has set a new capital requirement for market operators in the Ghanaian Capital Market Industry. The new directive, which sees an increase for fund managers from GHS100,000 to GHS2 million, is in accordance with Section 209 of the…
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We also deserve bailout – Aggrieved Menzgold customers to SEC
Some aggrieved customers of defunct gold dealership company, Menzgold Ghana Limited have reiterated calls on the Securities and Exchange Commission (SEC) to bail them out on the basis of the principle of “equal justice.” They say the government and SEC must take the blame for their plights. “We, customers of Menzgold blame government and SEC…