Category: Banking And Finance
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Registrar General begins payment to investors of collapsed FMCs
The official liquidator of the 53 defunct fund management companies, Jemima Oware, has stated that payment of bailout funds for the first batch of investors of the companies, whose licenses were revoked by the Securities and Exchanges Commission, SEC, has begun. According to her, the payment will be to investors of only 20 of the…
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Bank of Ghana warns public against unlicensed money doublers
The Bank of Ghana is asking Ghanaians to desist from engaging in money doubling, card loading and credit card loading systems. The Central Bank says any entities or individuals engaged in such acts are unauthorized and must be avoided. Money doubling involves taking people’s money with the promise of giving back more than was paid…
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Delisting on GSE: Companies urged to strengthen corporate governance systems
The increasing number of companies delisting from the Ghana Stock Exchange (GSE) has been attributed to the failure of the companies to deliver dividends as well as share price appreciation. That’s according to the head of Research at Databank, Alex Boahen. Since 2017, about 8 companies have had their listing on the Ghana Stock Exchange…
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Volume and value of MoMo transactions will keep rising – Banking Consultant
A Banking consultant, Nana Otuo Acheampong, says the significant surge in the volume and value of mobile money transactions in the first 8 months of the year, should continue unabated in the last quarter of 2020. The volume and value of mobile money transactions from January to August of 2020, increased by 41 percent and…
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Public thoughts on state of Ghana’s banking sector
Confidence in Ghana’s banking sector was hard hit by the banking sector reforms implemented by the Bank of Ghana some two years ago. The reforms saw the collapse and merger of some local banks, while some depositors who had their funds locked up are yet to access their cash. Latest data from the Bank of…
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Interest rate disparity limits capacity of local banks to take up cocoa syndicated loan – Banking Consultant
Banking Consultant, Nana Otuo Acheampong, has cast doubt on the ability of local banks to take over the annual syndicated loan arrangement for the purchasing of cocoa beans from farmers by COCOBOD. His comment follows recent calls by the Board Chairman of COCOBOD, Hackman Owusu-Agyemang, for local banks to build their capacity play a critical…
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Ghana Int’l Bank plc appoints Baafuor Ohene Abankwa as Head of Client Coverage for Africa
Ghana International Bank plc has announced the appointment of Baafuor Ohene Abankwa as Head of Client Coverage for its Africa Business. He will be responsible for managing the African Coverage Team and is tasked with leading the growth into new markets in East and Central Africa whilst ensuring the continuous delivery of value to the…
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Dalex Swift allows clients to choose their preferred interest rates on investments
Dalex SWIFT is allowing customers to determine what interest rates they want to earn on their investments from October 5, 2020. Dalex SWIFT is a leading fully digital investment product that provides clients with a credible, convenient, and competitive path to a better life with over 134,000 registered users. Since its inception, SWIFT has given…
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Ghana adjudged most impressive bond issuer at Global Capital Bond Awards 2020
Ghana has been awarded as the Most Impressive African Issuer at the Global Capital Bond Awards 2020 after its successful issuance of the US$3 billion Eurobond at record rates in the first quarter of this year. Ghana beat Morocco and First African Corp in the category. Ghana on Tuesday, March 17, 2020, successfully issued US$3…
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Bank of Ghana cautions against online trading of Ghana Cedi notes and coins
The Bank of Ghana has cautioned against the buying or selling of Ghana Cedi notes and coins currently in circulation as legal tender on online platforms. The Bank says it is the only institution with the right to issue and redeem Ghana Cedi notes and coins in Ghana, according to Article 183 (1) of the…