Category: Banking And Finance
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Local banks must fully fund cocoa syndicated loan in future – Hackman Owusu-Agyemang
Board Chairman of COCOBOD, Hackman Owusu-Agyemang, has urged local banks and financial institutions to strategically position themselves, so they are able to fully provide the loan COCOBOD needs to purchase cocoa beans in the not too distant future. Since the 1992/1993 cocoa crop season Ghana’s cocoa sector regulator, has been signing syndicated loan facilities with…
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COCOBOD secures $1.3 billion syndicated loan; first tranche expected by October 10
Chief Executive Officer of Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo says the first tranche of the newly signed $1.3 billion syndicated loan facility which will cater for the purchase of cocoa beans for the 2020/2021 crop season should hit their accounts by October 10, 2020. The agreement for the loan was signed in Accra…
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BoG Governor justifies conversion of bonds to cash to pay defunct MFIs, S&Ls’ customers
The Governor of the Bank of Ghana, Dr. Ernest Addison has justified the recent decision by government to release an amount of GHS3.56 billion in cash, to fully settle claims of depositors of defunct Microfinance companies, Savings and Loans firms and Finance Houses, instead of sticking to the original plan to pay that amount using…
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GCB Bank’s G-Money launches API for Fintech partners
G-Money, GCB Bank Ghana Limited’s mobile money service has launched ‘Nexus,’ an open Application Programming Interface (API) system to onboard third-party Financial Technology (FinTech) partners. With the API, G-Money partners are now able to perform disbursements, collections and bill payments including the payment of school fees and utility bills. Additionally, partners will be able to…
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Bank of Ghana maintains policy rate for 3rd consecutive time at 14.5%
The Monetary Policy Committee of the Bank of Ghana has maintained the policy rate at 14.5 percent after a similar decision in May and July of this year. This makes it the third consecutive time the policy rate has being maintained in 2020. The rate is of keen interest to businesses, as it signals the…
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Ghana’s debt stock up by GHS43.5 billion
Ghana’s total debt stock has gone up again. According to the latest Summary of Macroeconomic and Financial Data from the Bank of Ghana, the total public debt stock which started the year at GHS219.6 billion, saw an accumulation of GHS43.5 billion in seven months. This brings the total debt at the end of July 2020…
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Lending rates dropping but not fast enough – MSMEs
Despite the Monetary Policy Rate (MPR) remaining at 14.5 percent for the better part of 2020, average lending rates of commercial banks have not dropped low enough for many stakeholders. According to the Summary of Economic and Financial Data released by the Bank of Ghana in May this year, Commercial Banks started the year lending…
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Two Blackshield customers arrested over ‘unlawful gathering’ at Registrar General’s office
Two members of the Coalition of Aggrieved Fund Management Customers have been arrested for picketing at the Registrar General’s office. This comes barely a day after the aggrieved customers held a press conference to drum home their concerns to the government about the non-payment of their locked-up funds. The group made up of over 150…
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Reduce imports to maintain stability of the Cedi – Alhassan Andani
The President of the Ghana Association of Bankers, Alhassan Andani is calling for more sustainable measures from the Bank of Ghana to ensure the Cedi’s recent stability continues into the medium to long-term. The currency has performed marginally well from January till now, compared with its peers on the continent. Out of some 15 key…
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Blackshield customers threaten demo ahead of payment of funds of 20 FMCs
Customers of Gold Coast Fund Management Company Limited, now Blackshield Capital Management Limited have warned of embarking on an industrial action if the Registrar General fails to release a payment plan for its members as it prepares to begin payment for some customers of other companies whose funds were locked in some of the defunct…