Category: Banking And Finance
-
Outgrower farmers under 1D1F to receive financial support from ADB
Outgrower farmers supplying raw materials to factories under the government’s One-District-One Factory (1D1F) policy are set to receive loans from the Agricultural Development Bank (ADB). This was disclosed by the Managing Director of the Agricultural Development Bank (ADB), Dr. John Kofi Mensah. According to him, industries established under the1D1F initiative in need of agricultural support can…
-
Remittances into Ghana shoot up despite impact of COVID-19 on jobs abroad
Data from the Bank of Ghana made available to Citi Business News shows that the flow of remittances into the country went up marginally within the first half of the year, compared to the same period in 2019 despite the impact of COVID-19 on jobs both home and abroad. The remittances for the first half…
-
COVID-19: Gold and less volatile currencies growing in attractiveness – Economist
A lot of investors the world over have been shaken by the Coronavirus pandemic and the associated fear has compelled individuals to move their funds from one investment option to the other in order to protect their gains. As the world deals with the Coronavirus pandemic, investors are increasingly moving their funds from stocks, bonds…
-
We’ve paid all depositors of collapsed banks – BoG Governor
Governor of the Bank of Ghana, Dr. Ernest Addison has rejected claims that depositors who had their monies locked up with the collapsed banks have not been paid. Dr. Addison said all customers of the nine collapsed banks have been paid their locked-up funds. He was speaking at a meeting with President Nana Akufo-Addo after…
-
Ban bank staff guilty of fraud from practising – Dr. Atuahene
A corporate governance and banking consultant, Dr. Richmond Atuahene says employees in the banking sector who are found culpable of fraudulent activities should be banned from practising in the sector. This comes days after reports emerged that the Bank of Ghana is currently in consultation with stakeholders to fine-tune a new code of conduct to…
-
Valuation of consumer stocks decline by as much as 56% on Ghana Stock Exchange
Food and consumable sector stocks performance on the Ghana Stock Exchange were significantly poor for the first half of 2020 compared with their performance in the same period in 2019. All the three food and consumable sector stocks on the local bourse– Guinness Ghana Breweries, Unilever Ghana and Fan Milk –as of June 2020, had…
-
Vulnerabilities in digital systems reason for increase in banking sector fraud – E-crime Bureau
The latest report released by the Bank of Ghana on cyber fraud indicates that the banking industry, in 2019, reported a total of 2,295 fraud cases as compared to 2,175 fraud cases reported in 2018. Giving reasons for the increase in the number of fraud cases in the sector, the central bank stated that the…
-
Valuation of financial stocks decline significantly on local bourse
Financial sector stocks performance on the Ghana stock exchange were generally poor for the first half of 2020 when compared to their performance in the same period in 2019. Currently, 12 financial sector companies are listed on the local bourse, consisting of 10 banks and 2 insurance companies. The GSE Financial Stocks Index (GSE-FSI) which…
-
Customers of defunct Man Capital demand timelines for payment of locked-up cash
Customers of defunct Man Capital Microfinance Company Limited are seeking timelines for payment of their locked-up cash from the Receiver of the collapsed microfinance and savings and loans institutions, Eric Nana Nipah. Man Capital was among the 347 microfinance entities whose licenses were revoked by the Bank of Ghana during the clean-up of the sector.…
-
Financial stocks likely to bounce back post-COVID and 2020 polls
The poor performance of financial stocks on the Ghana Stock Exchange for this year has been generally attributed to a combination of poor public sentiments, the fallouts from the banking sector reforms as well as the impact of COVID-19. This was made known by the Head of Research at Databank, Alex Boahen. The GSE Financial…