Category: Banking And Finance
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Movement of funds from bank accounts to MoMo Wallets and vice versa on the rise
Many people are taking advantage of Mobile Money Interoperability (MMI), to move money from bank accounts to Mobile Money (MoMo) wallets and vice versa. The overriding feature of the second phase of the MMI, is the financial inclusion triangle, that is the linking of bank accounts to MoMo wallets and e-zwich cards, which allowed funds…
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Customers wearing Face Shields to be turned away from banking halls
The Ghana Association of Bankers has cautioned the general public against the use of face shields without masks in the banking halls and other service points. In a statement, the Association said this is in line with protecting its staff and customers from contracting the Coronavirus COVID-19. “As an association, we have in the interest…
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BoG to build additional reserves to deal with cedi depreciation
The Bank of Ghana says it intends to build additional reserves of up to 300 million cedis to stabilize the country’s currency. This will be a medium-term solution to prevent the free fall of the cedi. The currency has performed marginally well within the first half of the year, compared with other major currencies such…
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Submission of bids for purchase of assets of defunct Microfinance, S&L firms extended
The Receiver of the 347 insolvent Microfinance Companies and 23 Savings and Loans Companies and Finance House Companies, Eric Nana Nipah, has extended the deadline for the submission of bids to purchase the assets of the dissolved companies by two more weeks. The initial deadline was Monday, 27 July 2020, but has been extended to…
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GN Bank wasn’t a ponzi scheme – Groupe Nduom replies Finance Minister
Groupe Nduom, owners of defunct GN Bank, has debunked claims that it operated as a ponzi scheme prior to being declared insolvent by the Bank of Ghana. According to them, the Minister of Finance, Ken Ofori-Atta, while speaking in an interview on Accra-based, Asaase Radio on Sunday, July 26, stated that “When we got into…
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Economists react to BoG’s decision to maintain policy rate at 14.5%
Some economists have reacted to the decision by the Bank of Ghana, BoG, to maintain the policy rate at 14.5%. The policy rate, which is the rate at which the central bank lends to commercial banks, and is also used by banks to calculate their base rates, was kept unchanged at 16 percent for at…
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Bank of Ghana maintains policy rate 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 this year. The rate is of keen interest to businesses, as it determines the rate at which the BoG lends to commercial banks, and subsequently influences interest rate on loans. The Governor…
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Africa must reposition itself to gain immensely from the global financial market – Lennis Glover
Forex Analyst and Director at the Forex Training Academy, Lennis Glover, has stated that if Africa truly wants to become an economic powerhouse of the future, it needs to get serious about reforming its financial markets. According to him, the current pace of globalization gives no choice to developing countries as they must put in…
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COVID-19: African Development Bank Group supports Ghana with $69m grant
The Board of Directors of the African Development Fund (ADF) on Friday, July 24, 2020, approved a $69 million grant to support Ghana’s efforts to tackle the COVID-19 pandemic and mitigate its socio-economic impact on the country. The grant from the ADF, the concessional arm of the African Development Bank, would provide fiscal budget support…
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Use of electronic payment channels records 81% growth in 2020 1st half – GhIPSS
Latest figures from the Ghana Interbank Payment and Settlement Systems (GhIPSS) show that patronage of electronic payment channels that go through the GhIPSS platform, increased by 81 percent in the first half of this year compared to the same period last year. According to GhIPSS, the total volume of transactions spanning January to June 2020,…