Category: Banking And Finance
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Bank of Africa partners CFAO to introduce New Vehicle Finance facility
Bank of Africa in partnership with CFAO Ghana Limited, has launched an incredible Vehicle Financing Facility. According to Bank, the idea of the Vehicle Finance partnership is to bring convenience to both corporate and individual customers of companies who would want to purchase brand-new cars from CFAO. The facility also enables interested persons to own…
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CalBank Limited changes name to CalBank PLC
CalBank Limited has changed its name to CalBank PLC. According to the company, the change of name took effect from Monday, July 1, 2020. A statement from the company on the new development indicated that the change of name is pursuant to provisions in the Companies Act, 2019 (Act 992). The ACT requires that all…
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Financial service consumers cautioned against increased cyber-crime amid Covid-19
As more people rely on digital banking platforms to reduce human interface in the wake of the COVID-19 pandemic, some analysts in the some financial space have cautioned consumers to be wary of increasing cyber fraud. According to some observers of the financial sector, there was an increase in cyber fraud in Ghana during the…
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Any additional borrowing to finance expenditure risky for economy – Adu Sarkodie
An Economist, Dr. Adu Owusu Sarkodie, says the Finance Minister, Ken Ofori-Atta should be able to outline the progress made so far with the allocation of support under the government’s Coronavirus Alleviation Programme when he presents the Mid-year budget review to Parliament later this month. Dr. Sarkodie says limiting budgetary allocation is critical, since an…
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FNB finalises merger with GHL Bank
First National Bank Ghana has confirmed the conclusion of the merger with its subsidiary, GHL Bank. The merged entity will be known as First National Bank Ghana. According to a statement from First National Bank, the newly formed and strengthened entity will offer a portfolio of unique innovative financial solutions for retail, corporate and investment…
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BoG accepts less than 50% of bids in last dollar auction in June
The Bank of Ghana in its last auction of forex in June, received 33% of the total amount of dollars dealers bid for. The total bids were also about three times lower than the figure offered by the dealers. For the last auction in June 2020, the Forex Auction Committee of the Bank of Ghana…
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Fidelity Bank attributes strong 2019 financial results to customers’ support
Fidelity Bank Ghana has held its 2020 Annual General Meeting (AGM) via a virtual platform for its shareholders to receive and adopt the Reports of the Directors, Auditors and the Financial Statements for the year ended 31st December 2019. At the meeting, the Bank announced a 33% increase in profit before tax to GH¢322 million…
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Fund management customers threaten to vote against Akufo-Addo over unpaid funds
Members of a group calling itself the Coalition of Aggrieved Fund Management Customers have given government by close of July to pay all locked up funds due them or face their wrath. In March this year, the Deputy Director-General of the Securities and Exchange Commission, SEC, Paul Ababio, told Citi Business News investors of the…
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Low interest rates will empower local banks to fund cocoa purchasing – BoG Governor
The Governor of the Bank of Ghana, Dr. Ernest Addison, has said reduced domestic interest rates will empower local banks to participate in the cocoa syndicated loan. COCOBOD is seeking to raise 1.3 billion dollars to finance the 2020/2021 crop season. But some financial analysts have maintained that the funds used in purchasing cocoa beans…
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First National Bank appoints Dominic Adu as first Ghanaian CEO
First National Bank Ghana has appointed Dominic Adu as its first Ghanaian Chief Executive Officer. A press statement issued by the bank said Dominic Adu’s appointment will commence, effective Wednesday, July 01, 2020. Dominic takes over from Richard Hudson, who has served in this position since the inception of the bank five years ago. Mr.…