Category: Banking And Finance
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Forex licences of Fidelity Bank, First National Bank temporarily suspended
The forex licenses of Fidelity Bank Ghana Limited and First National Bank Ghana Limited have been suspended temporarily. This is because, the two financial institutions have breached some sections of the Ghana Interbank Forex Market Conduct rules, according to the Bank of Ghana (BoG). The Central Bank which meted out the sanction has also fined…
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Pensioner Bondholders suspend picketing at Finance Ministry
The Pensioner Bondholders Forum has suspended its planned picketing at the Finance Ministry to protest the non-payment of outstanding coupons. This follows the resumption of payments of the coupons by government on June 27. On June 22, the pensioner Bondholders began a third round of picketing at the Finance Ministry to demand seven outstanding coupons…
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MTN suspends July 1 new MoMo charges
Telecommunication giant, MTN has suspended its planned adjustments in Mobile Money (MoMo) charges scheduled to have taken effect from July 1, 2023. Earlier, the telco said transactions up to GH¢2,000 were to see a one percent charge and a flat rate of GH¢20 for transactions above GHS 2,000. But MTN now says the decision has…
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Afreximbank’s digital platforms to boost trade and economic development
The Chairman and CEO of Oakwood Green Africa, Mr. Gabriel Edgal, has emphasized the transformative impact of Afreximbank’s digital platforms, including the MANSA and Pan-Africa Payment and Settlement Systems (PAPSS) platforms, on Ghana’s economic development and participation in intra-African trade. Speaking at a side event during the launch of the Africa Trade Gateway as part…
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MTN introduces new Mobile Money withdrawal fees
MTN, the leading telecommunications company, has announced significant changes to its mobile money withdrawal transaction fees. Effective from July 1, 2023, customers will experience an adjustment in fees for cash-out transactions exceeding a specific threshold. MTN took the initiative to inform its customers about the upcoming modifications through an SMS circular. According to the circular,…
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All bullion vans will be armoured from July 1 – Association of bullion operators
The President of the Association of Bullion Operators Ghana (ABOG), Alhaji Iddi Sumaila, has provided reassurance to the public that no soft-skinned vehicle will be used for transporting cash starting from July 1, 2023. During an interview on Eyewitness News on Citi FM, Alhaji Sumaila stated that the association is committed to ensuring that all…
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BoG warns against 97 illegal loan Apps in Ghana
The Bank of Ghana (BoG) has cautioned the public against the operation of some online Apps operating without authorization. 97 of such applications have thus been cited for engaging in unlicensed lending activities in contravention of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (930). “The Bank of Ghana reiterated that the activities of these…
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Ecobank Ghana PLC records 40.3% revenue growth in 2022
ECOBANK Ghana PLC has despite the shocks of the Domestic Debt Exchange Programme and the general decline of the Ghanaian economy, the bank managed to increase its total revenue for 2022 by 40.3% to 2.97 billion GHC. Ecobank Ghana PLC explains that this growth was driven by mainly increases in net interest income, as well…
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Telcos, BoG to collaborate to retrieve locked funds on MoMo accounts – Ursula
The Minister of Communications and Digitalisation, Ursula Owusu-Ekuful, has announced that Mobile Network Operators (MNOs) are working with the Bank of Ghana to facilitate the retrieval of funds for individuals whose monies are locked up in mobile money accounts. Numerous subscribers have voiced their concerns regarding the inability to access their funds on mobile money…
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IMF proposes acquisition, mergers of banks to mitigate financial sector instability
The International Monetary Fund (IMF) is asking government to consider a possible acquisition and mergers of banks and other non-bank financial instructions as part of moves to mitigate the country’s financial sector shocks. Under its risk assessment matrix, the IMF in its latest country report in Ghana in said these proposals if adopted will among…