Category: Banking And Finance
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New policies launched to speed up financial inclusion for economic transformation
In its quest to increase financial inclusion from the current 58 percent to 85 percent by 2023, the Ministry of Finance has introduced the National Financial Inclusion and Development Strategy to help create economic opportunities and reduce poverty. This strategy is part of three new initiatives introduced by government to speed up financial inclusion and…
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We’ll use financial institutions to disburse GHS600m SME loan – NBSSI
The Executive Director of the National Board for Small Scale Industries, NBSSI, Kosi Yankey, has explained that financial institutions will be used to disburse the 600 million cedis stimulus package allocated to support small and medium scale enterprises. Following the negative impact of COVID-19 on businesses and individuals, the amount has been set aside by…
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Prof. Quartey backs BoG’s GH¢10bn financing for government’s 2020 budget
Economist, Prof. Peter Quartey, has backed the Bank of Ghana’s decision to support government’s budget to cushion the economy from the adverse impact of COVID-19. The central bank has indicated that it is supporting the Ghanaian economy with ten billion cedis to bridge the budget deficit caused by the global pandemic. The Governor of the…
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Primary reserve requirement reduced to 6% to provide liquidity to SDIs
The Bank of Ghana has reduced the Primary Reserve Requirement for savings and loans companies, finance house companies, and rural and community banks from 8 percent to 6 percent, as well as the 10 percent primary reserve ratio for micro finance companies to 8 percent. This is part of measures to further provide economic relief…
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Access Bank supports state institutions and communities in COVID-19 fight
Responding to calls to offer support to the needy across the country, Access Bank Ghana has stepped up its COVID-19 support efforts by earmarking GHS300,000 for food, sanitary and personal protective equipment (PPE) to over fifteen municipalities across the country. The beneficiary municipalities selected for this initiative, which are dotted across the sixteen regions of…
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BoG to finance government’s budget with ¢10bn to tackle COVID-19 impact
The Bank of Ghana says it will support the government’s budget with 10 billion cedis to enable it address the economic impact of COVID-19 on the country. This will include an initial amount of 5.5 billion cedis of the COVID-19 relief bond. The Governor of the central bank, Dr. Ernest Addison, disclosed this at a…
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Bank of Ghana keeps policy rate at 14.5 percent amid COVID-19
The Monetary Policy Committee (MPC) of the Bank of Ghana, has maintained the policy rate at 14.5 percent. This is the first time the rate has been kept unchanged after it was reduced by 150 basis points early this year. The MPC, at the time said the decision was among other things influenced by the…
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Ghana adds GHS16.9 billion to debt stock in 2020 1st quarter
New figures released by the Bank of Ghana show that the country’s debt stock increased by 16.9 billion cedis in the first quarter of 2020, that’s from January to March. The figures, which were contained in the Bank of Ghana’s Summary of Economic and Financial Data pegs the country’s total debt stock by March 2020…
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Reduce policy rate to inject liquidity into financial sector – Economist to BoG
As the Monetary Policy Committee (MPC) of the Bank of Ghana prepares to announce its policy rate decision today, Friday, May 14, an Economist, Dr. Lord Mensah, is optimistic the Committee will further reduce the policy rate to mitigate the impact of the COVID-19 pandemic on businesses and individuals. He explains that reducing the policy…
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It will be prudent for banks to disburse GHS600m stimulus package – Economist
A Financial Economist, Dr. Lord Mensah, has backed calls for government to channel the GHS600 million stimulus package meant to alleviate the plight of SMEs amid the impact of the COVID-19 pandemic through the banks. He argues that disbursing the funds through financial institutions will enhance transparency and efficiency. The National Board for Small Scale…