Category: Banking And Finance
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Omnibsic Bank gets GHS130m GAT support to meet capital requirement
The Ghana Amalgamated Trust (GAT), has completed processes required to enable OmniBSIC meet the Bank of Ghana’s 400 million cedis capital requirement. OmniBSIC bank has received 130 million cedis from government through the special purpose vehicle. Former Sahel Sahara Bank and OminBank merged to form OmniBISC in 2018 during the banking sector reforms exercise undertaken…
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World Bank predicts global remittances may drop by 20% in 2020 due to COVID-19
The World Bank is projecting that global remittances may decline sharply by about 20 percent in 2020 due to the economic crisis induced by the COVID-19 pandemic and shutdown. The projected fall, which would be the sharpest decline in recent history, is largely due to a fall in the wages and employment of migrant workers,…
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High Court gives BoG, AG and receiver 10-days to respond to GN Savings’ suit
The Bank of Ghana, the Attorney-General and the Receiver of defunct GN Saving and Loans, have been given ten days by the High Court to file their response to the suit challenging the revocation of the company’s license. The court gave the order following the failure of the three defendants in the matter to file…
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Halting dividend payments to shareholders necessary to protect banks – Banking consultant
Banking Consultant, Nana Otuo Acheampongm says the Bank of Ghana has the power to undertake periodic assessment of the financial sector to protect depositors’ funds as the country fights the COVID-19 disease. His assertion follows a directive by the central bank to all banks and Specialized Deposit Institutions (SDIs), to desist from declaring and paying…
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CalBank donates GHS200,000 in support of COVID-19 Trust Fund
CalBank has donated an amount of GHS 200,000.00 to the COVID -19 National Trust Fund at the office of the Presidency in the Jubilee House, Accra. This is an additional gesture to the earlier collective contribution of GHS 10million presented by the Ghana Association of Bankers to support the fight against the pandemic. The COVID-19…
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BoG directs banks, SDIs not to declare dividends to shareholders amid COVID-19 troubles
The Bank of Ghana has directed all banks and Specialized Deposit Institutions (SDIs), to desist from declaring and paying any dividends or distributing reserves to shareholders as the country fights the COVID-19 pandemic. By this, shareholders are not expected to receive dividend from banks and SDIs for the 2019/2020 financial year. A press statement issued…
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Ghana Association of Bankers contributes GHS2m to COVID-19 Fund
The Ghana Association of Bankers in a bid to mitigate the impact of COVID-19 on individuals and businesses in Ghana, has contributed two million Ghana cedis to the Ghana COVID-19 Private Sector Fund. The amount is GAB’s contribution towards the construction of a 100-bed COVID-19 Infectious Disease and Isolation Facility, located at the Ga East…
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GN Savings License Revocation case: BoG and A-G fail to file defence
The Bank of Ghana and the Attorney-General have failed to file a defence in the case brought against them by. Dr Papa Kwesi Nduom, Chairman of Groupe Nduom. In the suit, which is still pending in the High Court in Accra, Dr. Nduom accused the Bank of Ghana (BoG) and the Minister of Finance of…
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First National Bank offers 6 months loan repayment deferment to customers
First National Bank is giving all its existing customers an opportunity to apply for repayment holidays, where a temporary moratorium will be placed on loan repayments for up to six months. According to the bank, the offer, which is part of its #RealHelp package is to bring relief to customers impacted by novel Coronavirus pandemic.…
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First National Bank cuts interest rate by 2% to alleviate impact of COVID-19
First National Bank Ghana Limited has announced a 2% interest rate cut on loans to all existing customers from 01 April 2020 for the length of time until a loan is due of all Ghana-cedi denominated loan facilities. According to the bank, the offer, which is part of the bank’s #RealHelp package is to cushion…