Category: Banking And Finance
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adb cuts staff by 45% to observe social distancing in COVID-19 fight
The Managing Director of adb Bank, John Kofi Mensah, says the bank as part of its efforts to prevent the spread of the COVID-19 internally, has allowed 45 percent of its workforce to go on mandatory leave. This follows a directive from the Bank of Ghana asking all financial institutions operating in the country to…
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Minimum capital requirement deadline for payment service providers extended by 6-months
The Bank of Ghana has officially extended by 6 months, the deadline for meeting the new minimum capital requirements by all existing Payment Service Providers, Electronic Money Issuers, banks and specialized deposit-taking institutions, from June 30, 2020 to December 31, 2020. To operationalize the new Payment Systems and Services Act, 2019 (Act 987), which sought…
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ADB commits GH¢1m to Ghana’s COVID-19 fight
The Managing Director of Agricultural Development Bank (adb), Dr. John Kofi Mensah, has announced a GH¢1 Million package to support the government’s fight against the novel Coronavirus (COVID-19) pandemic. The decision according to Dr. John Kofi Mensah was taken at a Board Meeting last week. He says the amount is to be used to purchase…
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Private sector businesses to raise GHS100m to support COVID-19 fight
A group of private sector business owners have come together to launch the Ghana Private Sector COVID-19 Fund to raise a minimum of 100 million Ghana Cedis to support government’s fight against the COVID-19 pandemic. This is in spite of the fact that government itself has set aside a stimulus package of One billion cedis…
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Banks to readjust interest rates to reflect drop in policy rate
Some commercial banks operating in the country say they are yet to finalize processes to determine the level of readjustment of their interest rates to reflect the drop in the policy rate. The Monetary Policy Committee of the Bank of Ghana earlier this month reduced the rate at which it lends to commercial banks by…
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AGI urges more support from banks to businesses as COVID-19 hits hard
The Association of Ghana Industries (AGI), has urged banks in the country to emulate the gesture of Republic Bank Ghana, by implementing measures that will support local businesses in the wake of the novel Coronavirus pandemic. This follows Republic Bank Ghana’s gesture of offering a Loan Repayment Deferment for its customers and staff for a…
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Banks and other financial institutions will remain opened during partial lock-down – BoG
The Bank of Ghana has clarified that all banks and financial institutions will remain opened to the public during the two-week partial lock-down of parts of Accra and Kumasi from Monday, March 30, 2020. This follows the announcement by President Nana Akufo- Addo indicating that some essential service providers such as banks and other financial…
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Republic Bank defers loan repayment for staff and customers due to COVID-19
In its quest to mitigate the economic impact of the novel Coronavirus pandemic on businesses and staff, The Republic Bank Ghana, has announced an offer of Loan Repayment Deferment for its customers and staff for a period of six months. This comes after the Bank of Ghana in a series of actions urged all financial…
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GREDA appeals to banks to renegotiate interest on loans due to impact of COVID-19
The Ghana Real Estate Developers Association, GREDA, is appealing to government to impress on banks to renegotiate loan agreements with its members due to the economic impact of the COVID-19 pandemic. According to the Association, government’s measures aimed at containing the spread of the disease, has negatively affected the construction industry due to the high…
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Veep launches Universal QR Code & Proxy pay to boost digital payments
Vice President, Dr. Mahamudu Bawumia, says the launch of the Universal GH QR Code and the Proxy Pay platform should ease the difficulties associated with payment for goods and services. The two platforms are part of plans to enhance digital payments as the government pursues a cash-lite agenda. Already, the COVID-19 pandemic has partially impacted…