Category: Banking And Finance
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Reduced policy rate must reflect on banks’ lending rates – Businesses insist
Businesses that have been impacted by the COVID-19 pandemic in Ghana are urging the Bank of Ghana to ensure that commercial banks revise their lending rates to reflect the reduction in the policy rate. According to them, this will enable them bridge the shortfall in the supply of some goods in the wake of the…
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GhIPSS to launch Universal QR Code and Proxy Pay platforms today
The Ghana Interbank Payment and Settlement Systems, GhIPSS, will on Wednesday, March 25, 2020, launch the Universal QR Code and Proxy Pay platforms as part of measures to enhance digitized payments as the government pursues its cashless agenda. The code will among other things help businesses including those in the informal sector accept payments for…
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Ghana Association of Bankers to support COVID-19 fight with GHS10m
As part of efforts to mitigate the impact of the Coronavirus on the financial services sector, the Ghana Association of Bankers has announced that it is donating ten million Ghana Cedis (GHS 10,000,000.00) to government, towards the purchase of critical equipment for managing the COVID-19 pandemic and for the purposes of public education. “This is…
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BoG to sanction banks, other SDIs for misuse of incentives amidst COVID-19 pandemic
The Bank of Ghana has served notice that it will not fail to sanction banks and other Specialized Deposit Taking Institutions (SDIs) that fail to efficiently utilize its interventions to increase their liquidity to contain the impact of the coronavirus pandemic. At the recently concluded MPC meeting, the central bank announced some major reviews to…
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Containing COVID-19: GhIPSS removes charges on all electronic payments
As part of efforts to promote and encourage the use of digital payment options to limit the possible spread of the Coronavirus through the use of cash, the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS), has waived off fees on all electronic payments services used by its partner financial service providers. The fee waiver,…
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Reduced policy rate must reflect in banks’ lending rate – Prof. Assibey
Economist, Professor Eric Osei Assibey, says banks must ensure that the reduction in the policy rate must impact the cost of credit to enable local manufacturers bridge the shortfall in the supply of some goods in the wake of the coronavirus pandemic. The Monetary Policy Committee (MPC) of the Bank of Ghana has reduced its…
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GCB Bank provides GH¢100,000.00 support for covid-19 fight
Ghana’s largest bank, GCB Bank Ltd, has provided GH¢100,000.00 support to the government of Ghana to help the national fight against the spread of the coronavirus (COVID-19) in the country. The donation was presented through the Ministry of Health at a ceremony on Friday, March 20, 2020. The Managing Director of GCB Bank, Mr. Anselm…
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Ecobank Transnational Incorporated makes two new appointments to its board
Ecobank Transnational Incorporated, ETI, has announced two new appointments and changes on its Board of Directors. Dr. George Agyekum Nana Donkor has been appointed as a Non-Executive Director to replace Mr. Bashir Mamman Ifo as the representative of ECOWAS Bank for Investment & Development (EBID) on the Board of ETI. Dr. Donkor was recently appointed…
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Ghana’s debt stock increased by 25.9% in 2019
Latest figures released by the Bank of Ghana (BoG) show that the country’s total debt stock in 2019 grew by 25.93 percent. By this, Ghana’s debt increased from 173.1 billion cedis in 2018 to 218 billion cedis in 2019, adding 44.9 billion cedis to the debt stock. The figures, which are contained in the Summary…
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Containing COVID-19: BoG removes charges for some momo transfers, adjusts limits
The Bank of Ghana has announced that electronic transfer of money of up to GH¢100 will not attract any charge from March 20, 2020. In a statement, the Central bank said the decision however excludes cash out transactions on the same network or to different networks. According to the Bank of Ghana, the move is…