Category: Banking And Finance
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BoG cuts policy rate to 14.5% as it weighs economic impact of COVID-19
The Monetary Policy Committee (MPC) of the Bank of Ghana has reduced the policy rate to 14.5%. This is a 150 basis points reduction in the rate which had been kept unchanged at 16 percent for at least five consecutive times. The policy rate determines the rate at which the central bank lends to commercial…
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Tisungtaba Community Bank clients call on gov’t to help them retrieve locked up funds
Clients of the Tisungtaba Community Bank in the North East Region are appealing to government to help them retrieve their monies from the struggling bank. The rural bank which originally serves several communities in the North East Region is now a pale shadow of itself as citi news checks reveals that the ceiling fans are…
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GHS 787m paid to customers of defunct Microfinance, Savings & Loans – Gov’t
Government says it has disbursed a total of 787 million cedis for the payment of locked up funds to customers of defunct collapsed Microfinance, Micro-credit and Savings and Loans companies. According to the Minister of Finance, Ken Ofori-Atta, who disclosed this, the amount is in fulfillment of President’s directive asking that all affected customers be…
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CFAO Ghana and Allianz Life Insurance launch ‘AutoLife by CFAO’
CFAO Ghana, the official distributor of Mitsubishi and Suzuki vehicles in Ghana has partnered with Allianz Insurance to introduce the first ever life insurance package attached to vehicle purchase in Ghana. The new package, called Auto Life by CFAO, is an initiative aimed at providing life insurance cover for all individuals who purchase a new…
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Bank of Ghana’s MPC meets from today to assess economic impact of COVID-19
The Bank of Ghana’s Monetary Policy Committee will today [Wednesday], March 18, 2020, meet to assess the possible impact of the coronavirus pandemic on the domestic economy. This is to enable the regulator take the necessary steps to mitigate its impact and ensure financial and economic stability. In a statement issued on Monday, the Bank…
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COVID-19 impact: Gov’t to rely on IMF, World Bank & Stabilization Fund to close revenue gap
The Finance Minister, Ken Ofori-Atta, has told Parliament that government will rely on a mix of funds from the World Bank, IMF and withdrawals from the Stabilization Fund to finance the budgetary gap expected to be created by the fiscal impact of the Coronavirus pandemic on the Ghanaian economy. According to him, this has become…
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Enough of the validation; pay us our money – Customers of defunct Fund Managers tell SEC
The Coalition of Aggrieved Customers of Collapsed Fund Management Companies is asking the Securities and Exchange Commission (SEC), to concurrently carry out the proposed validation process of their claims alongside payment of locked up funds. It was the expectation of the affected customers that they would receive their monies as government started paying customers of…
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Telecoms Chamber contemplates possible reduction in MoMo charges to boost digital transactions
The Ghana Chamber of Telecoms says it is holding emergency discussions with relevant stakeholders, to possibly reduce mobile money charges across all networks, to improve the usage of such platforms for transactions as against the use of cash. This follows concerns that the continuous use of cash by the general public could aid in spreading…
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Printing of GHS100 and GHS200 denominations cost $8.97m – Finance Minister
It has emerged that government spent 8.97 million US dollars in printing the new 100 and 200 Ghana cedi notes. The new notes also came with a new GHS2:00 coin. The revelation was made on the floor of Parliament by the Finance Minister, Ken Ofori-Atta, during a response to a question on how much was…
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Bank of Africa sponsors 2020 Independence Day Golf tournament
The Achimota Golf Club hosted the IBB International Golf Club of Nigeria to an Independence Day Golf Tournament at the Achimota Golf Course. The tournament, which was sponsored by Bank of Africa, saw the Ghanaian team rival their Nigerian counterparts in a fun-filled competition. Ghana dominated on both days of the competition by scoring 20.5…