Category: Banking And Finance
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Mobile money disrupted banking in Ghana – Zeepay CEO
Founder and Chief Executive Officer of Zeepay, Andrew Takyi-Appiah, says the introduction of mobile money disrupted banking in Ghana and other parts of Africa. He indicated that mobile money broke the “curse” of Ghanaians’ inability to walk into a bank to transfer money to another bank “over the counter”. The CEO of Zeepay observed that…
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Strengthen Financial Stability Fund to support struggling banks – Dr. Atuahene
Banking and finance consultant, Dr. Richard Atuahene, has urged the Bank of Ghana and the government to strengthen the Ghana Financial Stability Fund to ensure the survival of struggling indigenous banks. During an appearance on The Big Issue on Citi TV and Citi FM, Dr. Atuahene emphasized that, in the wake of the domestic debt…
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BoG Act needs clarity, improvement for easy implementation – Governor
Dr Ernest Addison, the Governor of the Bank of Ghana, says there is a need to improve the Bank’s (Amendment) Act, 2016 (Act 918) to make it clearer for implementation. He said looking at the current Act, there were still inconsistencies and difficulties with implementation albeit efforts to improve it in 2016. The Governor was…
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Ghana Association of Banks welcomes provisions for recapitalization
The Ghana Association of Banks is urging banks whose capitals are below the minimum capital requirement to quickly build it up to meet the right requirements proposed by the Central Bank. The Association maintains that this will also boost their businesses. This comes as the Bank of Ghana has given banks up to the end…
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BoG commissions Financial Industry Command Security Operations Centre
In its quest to ensure the delivery of a safer digital financial industry, the Bank of Ghana (BoG) has inaugurated an advanced command centre known as the ‘Financial Industry Command Security Operations Centre (FICSOC)’. The move forms part of efforts to curb the numerous cybersecurity risks in the country and to create a secure cybersecurity…
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BoG directs commercial banks to recapitalize by September
Governor of the Central Bank, Dr. Ernest Addison says commercial banks in the country have been given September of this year to show proof of their re-capitalization plan. Banks are expected to raise some GH¢400 million to remain in business despite the negative effect of the Domestic Debt Exchange Programme on their operations. Answering questions…
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DDEP: Banks posted losses of GH¢ 6.6bn in 2022 – BoG
Banks in Ghana recorded after-taxes losses amounting to GH 6.6 billion in 2022, according to Dr. Ernest Addison, Govenor of the Bank of Ghana. This was largely due to negative impact of the Domestic Debt Exchange Programme (DDEP). 23 banks operating in the country participated in the exercise. Addressing the 112th Monetary Policy Committee (MPC)…
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Government to offset DDEP losses with $1.5 billion
The Finance Minister, Ken Ofori Atta has disclosed that the government will inject 1.5 billion dollars, into the National Stability Fund to help offset the losses incurred during the Domestic Debt Exchange Programme (DDEP). The banking sector is predicted to lose about ¢41.3 billion to the DDEP, between 2023 and 2028 which has resulted in…
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Mahama’s promise to restore licenses of collapsed banks impractical – Joe Jackson
The Director of Business Operations at Dalex Finance, Joe Jackson, says it is practically impossible for future governments to restore the licences of banks collapsed a few years ago. His comment comes on the back of a promise by former President John Dramani Mahama to restore the banking licenses that he said were unjustly cancelled…
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Court gives Ato Essien grace period to settle restitution money
Former Chief Executive Officer of defunct Capital Bank, Ato Essien has been given a grace period up to July 4 to redeem his financial obligations under a plea deal he entered with the state. The Attorney General was expected to move an application on whether Ato Essien should be jailed for not paying GH¢20 million…