Category: Banking And Finance
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BoG commits to strengthen oversight of payment systems to drive financial inclusion
Governor of the Bank of Ghana, Dr. Ernest Addison, says the central bank will continue to strengthen its regulatory oversight on digital payment platforms in its bid to drive financial inclusion. Dr. Addison, speaking at the inauguration of the Payment Systems Advisory Committee, said the bank is committed to enhancing the gains made in the…
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GUTA begs banks to lessen pressure on its members as Coronavirus slows their businesses
The Ghana Union of Traders Association (GUTA), is pleading with banks that lend to its members to help alleviate the pressure that may befall them as the spread of coronavirus poses a threat to their activities. According to the Association, most of its small scale business owners have been the biggest causalities in the outbreak…
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World Bank supports countries badly hit by coronavirus with $12 billion
The World Bank has said that it is supporting countries coping with the health and economic impacts of the COVID-19 outbreak. The global financial institution’s support is to the tune of twelve billion dollars. According to a statement from the Bank, the financing is designed to help member countries take effective action to respond to,…
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Report on banking sector crisis must serve as training manual for bankers – FBN Bank CEO
The Chief Executive Officer of FBN Bank Ghana, Victor Asante, is urging the Bank of Ghana to develop a comprehensive report on the banking sector crisis to be used as a manual for the training of bankers in the country. Delivering a lecture on the topic: Preventing the next financial crisis – getting it right…
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Remove cap on payments to enable us settle customers – Fund Managers to gov’t
The Ghana Securities Industry Association, the umbrella body of organisations licensed by the Securities and Exchange Commission, is urging government to consider increasing the payouts to collapsed fund management companies whose funds are with the receiver. A Governing Council Member of the Association, Kisseih Antonio, in an interview with Citi Business News said while the…
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Corporate Ghana still relies on cheque payments; individual cheques drops significantly
The Ghana Interbank Payment and Settlement Systems, GhIPSS, says even though the use of cheques among individuals has decreased, the number cash cheques cleared by companies keep increasing. According to GhIPSS, the value of cash cleared through cheques went up significantly in 2019 reaching over 207 billion cedis. Speaking to Citi Business News, the CEO…
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Reduced Chinese imports to hit Ghana’s economy despite cedi’s gain – Health Economist
A health economist, Dr. Gordon Abekah-Nkrumah, says suggestions that the Ghana cedi may have strengthened against the US dollar partially due to reduced imports from China over the outbreak of the coronavirus could be true. However, Dr. Abekah-Nkrumah, speaking on the Citi Breakfast Show, stated that despite the gains made by the local currency, the…
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Association of Savings & Loans firms satisfied with payment of locked up funds so far
The Ghana Association of Savings and Loans Companies has expressed satisfaction with the process to ensure that all customers of defunct savings and loans companies are paid their locked-up deposits in full. The Receiver last week Monday started paying out customers their locked-up funds from a GHS5 billion made available by the government as part…
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No pension fund was lost during financial sector clean-up – NPRA
The National Pensions Regulatory Authority, NPRA, says it is enforcing the rules on how to invest pension funds to protect workers’ funds. Following the financial sector clean-up undertaken by the Bank of Ghana, some financial observers warned that the situation could have a spillover effect in the pensions sector if pension funds were invested in…
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Receiver for Microfinance, S&L companies pays GH¢700 million to customers
The Receiver for the 347 Microfinance institutions, 23 savings and loans and finance houses, whose licenses were revoked last year, has announced the commencement of processes to complete final payments to depositors. In a press release issued on Monday, March 2, 2020, the Receiver explained that full and final payments are ongoing in line with…