Category: Banking And Finance
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Gov’t, BoG must continue prudent policies to keep cedi stable – Societe Generale’s Deputy MD
The Deputy Managing Director of Societe Generale Bank, Ghana, Ernest Kuetche, is urging the government to keep the local currency stable against major trading currencies such as the US dollar. Despite its constant struggles, the local currency, according to the Bank of Ghana, has appreciated about four percent in value against the dollar since the…
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Akufo-Addo urges lenders to abolish ‘Africa Risk Premium’
President Nana Akufo-Addo has called for the removal of Risk Premium from the credit rating structure for African countries seeking financial assistance on the international capital market. Risk Premium is the additional return or premium demanded by investors to compensate them for the higher risk associated with investing in a foreign country. Delivering a speech…
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Registrar-General assures DKM customers will get locked deposits soon
Customers of defunct DKM Microfinance Company, who are still owed monies are to receive their due when the amounts allocated for that purpose, hit the accounts of the Registrar General’s Department. President Akufo-Addo has assured that the affected customers from 2015, are to benefit from the five billion cedis set out for payment to depositors…
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Reduced trade activities in China cause of Cedi’s performance – Franklin Cudjoe
The President of policy think tank, Imani Africa, Franklin Cudjoe, is calling for more sustainable measures from the Bank of Ghana to stabilize the cedi despite the local currency’s recent stability. The Cedi has in recent times seen some relative stability, appreciating by 4.5 percent on year to date basis. Speaking to journalists on the…
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Locked up funds: More than 13,000 microfinance, S&L customers paid – CBG
The Consolidated Bank, Ghana, says the process to pay customers of defunct microfinance companies, savings and loans companies and finance houses has been smooth. According to the bank, as of Friday, February 28, 2020, over 13,000 customers had been paid fully. The bank added that the number of customers paid includes 490 companies, 581 social…
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Stanchart rewards winners of SC Mobile App campaign
Standard Chartered Bank, Ghana, has awarded three customers who emerged winners of its SC Mobile Anfield Experience campaign. Two of the winners were rewarded with all-expense paid tickets to the UK with an opportunity to watch a home match at Anfield. The third winner was rewarded with a curved 65-inch television set and a customised…
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Gov’t must stick to commitment on debt management this election year—Economist
A Senior Economist with investment firm, Databank, Courage Martey, has urged government to be cautious of its expenditure this election year. He maintains that even though the Finance Ministry has shown the commitment not to overspend, there is the need to remind the government to stick to its plan debt management strategy. Since the year…
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Defunct Microfinance, S&L customers with huge sums unhappy with payment in bonds
Some customers of the defunct microfinance and savings & loans companies, who visited the head office of the Consolidated Bank Ghana on Thursday, February 27, to retrieve their locked up capital, have decried the mode of payment by the Receiver. The customers, who received their notification messages, say they have been told by the bank…
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GhIPSS anticipates high patronage of universal QR Code for electronic payments
The Ghana Interbank Payment and Settlement Systems, GhIPSS, says it is anticipating a high patronage of a new QR Code for retail purchases and other transactions. Currently, almost all banks have their unique QR codes for electronic payments, a development that restricts customers to only use their bank’s QR Code at a point of sale.…
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BoG to clamp down on entities pricing and accepting payments in dollars
The Bank of Ghana says it will not hesitate to penalize persons who flout the Foreign Exchange Act by pricing and taking payments for goods and services in any currency apart from the Ghana cedi. The BoG’s comment follows viral images of a shop attendant at Palace Hypermarket on the Spintex Road in Accra accepting dollars…