Category: Banking And Finance
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Ghana’s high cost of debt servicing worrying – IMF
The International Monetary Fund’s Resident Representative, Dr. Albert Touna-Mama, has said Ghana’s public debt situation puts the country in a very dire position. The public debt stands at 215 billion cedis with the World Bank warning that the country is at high risk of debt distress. Speaking at a forum organized by Graphic Business and…
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Banks in Ghana now stronger than before – Societe Generale MD
The Managing Director of Société Générale Bank, Ghana, Hakim Ouzzani, says Ghana’s banking sector is stronger now than before following the massive financial sector clean-up by the Bank of Ghana. The central bank revoked the licenses of nine commercial banks aside from the twenty-three insolvent savings and loans companies and finance houses, and the 347…
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US$3 billion Eurobond hits Bank of Ghana’s accounts
The US$3 billion Eurobond issued by the government earlier this week has hit the accounts of the Bank of Ghana, a source close to the central bank has told Citi Business News. The funds from the three-pronged bond deal reached the central bank last Tuesday. The proceeds from the bond provide an improved cover for…
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Be efficient in using Eurobond proceeds to attract better rates – Lord Mensah urges gov’t
Financial Economist and Senior Lecturer at the University of Ghana Business School, Dr. Lord Mensah, has called on government to judiciously invest proceeds from the recently issued US$3 billion Eurobond, to ensure that the country attracts lower coupon rates in subsequent Eurobond issues. According to him, investors are likely to accept lower rates in the…
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Prudential Bank appoints John Kpakpo Addo as Managing Director
The Board of Directors of Prudential Bank has appointed Mr. John Kpakpo Addo as the Bank’s new Managing Director, effective January 2nd, 2020. Mr. John K. Addo comes to the job with over 30 years of rich corporate experience in banking and finance, having worked with reputable institutions both in the United Kingdom and Ghana.…
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Standard Chartered’s ’14 days of Valentine with SC Mobile’ rewards customers
Clients of Standard Chartered who transact business on the Bank’s Digital Platform – SC Mobile app have received numerous goodies as part of the bank’s 14 days of Valentine promo to celebrate the season of love. Since February 1, customers have been rewarded for using the app to complete various transactions. Over the past 2…
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AfDB refutes World Bank President’s comments on Africa’s debt profile
In several news reports, World Bank President David Malpass was recently quoted as saying some Multilateral Development Banks, including the African Development Bank, have a tendency to lend too quickly and in the process, add to the continent’s debt problems. According to AfDB, the statement made Mr. Malpass is inaccurate and not fact-based. “It impugns…
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Swift payment of locked up funds critical to boost confidence in investment firms – Databank CEO
The Group CEO of Databank, Kojo Addae Mensah, wants government to expedite payments to customers of collapsed micro finance companies, Savings and loans and finance houses to facilitate onward payments to customers who have had their investments locked up in some fund management companies. The Receiver for the collapsed microfinance companies is currently paying a…
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Unibank’s collapse: Court grants bail to Duffuor, eight others
The High Court in Accra has granted bail to the founder of unibank, Dr. Kwabena Duffuor, a former Deputy Governor of the Bank of Ghana, a former deputy of the central bank, Johnson Asiama and seven others. The other seven are Kwabena Duffuor Jnr., who was the CEO of uniBank, Ekow Nyarko Dadzie-Dennis; the Chief…
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No need to rush ECO’s issuance; more engagements needed – Economist
Economist, Prof. Peter Quartey, says a further delay in the implementation of the ECO currency is prudent to allow for better and broader consultations among all stakeholders. His comment follows the assertion by the Governor of the Bank of Ghana; Dr. Ernest Addison, that the introduction of the currency may not happen this year due…