Category: Banking And Finance
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PIAC questions lack of transparency in cost of food supplies under Free SHS
The Public Interest and Accountability Committee, PIAC, is asking government to as a matter of urgency, consider adding cost information to the food items supplied to schools under the Free Senior High School programme. PIAC’s suggestion came after it undertook a monitoring of some senior high schools under the Free Senior High School programme as…
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FX forward sale: BoG accepts $40 million in bids for February auction
The Bank of Ghana accepted forty million dollars’ worth of bids in its latest auction of forex, which is the same as the amount it accepted two weeks ago, on January 28, 2020. The forward auction sales started in October 2019. Under the move, foreign exchange dealers are able to make advance purchases of foreign…
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Customers of Savings & Loans, Microfinance including DKM to get full payments
Vice President, Dr. Mahamudu Bawumia, says all customers of defunct savings and loans and microfinance companies will be paid their locked up funds in full, including DKM customers who were affected in 2015. This is the second time a high government official has made the assurance following a directive by President Akufo Addo to the…
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Debt rise under Akufo-Addo lowest in a decade – Bawumia
Despite the public debt rising to GH¢214.9 billion as at November 2019, representing 62.1 percent of GDP, Vice President, Dr. Mahamudu Bawumia, says the rate of debt accumulation over the last three years is the lowest the country has achieved in a decade. “The strong fiscal adjustment that has taken place and better debt management…
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Decision to clean-up banking sector wasn’t taken lightly — Bawumia
The Vice President Dr. Mahamudu Bawumia, has said the decision taken by the central bank to clean-up the banking sector was carefully planned and was not done in a haste. Speaking at a town hall meeting in Kumasi, the Vice President explained that the nine indigenous banks had challenges that threatened the overall health of…
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Absa Ghana confident of banking sector dominance – Abena Osei-Poku
Managing Director of Absa Bank Ghana Limited, formerly Barclays Bank, Abena Osei-Poku, is confident the bank will ride on the back of innovative solutions to maintain its dominance of the banking sector. Speaking at the official launch of Absa Bank Ghana, Mrs. Osei-Poku said: “Solidly anchored in the Ghanaian economy for over 100 years, we…
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Gov’t clears $1bn legacy debt owed Bulk Oil Distributors
Government has completed payments of all legacy debts due the Chamber of Bulk Oil Distributors, CBOD, according to the Chamber’s CEO, Senyo Hosi. A statement from the Chamber to Citi Business News said the government made payment to the tune of one billion dollars as at January 13, 2020. According to the bulk oil distributors,…
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Gov’t targets 16 million registered taxpayers through national ID system
Vice President Dr. Mahamudu Bawumia, has disclosed that government should be able to increase the number of registered taxpayers to at least sixteen million by the end of this year. Dr. Bawumia explained that this should be achieved through the conversion of all national ID numbers collated under the various card registrations to Tax Identification…
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BoG satisfied with banks’ compliance with corporate governance directives
The Governor of the Bank of Ghana, Dr. Ernest Addison, has lauded commercial banks’ compliance with new corporate governance directives issued in the aftermath of the banking sector clean-up. Dr. Addison, speaking at the launch of rebranded Barclays Bank Ghana to Absa Bank Ghana Limited, said the central bank’s directives were intended to create a…
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Barclays Bank Ghana officially rebrands as Absa Bank Ghana
Barclays Bank Ghana Limited, on Monday, February 10, 2020, officially commenced operations as Absa Bank Ghana Limited, a subsidiary of Absa Group Limited, after receiving all required regulatory approvals from the Bank of Ghana. The name change marks the start of a new era for the bank’s operations as a forward-looking African bank with global…