Category: Banking And Finance
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Receiver and Auctioneers urged to ensure transparency in public sale of vehicles
The Ghana Association of Savings and Loans Companies has urged authorities in charge of the ongoing auctioning of confiscated vehicles owned by defunct Microfinance institutions, Savings and Loans companies and Finance Houses, to honour their promise of ensuring transparency. The call comes after auctioneers and representatives of the Receiver of the collapsed institutions, Eric Nana…
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Gov’t secures US$3 billion Eurobond at cheaper rates
A delegation led by the Finance Minister Ken Ofori-Atta on Tuesday, February 4, 2020, completed the issuance of a US$3 billion Eurobond in three installments with interest rates better than what was realized in similar bonds issued last year. The three-tranche bond was sold with 7-year, 14-year, and 41-year maturities. A member of the delegation…
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Corporate taxes from oil producers slump in 2nd half of 2019
Corporate taxes due to the government from oil producing companies, dropped by 42 percent for the second half of 2019, compared to the first half of the same year. According to the Petroleum Funds report released by the Bank of Ghana, the state recorded 51 million dollars less in corporate taxes between July and December,…
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Ghana set to issue longest ever Eurobond at 41-years
The government’s planned US$3 billion Eurobond will be done in three tranches at three different maturity periods with the longest being a 41-year bond. The 41-year bond thus becomes the longest-dated bond ever issued by an African country trumping the 31-year bond the government issued at its last Eurobond appearance in 2019. In addition to…
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Receiver, auctioneers strictly enforce payment time for auctioned vehicles
Persons interested in bidding for the confiscated vehicles of the collapsed Microfinance and Savings and Loans companies, should be ready to comply with the two hour ultimatum to make payments should they win any bid. This is the indication from auctioneers and representatives of the Receiver, Eric Nana Nipah. The caution follows an experience where…
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Bank of Ghana to start buying gold locally to shore up its reserves
The Bank of Ghana says it will soon begin the purchase of gold from small scale mining firms as part of the bank’s plans to shore up part of its reserves which is held in gold. Governor of the central bank, Dr. Ernest Addison, speaking at the MPC press briefing last Friday stated that the…
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Bloomberg ranks cedi as best performing currency in the world against the dollar
Bloomberg has adjudged the Ghana cedi as the best performing currency against the US dollar among the 140 currencies it currently tracks. According to Bloomberg, the local cedi has so far appreciated by 3.4 percent against the dollar as at Monday, February 3, 2020. The fortunes of the cedi look even brighter considering the country…
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President Akufo-Addo receives new ECOWAS Bank Head, Dr. George Donkor
The outgoing President of the ECOWAS Bank for Investment and Development, Mr. Bashir Mamman, and some officials of the bank,called on President Nana Addo Dankwa Akufo-Addo at the Jubilee House last Friday to introduce the newly elected President of the bank, Dr. George Agyekum Nana Donkor, to him. Mr. Mamman told the President that the…
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Receiver auctions cars to pay off depositors of collapsed S&Ls, microfinance companies
Auction is underway for vehicles and motorbikes of collapsed microfinance and savings and loans companies. The exercise, which is being carried out at the college of physicians and surgeons, is part of measures to defray monies owed the affected customers of the collapsed financial institutions. The Bank of Ghana in May and August last year…
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Bank of Ghana named Central Bank of the Year
The Bank of Ghana has been recognised by the Central Banking Awards as the Central Bank of the Year following measures it pursued in a bid to ensure a strong financial sector via a raft of reforms implemented over the past two years. The awards, which will be held on March 19, 2020, in Brussels,…