Category: Banking And Finance
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GAT to own 13 percent stake in ADB after supporting with recapitalization
The Ghana Amalgamated Trust (GAT) is expected to hold at least a thirteen percent stake in the Agricultural Development Bank (ADB) following the injection of GH¢127 million into the operations of the bank. GAT, on January 21, 2020, completed the processes to support ADB to recapitalize to meet the minimum requirement set by the Bank…
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Newly launched G-Money to offer competition for mobile financial operators
Head of Mobile Financial Services at GCB Bank, Carl Ashie, has told Citi Business News the newly launched mobile money wallet service, G-Money will offer a more competitive environment for mobile financial operators. According to him, the launch of the product is part of innovative plans by the bank to meet the ready needs of…
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We won’t print money to pay depositors of collapsed financial institutions – BoG
The Governor of the Bank of Ghana, Dr. Ernest Addison, has downplayed suggestions that the central bank prints money to pay up customers whose funds have been locked up in some of the collapsed financial institutions. The Governor stated that although the bank is committed to paying depositors’ locked-up funds, printing money has not been…
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Bank of Ghana maintains policy rate at 16 percent for record sixth time
The Monetary Policy Committee of the Bank of Ghana has voted to maintain the policy rate unchanged at 16 percent for the sixth consecutive time. This impacts on the interest people pay on their loans, as it determines the rate at which the Central Bank lends to commercial banks in the country. The Chairman of…
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Ghana’s Public debt stock rises to GHC 214.9 billion
Ghana’s total public debt reached 214.9 billion cedis as at November 2019. According to the Bank of Ghana’s latest data on economic figures, this represents 62.1 percent of the total value of all goods and services produced in the country for the period. Out of the amount, the external debt component reached 111.9 billion cedis,…
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Reduce policy rate to improve liquidity in the system – Dr. Lord Mensah
Financial Economist and Senior Lecturer at the University of Ghana Business School, Dr. Lord Mensah, says it will be prudent for the Bank of Ghana to reduce the monetary policy rate from the current 16 percent, to improve the liquidity situation in the country. The policy rate, which determines the rate at which commercial banks…
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Cedi appreciates against major currencies in January
The local currency has enjoyed a good run against its major trading partners in the first month of the year — appreciating against all the three major currencies, the dollar, euro and pound sterling, according to data released by the Bank of Ghana. The cedi, which depreciated against all the three currencies last year, has…
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Gov’t can’t pay customers of collapsed S&Ls and microfinance firms in 2020 – Mahama
Former President John Mahama says the government has no money to pay all depositors of the collapsed Savings and Loans companies as well as microfinance companies their locked up funds this year despite a directive by President Akufo-Addo to the Ministry of Finance and the Bank of Ghana to pay every single customer. Mr. Mahama…
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GCB Bank launches G-Money mobile money wallet product
GCB Bank, one of the leading banks in the country, has outdoored its mobile money wallet service, G-Money, as part of the bank’s drive to take advantage of its country-wide branch network to deploy a digital payment service that fosters financial inclusion. The mobile money wallet service is accessible via a host of channels such…
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Economist predicts Bank of Ghana will maintain policy rate at 16 percent
Economist, Prof. Eric Osei Assibey, says he is anticipating that the Monetary Policy Committee of the Bank of Ghana will keep its policy rate unchanged at 16 percent. The MPC is expected to conclude its first meeting for this year on Thursday January 30, with an announcement of its policy rate on Friday, which determines…