Category: Banking And Finance
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FX forward sale: BoG accepts $40m in January 28 auction
The Bank of Ghana’s auction committee accepted less than fifty percent of the total amount of bids submitted by banks in the forex forward sales for Tuesday, January 28, 2019. The forty million dollars accepted by the Central bank is about 38 million dollars less than the amount the banks bid for. Results published by…
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Lawsuits delayed payments to majority of customers of collapsed S&Ls – Association
The Executive Secretary of the Ghana Association of Savings and Loans Companies (GHASALC), Tweneboa Kodua Boakye, says about 70 percent of customers of their members whose licenses were revoked have not received their locked-up funds. He attributed the delay to the legal and other challenges faced by the receiver in the process of validating about…
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Receiver auctions cars of collapsed S&Ls and microfinance firms to repay depositors
As part of efforts to expedite payments to affected customers of the collapsed microfinance and savings and loans companies, the Receiver, Eric Nana Nipah, has commenced processes to auction some used vehicles and motor bikes owned by the defunct entities. The proceeds of the auction are to add up to the amount available to pay…
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Pay all customers of defunct S&L, Microfinance companies now – PEF demands
The Chief Executive Officer of the Private Enterprises Federation, PEF, Nana Osei Bonsu says businesses are still struggling to access their locked-up funds, almost a month after President Akufo-Addo directed that customers of defunct financial institutions be paid their monies. The development, the PEF CEO laments, is having a negative impact on the private sector…
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Fidelity Bank, Societe Generale conclude first GMRA cross-currency repo in Ghana with Frontclear
Fidelity Bank Ghana, Societe Generale and Frontclear, completed a USD 40-million repo trade, using Ghanaian Cedi government bond collateral. This trade is the first-ever Global Master Repurchase Agreement (GMRA)-documented trade in Ghana and has been made possible thanks to positive regulatory developments such as the recent Bank of Ghana’s ‘Guidelines for Repurchase Agreements in Ghana’…
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GhIPSS to launch universal QR Code payment system for all banks in March 2020
The Ghana Interbank Payment and Settlement Systems (GhIPSS) says it will launch a universal QR Code for all banks in March this year to harmonize QR Code payment systems in Ghana. 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…
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Gov’t embarks on Eurobond roadshow to raise US$3 billion
The government’s plan of borrowing up to US$3 billion from the Eurobond market to support the 2020 budget will commence this week as a delegation led by the Finance Minister, embarks on a series of meetings with investors. Finance Minister Ken Ofori-Atta who got the approval of Parliament to raise up to US$3billion on the…
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Income tax Act amendment: GRA announces tax reliefs for some category of people
The Ghana Revenue Authority, (GRA), has announced some amendments in the Income Tax Act 2015, Act 896, which grants tax reliefs to some category of people. Those qualified to benefit under the amendment include workers with a minimum salary of 319 cedis, parents with three school going children, persons above 60 years, married couples and…
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Bayport Savings and Loans opens two new branches in Accra
Bayport Savings and Loans Ltd, leading provider of loans for several years, has opened two new branches in Accra at Madina and Adabraka. The new branches are the latest addition to the existing branches and digital centres across Ghana. The branches were launched this week, and are set to serve residents and surrounding businesses with…
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Recapitalization of financial sector a positive signal of economic stability – Moody’s
A new report by international rating agency, Moody’s, says the steps taken by regulatory authorities to recapitalize the financial sector has given a positive signal about Ghana’s economic and financial stability. This, coupled with efforts directed at reducing the country’s power deficit, according to Moody’s, shows effective policy making, improving the confidence level in government.…