Category: Banking And Finance
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Gold Coast Fund customers give authorities one week ultimatum to respond to petition
Leaders of the aggrieved customers of the defunct Gold Coast Fund Management Company have given the Securities and Exchange Commission (SEC) one week ultimatum to respond positively to the demands of their petition which they presented to the Commission on Thursday, May 4, 2023. This comes after three days of picketing at the premises of…
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Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it
A number of African countries, including Kenya, Egypt, Zimbabwe, Nigeria, Ghana and Zambia, are currently experiencing shortages of US dollars. The dollar is the dominant currency in international transactions. These countries rely on the US currency to pay for foreign debts, essential goods and industrial inputs. Development economist Christopher Adam explains to The Conversation Africa’s…
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We’re committed to deepening collaborations with DBG to achieve its mandate — CBG MD
The Managing Director of Consolidated Bank Ghana Ltd. (CBG), Daniel Wilson Addo, has stated that his outfit is committed to deepening collaborations with Development Bank Ghana (DBG) to facilitate and strengthen long-term credit flow to drive economic growth among Ghanaian businesses. Commenting on the importance of the partnership, Mr. Addo said, “DBG has a big…
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Bank of Ghana increases Monetary Policy rate to 29.5%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the Monetary Policy Rate by 150 basis points to 29.5 percent. The prime rate, which is of keen interest to businesses, signals the rate at which the Central Bank will lend to commercial banks. It also subsequently influences average lending rates on…
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Industry experts convene to discuss diversification strategies for pension funds
On Friday March 17th 2023, stakeholders from across the pension and financial services industry gathered for the fifth edition of the Pension Strategy Conference; an annual industry-shaping and policy advocacy event in Ghana. This year’s Pension Strategy Conference presented a platform for investment managers to showcase exciting and innovative investment opportunities that offer pension funds…
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Standard Chartered appoints Ebenezer Twum Asante as Chairman of Board of Directors
Standard Chartered Bank Ghana PLC has appointed Ebenezer Twum Asante as Chairman of the Board of Directors with effect from March 1, 2023. He succeeds Dr. Emmanuel Oteng Kumah who retired from the Board in October 2022. His appointment has received approval from the Bank of Ghana. Ebenezer joined the Board of Standard Chartered Bank…
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Abena Amoah named in WFE’s top 20 women leaders
The Managing Director of the Ghana Stock Exchange, Abena Amoah, has been named among the top 20 Women Leaders in the World Federation of Exchanges (WFE) annual Women Leaders List. The WFE’s Women Leaders initiative aims to shine the spotlight on some of the talented and gifted women in our industry. In a statement, Nandini…
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BoG directs banks to submit prudential reports on sex-disaggregated basis
Banks and other deposit-taking institutions in the country are now required to submit their monthly prudential returns to it on a sex-disaggregated basis. This new move introduced by the Bank of Ghana (BoG) is to be collected in an online reporting portal, is to give the Bank a full view of the gender dynamics in…
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Ecobank Kenya appoints Josephine Anan-Ankomah as new Managing Director
Ecobank Transnational Incorporated (ETI) has appointed Ghanaian career banker, Mrs. Josephine Anan-Ankomah as the Regional Executive, Central, Eastern and Southern African (CESA) and Managing Director, Ecobank Kenya. Her appointment has since received clearance from the Central Bank of Kenya. Mrs. Anan-Ankomah leaves her role as Ecobank Group Executive, Commercial Banking. She has served the Bank…
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Government and Association of Banks reach agreement on DDEP
Finally, there is an agreement between the government and the Ghana Association of Banks over the Domestic Debt Exchange Program. The Association had earlier instructed commercial banks to hold off on approving the revised debt exchange offer until its members’ needs were satisfied. They claimed that the key reason for this was the lack of…