Category: Banking And Finance
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GT Bank opens ICT Centre for Anunmle Cluster of Schools; commits to invest in education
Management of Guarantee Trust Bank, says they are committed to investing a significant amount of their revenue into the education and health sectors of the country in 2020. The bank, according to its latest financial figures recorded a total revenue of GHC 349 million at the end of the third quarter of 2019, representing an…
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Telcos don’t seize accounts of dead MoMo users – Telcos Chamber
The Ghana Chamber of Telecommunications says recent viral messages purporting that mobile money operators confiscate funds in the wallet of users who have passed on cannot be true as there are laid down processes to accessing such funds. Chief Executive Officer of the Chamber, Ing. Ken Ashigbey, explained to Citi Business News that the Payment…
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Financial sector clean-up: Printing money to pay depositors a bad idea – Prof. Quartey
Economist, Prof. Peter Quartey, has shot down the proposal for government to consider the printing of more money to settle claims of depositors of collapsed financial institutions. He believes printing more money will have serious implications on the country’s budget deficit which is the difference between government’s revenue and expenditure. His comments follows Renowned Economist,…
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All is set for the launch of GCB Bank’s G-Money Service
As part of GCB Bank’s commitment to driving financial inclusion in its strategic objectives, the Bank will officially launch “G-Money”, an industry-first mobile wallet service on January 30, 2020. This comes after the Bank’s receipt of approval from the Bank of Ghana on November 25, 2019, to create electronic value backed by equivalent cash to…
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Barclays Ghana Managing Director optimistic about outlook of economy
The slowdown in inflation in the last month of 2019 and the relative stability of the local currency in the first month of 2020, gives the Monetary Policy Committee of the Bank of Ghana room to reduce its interest rate, the Managing Director of Barclays Ghana, Abena Osei-Poku has said. The policy rate, which indicates…
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ADB receives GH¢127 million GAT support for recapitalization
The Agricultural Development Bank (ADB), has completed a private placement which is the issuance of shares to chosen investors, to attract some GH¢127 million into its operations to help it recapitalize. A notice sighted by Citi Business News on the deal said that the amount constitutes about eighteen percent of the newly issued share capital.…
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Bayport Savings & Loans appoints Francis Wood as new Board Chairman
Bayport has appointed a new Board Chairman, Francis Wood, who is an astute investment banking professional with decades of experience in leadership and professional qualifications in finance and architecture. With a full approval from the Bank of Ghana, Francis Wood took over as substantive chairman from Kwame Pianim in September 2019. He is part of…
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Opportunity International holds management performance review workshop
Opportunity International Savings and Loans Limited, (Opportunity International), has held a 3-day Annual Performance Review workshop at Ejisu near Kumasi in the Ashanti Region. The workshop brought together the senior management team and branch managers from the 43 outlets across the country. The theme for the meeting was “Giving off our best”. The Chief Executive…
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Print money to pay depositors of collapsed financial institutions – Kwame Pianim
Renowned Economist, Kwame Pianim, has suggested that the government considers approving the printing of money by the Bank of Ghana to settle claims of depositors who have been affected by the financial sector clean up. In his view, this should be necessary as the depositors are victims of circumstances as a result of weak supervision…
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Full list of members on committee to ‘investigate’ cedi depreciation
The Finance Ministry last Friday inaugurated a committee to look into the causes of the depreciation of the cedi and propose solutions to the problem. The establishment of the committee, named the FX Developments Committee, is a fulfillment of a promise made by the ministry last year to constitute a bi-partisan committee to look into…