Category: Banking And Finance
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Absa appoints Cheryl Buss as CEO to spearhead bank’s international ambitions
Absa Group, the leading pan-African financial services group, has appointed Cheryl Buss as Chief Executive of Absa International which includes managing Absa Securities United Kingdom. Among other responsibilities, this position will see her lead the bank’s international operations in its efforts to enable a globally scalable business that drives connectivity with corporate and institutional clients…
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CBG pays over 400 customers of GN Bank in Western North Region
Over 400 customers of the defunct GN Bank have so far received their locked up funds at the Sefwi- Asawinso branch of the Consolidated Bank Ghana (CBG). Mr. Bretuoba Asafo Akowuah, Sefwi- Asawinso branch Manager of the CBG Bank who confirmed the development said customers received text messages on their phones giving them new account…
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CEOs divided over impact of financial sector clean-up —Oxford Business Group survey
A new survey conducted by the Oxford Business Group (OBG) has shown that almost 44 percent of CEOs are positive about a good outcome of the banking sector reforms undertaken by the Bank of Ghana in 2018. The survey also showed that 43 percent of the CEOs also expressed negative sentiments about the banking sector…
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High interest rates stifling economic growth – Akufo-Addo
President Akufo-Addo has admitted that high interest rates charged by banks remains a major stumbling block to economic growth in the country. He says Ghanaian businesses can only become competitive in the sub-region and beyond if interest rates drop significantly. The latest Annual Percentage Rate (APR) report from the Bank of Ghana indicates that banks…
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Banking sector clean-up saved 7,000 jobs — Prez. Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has said that the financial sector clean up prevented about 7,000 people from losing their jobs. The financial sector reforms spearheaded by the Bank of Ghana saw 9 banks lose their licenses as well as 23 savings and loans and finance houses. More than 340 microfinance companies spread across the…
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Banks must verify background of employees to curb rising fraud — BoG
The Head of the Financial Integrity Office at the Bank of Ghana, George Nkrumah, is urging financial institutions to ensure strict compliance with employee background checks as a way of minimizing fraud perpetuated by employees. “When you are employing, you have to do Know Your Employee (KYE ). Know the person you are recruiting. Make…
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Banks charged between 14%-42% on loans from Jan-Oct. 2019 – BOG
Available data from the Bank of Ghana indicates that banks in the country charged as low as 14 percent as interest for loans given to households from January to October this year. 42 percent also happens to be the highest interest rate charged for loans given to households over the same period. These were captured…
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Local firms lack capacity to print currency notes — Bank of Ghana
The Head of Currency Management at the Bank of Ghana, John Gyamfi, says the Central Bank for the foreseeable future will continue to print Ghana’s currency notes with well-proven and trusted international companies as local companies lack the capacity to execute such jobs. The comment follows the revelation that the newly introduced GH¢200 and GH¢100…
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Cal Bank signs $108 million deal with OPIC, Citi Bank to support SMEs
Cal Bank has signed a 108 million dollar deal with the Overseas Private Investment Corporation (OPIC) and Citibank (Citi) for on-lending to Small and Medium Enterprises (SMEs) in Ghana. The arrangement will enable Cal Bank to advance loans at relatively low interest rates to SMEs in Ghana with flexible repayment terms. In addition, beneficiaries of…
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Gov’t working with churches to develop Charities Bill – Ofori-Atta
Finance Minister, Ken Ofori-Atta, has revealed that government is working with some Christian organizations to draft a Charities Bill that should address the issue of whether faith-based organisations should be taxed or not. “What we are really going to work with them on is to have a sub-committee that will develop a Charities Bill which…