Category: Banking And Finance
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ADB to partner Posco International of South Korea to establish oil palm refinery
The Managing Director of the Agricultural Development Bank (ADB) Limited, Dr. John Kofi Mensah has said the Bank is set to partner Posco International of South Korea for the establishment of a multi-million dollar oil palm refinery in Ghana. Posco International is multi-billion dollar company with expertise in establishing value chains in various areas of…
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BoG maintains policy rate at 16 percent to achieve end-of-year inflation target
Cost of borrowing may not go down at least before the year ends as the Monetary Policy Committee (MPC) of the Bank of Ghana has maintained the policy rate at 16 percent. This was announced after the final meeting of the committee for 2019. The policy rate is the rate at which commercial banks borrow…
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No end date yet for validation exercise for investors of defunct fund managers -SEC
The Securities and Exchange Commission, SEC, says it has not yet set a date to end the filing of validation for claims by customers of the defunct fund management companies since it wants to cater for as many investors as possible. The Commission says the move is necessary to assure customers and rebuild confidence in…
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Banking sector reforms: Action was necessary to build a robust financial sector – NAPO
It appears government officials and particularly Bank of Ghana officials, would have to keep explaining for a little longer why the financial sector clean-up was a necessary evil. Following arguments for and against the exercise including even the political twists often attached to it, government officials have had to reiterate many times why it was…
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Mutual funds not affected by revocation of fund managers’ licenses – SEC
The Securities and Exchange Commission, SEC, has announced that the revocation of licenses of some 53 Fund Management Companies will not affect valid licenses of mutual funds that were managed by the collapsed companies. By this, SEC has directed the managers of these mutual funds to ensure that the schemes continue to run in the…
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Opportunity International holds stakeholders workshop on economic empowerment of women
Opportunity International (United Kingdom) holds Annual Stakeholders’ Meeting at Accra City Hotel on “Economic Empowerment of Women in Ghana and Democratic Republic of Congo through rural financing” supported by UK Aid Match. The maiden meeting was attended by all the project stakeholders, including Opportunity International UK, Sinapi Aba Savings and Loans (SASL), VisionFund – Democratic…
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BoG, Finance Ministry engage receiver to release locked up funds of rural banks
The Bank of Ghana and the Ministry of Finance have reached an agreement with the receiver of the collapsed savings and loans and finance houses as well as microfinance institutions, to release locked up funds of rural and community banks. The receiver, Eric Nana Nipah, had earlier announced that customers of the collapsed institutions cannot…
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Deposit Protection Scheme will restore confidence in financial sector—Dr. Bawumia
The Vice President, Dr. Mahamudu Bawumia, is optimistic the setting up of the Ghana Deposit Protection Scheme will enhance confidence in the financial sector. He explained that the passage of the Deposit Protection scheme, which will be implemented by the Ghana Deposit Protection Corporation, will also reform the financial sector since there are strict guidelines…
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GJA delegation calls on MD of FBNBank Ghana
A two-member delegation from the Ghana Journalists Association (GJA) has called on the Managing Director of the FBNBank Ghana Limited to thank the management of the bank for its support towards the 70th Anniversary celebrations of the association. The delegation was made up of Mr. Affail Monney, the President of the GJA and Linda Asante-Agyei,…
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Ecobank Group appoints Jacqueline Mpare to head Agency Banking
Ecobank has announced the appointment of Jacqueline Mpare as the Head, Agency Banking for the Group. Her appointment takes effect on December 1, 2019 and she is expected to report to the Group Head, Agency Banking and Remittances Distribution. Jacqueline is expected to lead the development of Agency Networking across the Ecobank Group network. She…