Category: Banking And Finance
-
Ghana Club 100 Awards: Full list of winners
Telecommunication Company, MTN has been adjudged the best company at the 18th edition of the Ghana Club 100 awards. The event which was held at the Kempinski Gold Coast Hotel in Accra brought together captains of industry in both the private and public sectors. Kosmos Energy, GOIL, and Sunon Asogli Power Ltd, came in as…
-
NDB won’t duplicate functions of existing state-owned banks – Otuo Acheampong
Banking Consultant, Nana Otuo Acheampong, has dismissed assertions that the impending National Development Bank is not needed because it will only perform the functions of other existing state-owned banks. Presenting the 2020 budget in Parliament on Wednesday, the Finance Minister, Ken Ofori-Atta, explained that the bank, which is expected to start operations next year, will…
-
GSE working to reduce impact of high interest rates on investments — Ekow Afedzie
Managers of the Ghana Stock Exchange (GSE) are hopeful trading activities on the bourse will become profitable if government is able to bring down interest rates on loans. Currently, the average cost of borrowing in the country is around 27 percent, making Ghana one of the countries with the highest interest rate in West Africa.…
-
Financial sector clean-up costs taxpayers GH¢16.4 billion — Ofori-Atta
The Finance Minister Ken Ofori-Atta has opened up about the overall cost of government’s intervention in the financial sector to protect funds of depositors and investors whose companies lost their licenses in bouts of regulatory actions. Mr. Ofori-Atta delivering the 2020 budget statement on the floor of Parliament said more than GH¢16.4 billion of taxpayers…
-
SEC responds to questions on collapse of fund management companies
The Director-General of the Securities and Exchange Commission (SEC) Rev. Daniel Ogbarmey Tetteh on Monday, November 11, 2019, made an appearance on Citi TV’s current affairs programme, Point of View, to answer questions on the regulator’s decision to shut down 53 fund managers. As part of the show, viewers were asked to send their questions…
-
Gov’t secures US$250m World Bank funds to start National Development Bank next year
The National Development Bank is expected to commence operations in 2020 to provide access to cheaper and long-term funding to some key companies operating in the agriculture and manufacturing sectors. The Finance Minister delivering the 2020 budget statement to Parliament said the government is set to complete discussions with the World Bank and other development…
-
Gov’t to spend GH¢1.5 billion on investors in collapsed fund managers
Finance Minister Ken Ofori-Atta has revealed that the government is setting aside GH¢1.5 billion to provide relief to customers of the recently collapsed 53 fund management companies. Presenting the 2020 budget statement to parliament today, Mr. Ofori-Atta stated that the government’s decision is to preserve the investments of over 77,000 retail investors and over 4,700…
-
2020 Budget: Ofori-Atta’s audacious mission to secure the bag and deliver the elections
Three years ago, Finance Minister Ken Ofori-Atta delivered the very first budget of the Akufo-Addo administration amidst a sense of optimism that was so high that the government could afford to abolish some taxes. The refrain from the government was to shift the focus of the economy from taxation to production ie pursuing a number…
-
2020 Budget: Statement to feature tax policies, expenditure rationalization
The Finance Minister, Ken Ofori-Atta, will today present to Parliament what is considered to be a critical budget of the incumbent government as the country goes into an election next year. One of the major highlights of the budget will be some pronouncements on taxes; as well as efforts to ensure that government’s economic gains…
-
BoG’s forward FX sale to inspire the growth of derivative market
A derivative is rarely used in finance or transactions in Ghana. This is because the instrument is not fully appreciated in the financial markets of the country. In addition, the market or platform for trading this instrument is virtually nonexistent. However, the forex forward transaction introduced by the Bank of Ghana could be what it…