Category: Business
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Ghana mulls Africa’s first social bonds with $2 billion sale
Ghana is planning to issue green and social bonds of up to $2 billion by November, which would make it the first African country to sell debt to fund development programs. This is according to Bloomberg. The West African economy, which is planning to borrow up to $5 billion on international markets this year, would…
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2nd edition of Development Finance Series on DBG slated for July 6
The second edition of the Development Finance Series on the establishment of the Development Bank Ghana (DBG) will come off on Tuesday, July 6, 2021, at the University of Professional Studies, Accra (UPSA). This follows the highly successful first edition, which focused on the Role of the Development Bank in Ghana’s Economic Transformation. The theme…
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Bank of Ghana still working to introduce digital currency – Deputy Governor
Plans are far advanced for the Bank of Ghana to introduce a digital currency, according to a Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi. Last month, the central bank announced plans to start a three-phased pilot of the currency to determine its feasibility and subsequent circulation. Speaking to the media at a…
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GhQR was designed to replace more expensive payment systems – Archie Hesse
Chief Executive of the Ghana Interbank Payment and Settlement System, Archie Hesse, says the GhQR code payment service has been designed to replace the relatively more expensive payment systems found in shopping centres across the country. The GhQR code system of payment is a contactless mode of payment involving the scanning of a QR code…
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GSE likely to record first positive yearly return since 2017 – Analyst
A continuous easing of COVID-19 related restrictions will see the Ghana Stock Exchange (GSE) ending the year 2021 on a positive note, the first time since 2017. That’s according to the General Manager of UMB Stockbrokers, Ben Ackah. For the past decade, the Ghana Stock Exchange Composite index (GSE-CI) which reflects the average performance of…
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GSE returns 36% in Cedi terms to investors in first half of 2021
After recording negative returns from 2018 to 2020, the Ghana Stock Exchange has taken a strong positive turn, returning about 36% in Cedi terms for investors in the first half of 2021. During the same period last year, the stock exchange returned about -16% to investors. The strong performance can be attributed mainly to a…
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Bank of Ghana issues new directives on handling of captured ATM cards
Regulated Financial Institutions have been directed by the Bank of Ghana to among other things ensure that the replacement of ATM cards captured by Automated Teller Machines, due to technical issues among others, is done for free. This was contained in a document issued by the central bank on how payment cards captured in Automated…
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ADB, NIB to be refocused to remain relevant – Ofori-Atta
The Minister of Finance, Ken Ofori-Atta says the fundamental objectives of special-purpose banks such as the NIB and ADB would have to be reviewed to help them secure the necessary capital so they can give out long-term funds as the government makes moves to establish a development bank. The Government of Ghana, in partnership with…
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Banks to use BoG’s bullion vans until new ones are imported – CID Boss
The Ghana Police Service has assured that it is working with stakeholders in the banking sector to provide adequate security for the carting of money within the country. The Inspector-General of Police, James Oppong-Boanuh about two weeks ago said he will stop his officers from providing protection for the so-called bullion vans used by banks…
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Mobile Money agents meet GRA over proposed 10% tax on their earnings
The news of a ten percent tax expected to be paid by mobile money agents from their cash-out services has been met with opposition, as the agents say the tax is being imposed on them is uncalled-for. The government, in a new directive, has asked telcos to deduct a 10% tax from the cash-out service…