Category: Economy
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Bank of Ghana named Central Bank of the Year
The Bank of Ghana has been recognised by the Central Banking Awards as the Central Bank of the Year following measures it pursued in a bid to ensure a strong financial sector via a raft of reforms implemented over the past two years. The awards, which will be held on March 19, 2020, in Brussels,…
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Newly launched G-Money to offer competition for mobile financial operators
Head of Mobile Financial Services at GCB Bank, Carl Ashie, has told Citi Business News the newly launched mobile money wallet service, G-Money will offer a more competitive environment for mobile financial operators. According to him, the launch of the product is part of innovative plans by the bank to meet the ready needs of…
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Ghana’s Public debt stock rises to GHC 214.9 billion
Ghana’s total public debt reached 214.9 billion cedis as at November 2019. According to the Bank of Ghana’s latest data on economic figures, this represents 62.1 percent of the total value of all goods and services produced in the country for the period. Out of the amount, the external debt component reached 111.9 billion cedis,…
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Gov’t can’t pay customers of collapsed S&Ls and microfinance firms in 2020 – Mahama
Former President John Mahama says the government has no money to pay all depositors of the collapsed Savings and Loans companies as well as microfinance companies their locked up funds this year despite a directive by President Akufo-Addo to the Ministry of Finance and the Bank of Ghana to pay every single customer. Mr. Mahama…
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We won’t hesitate to prosecute corrupt GRA officials – Prof. Stephen Adei
Board Chairman of the Ghana Revenue Authority (GRA), Prof. Stephen Adei, has asked staff and stakeholders of the Authority to eschew corrupt practices in their line of work. Speaking at a thanksgiving ceremony to celebrate the achievement of the Authority in meeting its 2019 revenue target of GHS43 billion, he urged the staff to view…
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Chamber of Commerce and Industry bemoans impact of coronavirus on trade
The Chief Executive Officer of the Ghana National Chamber of Commerce and Industry, Mark Badu Aboagye, says the suspension of some airline services to China due to the outbreak of the Coronavirus has severely affected trading activities. “It has had an impact on trade and the danger is that you do not necessarily have to…
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Economist predicts Bank of Ghana will maintain policy rate at 16 percent
Economist, Prof. Eric Osei Assibey, says he is anticipating that the Monetary Policy Committee of the Bank of Ghana will keep its policy rate unchanged at 16 percent. The MPC is expected to conclude its first meeting for this year on Thursday January 30, with an announcement of its policy rate on Friday, which determines…
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Ghana must take advantage of clean price in issuance of bonds – Doni-Kwame
The Secretary-General of the International Chamber of Commerce Ghana, Emmanuel Doni-Kwame, says there’s the need to develop financial policies that will promote environmentally friendly practices since most investors are gradually using clean price as an incentive for investing in bonds. Clean Price in the global financial space is when investors decide to forfeit accrued interest…
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Pay all customers of defunct S&L, Microfinance companies now – PEF demands
The Chief Executive Officer of the Private Enterprises Federation, PEF, Nana Osei Bonsu says businesses are still struggling to access their locked-up funds, almost a month after President Akufo-Addo directed that customers of defunct financial institutions be paid their monies. The development, the PEF CEO laments, is having a negative impact on the private sector…
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GhIPSS to launch universal QR Code payment system for all banks in March 2020
The Ghana Interbank Payment and Settlement Systems (GhIPSS) says it will launch a universal QR Code for all banks in March this year to harmonize QR Code payment systems in Ghana. Currently, almost all banks have their unique QR codes for electronic payments, a development that restricts customers to only use their bank’s QR Code…