Category: Top Stories
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BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD
The Ghana Chamber of Bulk Oil Distributors (CBOD), has called on other players in the foreign exchange supply market to step up their efforts to ensure the demand for US Dollars by Bulk Distributing Companies (BDCs) is met. This, according to the CEO of the Chamber, Senyo Hosi, is important as the quantum of US…
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‘We’ve generated only 10% of estimated E-Levy revenue so far’ – Gabby Otchere-Darko
The electronic transactions levy (e-levy) introduced by government to generate additional cash for the government is raking in only 10% of estimated revenue, according to a leading member of the governing New Patriotic Party, Gabby Asare Otchere-Darko. The government commenced the implementation of the levy on May 1, 2022, after its initial announcement in the…
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BoG, CSA deepen collaboration to fight cyber threats
The Bank of Ghana (BoG) and the Cyber Security Authority (CSA) have agreed to improve collaboration and timely information flow to facilitate incident reporting and information sharing on cybersecurity issues. The two institutions have also committed to collaborate more closely on cyber and information security related matters and to provide each other with all the…
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Dr. Bawumia unveils Ghana’s first Tier IV data centre
Vice President, Dr. Mahamudu Bawumia has expressed satisfaction in the high level of interest being shown by foreign investors in improving Ghana’s digital infrastructure. This follows the opening of Ghana’s first Tier IV Data Center in Accra on Thursday. Known as the Onix data centre, the US$48 million investment adds to Ghana’s existing data centre,…
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Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia
Vice President, Dr. Mahamudu Bawumia, has reiterated the need for a regional approach to enhance the competitiveness of Africa. According to him, this will help create conditions that are conducive to increase trade investments on the continent and ensure higher economic growth. Addressing the 22nd Annual General Meeting (AGM) of the African Trade Insurance (ATI)…
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CBOD calls for a more structured supply of Forex for petroleum products
The Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors (CBOD), Senyo Hosi, has blamed the inadequate supply of foreign exchange for the procurement of petroleum products at the doorsteps of commercial banks in the country. The remark comes on the back of a report from Bloomberg which claimed that Ghana faces a…
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Economy grows by 3.3% in Q1 of 2022; slowest since Q3 of 2020
Ghana’s economy has grown by 3.3 percent in the first quarter of 2022. This is the slowest rate of growth recorded since the third quarter of 2020, when the economy recorded a -3.3 percent growth. Non-oil Gross Domestic product, which looks at economic growth without oil, also expanded by 3.7 percent. When seasonally adjusted, Ghana’s…
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Ghana International Bank reaches agreement with UK’s FCA over £5.8m fine
The Ghana International Bank (GHIB) says it has reached a settlement agreement with the UK’s Financial Conduct Authority (FCA) in its investigation into GHIB’s unsatisfactory anti-money laundering (AML) controls. The FCA had earlier fined the bank 5.8 million pounds after discovering some deficiencies in its anti-money laundering systems. Between January 2012 and December 2016, the…
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UK watchdog fines Ghana International Bank for poor anti-money laundering systems
Britain’s Financial Conduct Authority (FCA) has fined Ghana International Bank (GHIB) 5.8 million pounds ($7.1 million) for failings in its anti-money laundering controls. The FCA said the bank provided correspondent banking services to other lenders, allowing them to provide products and payment services they would otherwise be unable to provide. Between January 2012 and December…
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DBG funds will not be used to buy gov’t securities – Deputy CEO assures
As stakeholders continue to lament the low level of lending to key sectors like Agriculture and manufacturing, the newly launched wholesale bank, the Development Bank Ghana is assuring that it will implement effective measures that will ensure their funds go to key sectors of the economy. Universal banks in the country, for some time now,…