Category: Top Stories
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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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Ghana positioned for better growth after exit from money laundering list – Ofori-Atta
The removal of Ghana from the global list of high-risk money laundering and terrorist financing countries has positioned the country for a stronger recovery in the coming months. This is according to Ghana’s Finance Minister, Ken Ofori-Atta, The Financial Action Task Force (FATF), the initiative set up to tackle money laundering globally, grey lists a…
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We’ll comply with 10% tax directive but give us two months – MoMo agents
The Mobile Money Agents Association of Ghana has revised its position on the impending 10% tax on cash-out commissions of its members. The association after indicating earlier that it will transfer the cost onto customers says it wishes to further engage with the Ghana Revenue Authority (GRA) on the implementation of the tax. Leadership of…
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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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AfCFTA lays foundation for establishment of a Continental Common Market
The African Continental Free Trade Area (AfCFTA) has laid a foundation for the establishment, in future, of a Continental Common Market. Wamkele Mene, the General Secretary of the AfCFTA Secretariat, said the main objectives of the AfCFTA were to create a single market for goods and services, facilitate the movement of persons, and promote industrial…
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World Bank financing for COVID-19 vaccine rollout exceeds $4 billion
The World Bank announced today, June 30, 2021, that it is providing over $4 billion for the purchase and deployment of COVID-19 vaccines for 51 developing countries, half of which are in Africa. More than half of the financing comes from the International Development Association (IDA), the Bank’s fund for the world’s poorest countries, and…
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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…
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Springfield confident final court ruling will see to effective development of oil field
One of the key actors in the ongoing ENI-Springfield unitization saga, Springfield Exploration and Production Limited, says it is confident the final court ruling in the case involving the two parties will lead to the development of the Sankofa and Afina fields in a manner consistent with world-class practices. This comes after the recent ruling…
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Minister pitches Ghana’s housing deficit to investors at international symposium
A Minister of State in-charge of Works and Housing, Freda Prempeh, has joined Ministers of States from Africa, attending the Annual General Meeting (AGM) and Symposium of the Shelter Afrique, underway in Yaoundé, capital of Cameroon. Established 40 years ago, Shelter Afrique is a company advocating the need for African governments to pull resources to…