Tag: BoG
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Average deposit rate increases marginally; Stanchart still offers lowest rates
The average interest offered by banks on customer deposits increased by 1 percent between March and April 2017. According to the latest Annual Percentage Rates (APR) and Average Interest (AI) report by the Bank of Ghana, the figure went up from 11.2 percent as at the end of March 2017 to 11.3 percent as at…
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![Microfinance: Ghana’s situation and what you need to know [Article]](https://citibusinessnews.com/wp-content/uploads/2017/05/microfinance-1.jpg)
Microfinance: Ghana’s situation and what you need to know [Article]
The primary objective of microfinance is to create financial inclusiveness and provide an avenue for the delivery of essential financial services to sections of the society who would otherwise be largely uninvolved or unable to fully access them. Ghana’s microfinance sector has been immensely beneficial to the economy. It has expanded the scope of participation…
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Minority petitions US SEC over $ 2.25bn bond
The Minority in Parliament has petitioned the Securities and Exchange Commission of the United States to commence investigations into the NPP government’s 2.25 billion dollars bond issued this year. A statement on the petition by the Minority and copied to Citi Business News said, “The SEC will primarily be investigating suspected conflict of interest and insider…
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Mobile money interoperability to take off in November – Bawumia
Vice President, Dr. Mahamudu Bawumia has disclosed that government is working to meet its November 2017 timeline for the implementation of mobile money interoperability. The system when rolled out will allow consumers transfer money across the various networks in the country. The Ghana Interbank Payment and Settlement Systems (GhIPSS) has since been tasked to provide…
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ASN financial services staff livid over unpaid salaries
It appears the woes of ASN financial services are far from over as workers of the company are livid over unpaid salaries. The development also follows the company’s inability to meet its obligations to customers whose investments have been locked up in the company. The workers of ASN Financial services who spoke on condition of…
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ASN Financial services customers threaten legal action over unpaid cash
Disgruntled customers of ASN financial services limited have begun counting their losses after attempts to retrieve their monies appear to have yielded little results. The woes of the customers are heightening despite assurances by the management of dealing with the situation. Some have threatened legal action should the company default in refunding their monies. Checks…
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Police arrest two over MMM’s operations
At least two persons have been arrested by the Police for allegedly luring some unsuspecting persons to subscribe unto the operations of MMM. The arrest which was effected by the Tema Community One police over the weekend, follows a directive from the Bank of Ghana warning the public against doing business with the blacklisted ponzi…
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Collaborate with Interpol, others to stop MMM – Consultant
Analysts in the e-crime space have impressed the Bank of Ghana (BoG) to strengthen its collaboration with security institutions such as Interpol to stop the operations of ponzi scheme, MMM. They admit that the complex condition under which the company operates would require effective collaborations to be able to clamp down such operations. According to…
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Banks demand payment plan for BDC debts
Banks that are exposed to the Bulk Oil Distribution Companies (BDCs’) debts want government to draw out a plan to facilitate payments from the Energy Sector Levies Act [ESLA]. They argue that the plan will facilitate payments and help them make the necessary provisions accordingly. Explaining the impact of the absence of a detailed plan…
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BoG warns against doing business with MMM
The Bank of Ghana (BoG) has cautioned the public against doing business with ponzi scheme, MMM. The caution comes after calls on the Central bank to halt the operation of the company following concerns over its credibility. It is not clear whether the Bank of Ghana (BoG) has stepped in to halt their operations as…