Tag: BoG
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![Banks with top three highest mortgage loans [Infographic]](https://citibusinessnews.com/wp-content/uploads/2016/07/HOUSES-1.jpg)
Banks with top three highest mortgage loans [Infographic]
The latest Annual Percentage Rate (APR) and Average Interest (AI) report by the Bank of Ghana has shown that GCB Bank offers the highest interest on mortgages as at the end of February. Potential home buyers would be charged as much as 40.3 percent on loans they contract from the bank. Meanwhile Bank of Baroda…
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Average interest on mortgages is 33.6 percent – BoG report
The average interest rate for home loans among commercial banks is 33.6 percent. The figure which is according to the Bank of Ghana’s Annual Percentage and Average Interest report, indicates a marginal increase compared to the 33.3 percent recorded as at the end of January 2017. According to the report, GCB Bank offers the highest…
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Average deposit rate drops; Stanchart still offers lowest rates
The average interest offered by banks on customer deposits has dropped by about 2.5 percent between January and February this year. The figure declined from 11.9 percent as at end of January 2017 to 11.6 percent as at end of February; the latest Annual Percentage Rates (APR) and Average Interest (AI) report by the BoG…
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Hebron Financial Investment halts online trading business
Hebron Financial Investment Limited has halted its online forex trading following the Bank of Ghana’s decision to stop the operations of the company. The central bank, on Tuesday [March 7, 2017] announced it had halted the operations of Hebron financial investment for flouting the country’s foreign exchange Act. A statement on the matter and copied…
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DKM customers skeptical of final payments today
It appears there is growing disinterest and mistrust among DKM customers who are yet to be paid their locked up cash by the Registrar General’s Department. The Registrar General’s Department which is the official Liquidator of DKM Microfinance is expected to today conclude final payment of the remaining DKM customers. Citi Business News checks reveal…
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BoG to penalize owners of closed down illegal institutions
The Bank of Ghana (BoG) has disclosed it will duly sanction owners of the two institutions whose activities have been halted for operating illegally. The central bank explains that it is currently working with the security agencies to investigate persons arrested in connection with the development. “The BoG was able to close down the operations…
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BoG closes down two institutions for operating illegally
The Bank of Ghana (BoG) has halted the operations of two financial institutions for operating illegally. The two are; Agro Development Fund Services Limited (ADFSL) and Hebron Financial Investment Limited (HFIL). According to the central bank, the two institutions have been operating as an unlicensed microfinance and unauthorised online foreign exchange trading business respectively. A…
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New GH¢5 note officially circulates today
The new 5 cedis note which was outdoored by the Bank of Ghana on Friday (March 3, 2017) will be circulated from today (Tuesday). The note which was released to mark the bank’s 60th anniversary has already been distributed across the country. The new 5 cedis note comes with a new pulsating shine when tilted. A…
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New GHc5 note becomes legal tomorrow, circulation on March 7
The Bank of Ghana (BoG) has outdoored a commemorative GHc 5 bank note to celebrate its 60th anniversary, which coincides with Ghana’s 60th anniversary. The note, which comes with a new pulsating shine when tilted, has already been distributed across the country and will be circulated by next week Tuesday, March 7, 2017. Speaking during…
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BoG builds customer confidence with new consumer complaints guidelines
Consumers of financial services will from henceforth be able to demand compliance from their respective institutions they transact business with. It follows the completion of the Consumer Recourse Mechanism Guidelines by the Bank of Ghana. The guidelines among others allow consumers to seek redress for complaints with the industry regulator in a timely and independent…