Tag: BoG
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We’re ready to release locked up pension funds – NPRA
The National Pensions Regulatory Authority (NPRA) has disclosed that it should be able to release locked up pension funds in the Temporary Pension Fund Account (TPFA) by June this year should the Administrators of the Public sector funds complete the processes of validation. According to the NPRA, the reconciliation of employee data must be completed…
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GRA Leadership: Blankson out, Nti in
Banker and Economist, Mr. Emmanuel Kofi Nti has been appointed as the new Commissioner General of the Ghana Revenue Authority (GRA). He takes over from George Blankson. Mr. Emmanuel Kofi Nti who started his career as an Economist with the Bank of Ghana where he worked in the Development Finance, Rural Banking, Banking Supervision and…
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Sibton Switch defends GH¢4.6 bn BoG contract
Sibton Switch Systems has defended the 4. 6 billion cedis cost for the establishment of an interoperable platform for mobile money transactions in Ghana. According to the company, the quality and extent of services provided for by the platform, guaranteed its selection by the Bank of Ghana. “It’s a long term infrastructure; it’s a retail…
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BoG pins down illegal microfinance company in Sunyani
The Bank of Ghana has cautioned the public against investing with an unlicensed microfinance company; Agro Development Fund Services Limited. The company is reported to be operating from its office located at A67/3, Asufufu, opposite the Sunyani Traditional Council, Sunyani. A statement from the central bank and signed by its Secretary, Caroline Otoo said the…
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NPLs to drop further in 2017 first quarter – BoG
The Bank of Ghana is optimistic of a further drop in the Non-Performing Loans (NPLs) of commercial banks at least by the first quarter of this year. Figures from the central bank indicate that the NPLs which have been increasing since December 2015, started recording a marginal drop in November 2016. The figure decreased from…
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Ghana to pay 18.75 % interest on first 5 year bond in 2017
Ghana accepted 369.47 million cedis ($84.7 million) worth of bids for the country’s first five-year domestic bond issued on Thursday, January 26, 2017. Citi Business News understands total bids subscribed amounted to 420.14 million cedis. The rate for the bond is 18.75 percent. The cash will be used rollover forecast maturities, meet government’s financing requirements…
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Cedi depreciation: BoG defends 120 million dollars auction
The Bank of Ghana (BoG) has justified its 120 million dollars auction for the first quarter of this year to control the depreciation of the cedi. The central bank maintains that the move forms part of measures to protect the forex market from any shocks due to the volatility of the market. “We shall continue…
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BOG Governor must stay unless … – Asiedu Mante
A Former Deputy Governor of the Bank of Ghana, Emmanuel Asiedu Mante believes the new Government should maintain the BoG Governor so far as he exhibits professionalism in his work. In his view, the independence of the central bank absolves the Governor from any impact of a change in government. “The BoG governor would like…
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Businesses lament over 25.5 % policy rate
Private sector businesses and economists want the Bank of Ghana to review its stance in pegging the policy rate at 25.5 percent in January 2017. They argue that the development is less likely to compel commercial banks to adjust their respective rates on loans and advances to customers. The Monetary Policy Committee of the central…
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IMF review to determine deficit financing options
The Bank of Ghana has told Citi Business News it will strictly abide by any agreement reached by the government and the International Monetary Fund (IMF) on the financing of government’s budget deficit. It follows a review of the extended credit facility by the IMF and government, in February. Governor Dr. Abdul Nashiru Issahaku believes…