Tag: Citi Business News
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GHS33.44 million lost in banking sector fraud – BoG report
Customers in the banking sector have expressed concerns with the recent findings of the Bank of Ghana on fraud in the sector. Josephine Nee-Whang is an IT support Analyst and has been a victim of banking fraud. She recounted her ordeal of losing her hard-earned cash. “I was home in the morning and I had…
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PIAC urges government to stick to chosen oil-funded projects
The Public Interest and Accountability Committee (PIAC) has urged government not to exceed funding beyond four priority areas as permitted by law. Per the Petroleum Revenue Management Act 2011 (PRMA), government can only fund four out of 12 listed priority areas for a three-year period to ensure effective and adequate funding. PIAC has, however, observed…
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CBG stronger now, could go international – Gideon Boako
The Vice President’s Spokesperson, Gideon Boako, says he has high hopes for Consolidated Bank Ghana Limited and expects it to go international. CBG was birthed from the merger for five struggling banks during the banking crisis. Dr. Boako reiterated the government’s defence of the handling of the banking sector and the need to create CBG…
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Akufo-Addo to hand over AfCFTA Secretariat building to AU Commission on Monday
President Nana Akufo-Addo will, on Monday, August 17, 2020, commission and hand over the African Continental Free Trade Area (AfCFTA) Secretariat Building to the African Union Commission (AUC) in Accra. The Secretariat, will administer the free trade agreement for creating a single market across 55 countries with a combined population of 1.2 billion and a…
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Banking sector clean-up saved 7,000 jobs — Prez. Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has said that the financial sector clean up prevented about 7,000 people from losing their jobs. The financial sector reforms spearheaded by the Bank of Ghana saw 9 banks lose their licenses as well as 23 savings and loans and finance houses. More than 340 microfinance companies spread across the…
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Banks must verify background of employees to curb rising fraud — BoG
The Head of the Financial Integrity Office at the Bank of Ghana, George Nkrumah, is urging financial institutions to ensure strict compliance with employee background checks as a way of minimizing fraud perpetuated by employees. “When you are employing, you have to do Know Your Employee (KYE ). Know the person you are recruiting. Make…
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Major boost for local rice millers as banks provide funds to clear harvest
The Ghana Rice Millers Association says it is ready to meet the market demand for Ghana rice this festive season. The assurance comes after the association secured a deal with some banks to provide funds for the millers at an affordable rate. The banks include GCB Bank, National Investment Bank, Barclays and ADB Bank. Members…
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Henry Baye appointed Standard Chartered Bank CEO in Jersey
Standard Chartered Bank has appointed a new Chief Executive Officer in Jersey, subject to regulatory approval. The Bank says Henry Baye brings with him 22 years’ experience across Distribution, Wealth Management and Personal Lending. Most recently he was Head of Retail Banking, Ghana and West Africa. Commenting on his new role, he said: “Our Jersey…
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Ivory Coast destroys ‘dangerous’ rice rejected by Ghana
About 18,000 tonnes of rice declared unfit for consumption has been destroyed by authorities in West African Country, Ivory Coast. BBC reports that the said rice from Myanmar (also known as Burma) had been rejected by countries including Ghana. “The shipment of rice, from Myanmar (also known as Burma), had been refused entry at several West African…
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Listing Soyabeans on Commodity Exchange to boost earnings of farmers – GCX boss
The Chief Executive Officer of the Ghana Commodity Exchange (GCX), Dr. Kadri Alfa is confident the listing of soyabeans on the Exchange will help turn around the fortunes of soybean farmers across the country. The commencement of trading of soybean on the Ghana Commodity Exchange brings to three the number of commodities being traded on…