Banking & Finance

GCB partners Morocco’s largest bank

GCB Bank

GCB Bank Limited and Morocco’s largest financial institution – Attijariwafa Bank Group (AWB) – have signed a Memorandum of Understanding (MOU) to broaden and consolidate financial transactions in Ghana, ECOWAS and beyond. Under the partnership the two institutions will operate as correspondent banks, facilitate trade finance, deepen capital markets and jointly organise business missions designed to enhance trade and investment ...

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Ghana and World Bank sign $200 million financing agreement

Ghana and the World Bank Group (International Development Association), have signed a credit agreement worth US$200.0 million for the Second Macroeconomic Stability for Competitiveness and Growth Development Policy Financing (MSCGDPO II) programme. Mr Ken Ofori-Atta, Minister of Finance signed for Ghana whiles Mr. Henry Kerali, World Bank Country Director, signed on behalf of the World Bank. A statement from the ...

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BoG To Place Temporary Ban On New Banking Licences

Ban on Banking Licenses

The Bank of Ghana (BoG) says it will from next year place a temporary ban on the issuance of licences to new universal banks, savings and loans companies or microfinance institutions. “The central bank is considering not licensing new universal banks or savings and loans companies or microfinance institutions in the country next year as we implement the recapitalisation process,” ...

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Cedi Remains flat this week

cedi depreciation

The Ghana cedi is seen flat this week as dollar inflows continued to thin out amid a week-long sale of a six billion cedi ($1.36 billion) government-sponsored energy bonds that ended on Friday, analysts said. The cedi, which has been fairly steady in recent weeks, weakened marginally last week on renewed corporate dollar demand. It was trading at 4.4075 to ...

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HFC Bank to raise GH¢50million on GSE


HFC Bank has begun processes aimed at raising some Gh¢50 million through the Ghana Stock Exchange (GSE). It follows approval from the Board of Directors of the Bank at its Extra Ordinary General Meeting. The funds raised from the offer are expected to help the bank meet the new Gh¢400 million minimum capital requirement set by the Central Bank. Starr ...

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Bank of Ghana to be tough on Rural Bank Capital Requirement

Bank of Ghana

The Bank of Ghana in 2015 raised the minimum paid-up capital requirement of all rural and community banks in Ghana from GH¢300,000 to GH¢1million. All the 141 rural and community banks were expected to raise their paid-up capital to GH¢500,000 by December 2016 and GH¢1million by December 2017. As at June 2017, out of the 141 rural banks in Ghana ...

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Bayport Savings and Loans, CFC Savings and Loans merged

Bayport savings

Bayport Savings and Loans and CFC Savings and Loans have merged after receiving approval from the Bank of Ghana. The new entity, according to the management of the company is known as Bayport Savings and Loan PLC and will offer the full spectrum of products and services previously available from Bayport and CFC. Speaking to journalists after a short ceremony ...

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Microfinance institutions to get apex body

Apex Bank

The central bank has begun stakeholder engagements toward establishing an apex body for the problematic microfinance sector, in the likeness of the ARB Apex Bank which regulates rural and community banks. In the wake of the DKM and other scandals, some players in the sector have been telling the B&FT that the job of policing the over-500 poorly-structured entities in ...

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Govt fails to raise 6 billion cedis for energy bond


Government failed to raise the 6 billion cedis for the energy bond it issued last week. Government was able to raise 3.4 billion cedis as at Friday, October 27, 2017. As a result, the managers of the bond have announced an extension of the auction for the 10 year bond by one more week. The 3.4 billion cedis so far ...

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Ghana saves GHS4bn monthly for restructuring domestic debt

Domestic Debt

The Ministry of Finance has disclosed that the restructuring of the nation’s domestic debt by issuing the 10 billion cedis bond in April is saving the country about 4 billion cedis interest payment every month. By this, the ministry explains that the move has created some fiscal space for government to channel the funds to other critical sectors of the ...

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