Banking & Finance

BoG maintains policy rate at 21%

policy rate

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has kept its policy rate of 21 percent According to the Central Bank Governor, Dr. Ernest Yedu Addison, the decision was influenced by threats to economic growth and stability. The Governor, for instance, cited the recent increases in prices of petroleum products and pick up in government’s expenditure as ...

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BoG sets compliance deadline for MicroFinance

microfinance

Microfinance institutions (MFIs) have up to the end of April 2018 to comply with new guidelines set by the central bank to streamline their operations, a report by the Finance Committee of Parliament has revealed. The rule requires MFIs, among others, to have a public governance policy that establishes a number of committees including a credit management committee and submit ...

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US$300m Sub Sahara Africa Investment firm launched

investment

Leading independent alternative asset manager Capitalworks Group has launched Africa Capitalworks, an investment company that will deploy permanent equity capital in mid-market companies in strategically selected sectors across Sub Sahara Africa (excluding South Africa). Africa Capitalworks aims to raise US$300 million and has already secured early support and substantial investment, including from CDC, the UK’s development finance institution, and the ...

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NPLs to affect recapitalisation—Experts

microfinance

Banks will struggle to recapitalise if government does not settle its indebtedness to commercial banks to reduce the existing non-performing loans (NPLs) in the sector, Dr. Richmond Atuahene, a corporate governance expert and lecturer at the Ghana Banking College has said. “Bank of Ghana is saying that, in computing impaired paid capital, the losses shall not be set-off against the ...

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GSE suspends ACI and GWEB

ACI

The Ghana Stock Exchange (GSE) has, with effect from Monday, September 11, 2017, suspended the listing status of African Champion Industry Limited (ACI) and Golden Web Limited (GWEB). ACI, according to a statement from the GSE, has failed to publish its audited financial statements for year-ended December 2015 and 2016 respectively. “ACI has also not conducted an annual general meeting ...

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Mixed reactions over Bank of Ghana’s New Minimum Capital

capital

The central bank has decided to increase the minimum stated capital requirement for commercial banks to GH?400 million, a more than 230 percent increment, the central bank has said. The central bank is said to have met the various heads of commercial banks Friday morning and told them they have up to December 2018 to meet the new minimum capital ...

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GSE cites 5 companies for possible delisting from bourse

GSE

The Ghana Stock Exchange (GSE) has announced that five companies have been suspended from trading in shares effective from Monday, August 28, 2017. The companies are African Champion Industry Limited (ACI), Clydestone (Ghana) Limited (CLYD), Golden Web Limited (GWEB), Pioneer Kitchenware Limited (PKL) and Transaction Solutions Limited (TRANSOL). According to a statement by the GSE, “these companies have failed to ...

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Bank of Ghana to announce Bank’s Minimum Capital Requirement Soon

microfinance

The Minister of Finance, Mr Ken Ofori-Atta, has hinted at plans by the government and the Bank of Ghana (BoG) to announce a “substantial increase” in the minimum capital of banks. The announcement is to be made in the next two to three weeks’, the minister said, explaining that the new figure would aim to “strengthen the banking infrastructure and ...

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Stock Exchange suspends UT Bank

GSE

This was revealed in a statement copied to Citi News. The GSE noted that the suspension had become necessary due to the revocation of UT Bank’s licence by the Bank the of Ghana. The GSE also indicated that UT Bank has failed to publish its financial results since the end of its financial year December 31, 2015. UT Bank had its ...

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New 1st Deputy Governor to shape monetary policy – Prof. Bokpin

Policy

Ghana should be on the path of achieving a strong monetary policy regime which is also in line with internationally accepted practices. That is the assertion of Economist, Professor Godfred Bokpin following the appointment of Mr. Maxwell Opoku-Afari as the First Deputy Governor of the Bank of Ghana. According to him, Mr. Opoku Afari’s international exposure and experience, should culminate ...

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