Banking & Finance

More banks and Fintechs now offer Instant Pay services

Fintech

About 22 banks and four fintech companies, as well as a savings and loans company, are now offering the GhIPSS Instant Pay (GIP) service to the public. The GIP is an electronic payment system that enables bank customers to transfer funds from one account to another of a different bank in a matter of seconds. The payment is the fastest ...

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Beige Capital Savings and Loans Now Beige Bank

Beige Bank

BEIGE, the financial services provider, says its subsidiary, BEIGE Capital Savings and Loans (BCSL) has secured final approval to operate as a Universal Bank. This final license follows BCSL’s satisfaction of all the licensing requirements of the Bank of Ghana. A statement from the Group said BEIGE’s banking subsidiary would be called The BEIGE Bank. “The implication of this announcement ...

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Bankers advocate tiered capital for banks

Bankers

The Chartered Institute of Bankers, Ghana (CIB), has advised the Bank of Ghana (BoG) not to announce a uniform capital requirement for the banking sector but create a tier system that can cater to the needs of the various banks. The CIB said in order to ensure that the gains of capitalisation were fully harnessed, the BoG should consider a ...

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BoG mounts pressure on banks to reduce interest rates

Bankers

The Bank of Ghana (BoG) has begun mounting pressure on banks in the country to start reducing their interest rates in the face of the declining policy rate and the Treasury bill rates. The central bank in May reduced the policy rate from 23.5 percent to 22.5 percent. This was after it reduced it from 25.5 to 23.5 in March ...

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Government appoints Fidelity and Standard Chartered Bank as lead Managers

Fidelity Bank & Standard Chartered Bank

The government has appointed Fidelity Bank and Standard Chartered Bank as joint lead Managers for the issuance of an Energy Sector Levy Act (ESLA) backed Bond to the tune of about GH¢10 billion. The amount is the total estimated legacy debt within the energy sector. The two banks were selected after government evaluated 10 proposals for Transaction Advisors. A statement ...

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Banks’ interest rates drop marginally – BoG report

Bankers

Interest rates of banks have seen marginal declines between April and May 2017. An assessment of the average interests charged by the commercial banks on loans and advances shows that the banks have generally reduced their interest rates. The interest rates on loans and advances have declined between 0.3 and 1.8 percent. According to the Bank of Ghana’s latest Average ...

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Banking sector aiding GSE rebound—CEO

SEC Board

The Managing Director of the Ghana Stock Exchange(GSE), Kofi Yamoah has disclosed that the bourse is showing positive performances in the first half of the year. This comes at the back of a negative performance in the past two years as listed companies posted negative results due to high inflation, high interest rates as well as the power crisis. Speaking ...

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Private sector accounts for 98% of banks’ NPLs – BoG report

debt

The banking industry’s stock of Non-Performing Loans (NPLs), increased by 24.5 percent between April 2016 and April 2017, the Bank of Ghana’s latest banking sector report has shown. The industry’s NPL went up from 5.74 billion cedis in April 2016 to 7.15 billion cedis in April 2017. According to the report, the private sector accounted for as much as 97.5 ...

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CEO of GSE urges president to form SEC board

SEC Board

The Chief Executive Officer of the Ghana Stock Exchange Kofi Yamoah has urged President Akufo-Addo to constitute a board of directors for the Securities and Exchange Commission(SEC). His plea follows an earlier request from a former Director-General of the commission, Dr Adu Anane-Antwi, who also appealed to the president to form the board immediately to enable the smooth running of ...

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HFC Unit Trust and REIT hold AGM

HFC

The HFC Unit Trust and Real Estate Investment Trust (REIT) Funds, both recorded marginal gains at the close of December 2016. This was due to the active re-balancing strategy measures put in place by the fund managers to cushion them against the negative macroeconomic indicators. Mr Peter Larbi-Yeboa, the Fund Managers for both investment portfolios, said the net fund value ...

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