Banking & Finance

GSE, NSE most performing stock markets in Africa

performing stock markets

The Ghana Stock Exchange-GSE CI and the Nigerian Stock Exchange-ASI have been adjudged the best performing stock markets in Africa for the nine months of 2017. The two stock exchanges returned about 35.5 and 35.1 percent respectively for investors more than twice yield of Treasury Bills- during the period under review. The two stock exchanges also did better than the ...

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SMEs could be biggest losers in stated capital increment

Stated Capital

Although they are afraid to talk openly, officials of some SME-focused banks are restive about the GH¢400million stated capital increment for banks, saying it could hurt SMEs badly. “Banks like us that want to do SMEs will now be forced to raise capital to do big-ticket or forced to merge, and the whole philosophy of serving the lower-end of the ...

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First National Bank introduces Geo Payment service

Geo Payment

First National Bank has introduced a new mode of Payment service; Geo Payment, which makes receiving and sending of money simple and convenient for customers of the bank when in proximity. The Geo Payment is an electronic payment service that allows the seamless transfer of money using mobile phones without having to add the bank’s details of the recipient. Use ...

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HFC Bank to rebrand as Republic Bank Ghana

Republic Bank

Shareholders of HFC Bank have voted for the Board of Directors to raise 50 million cedis on the Ghana Stock Exchange as well as rebrand as Republic Bank Ghana. The funds are meant to help the bank meet the 120 million cedis capital requirement announced by the Bank of Ghana in 2013. Speaking to shareholders at an Extra Ordinary General ...

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Abiola Bawuah supports BoG Governor on banks downgrading

Abiola Bawuah

Managing Director of UBA Ghana, Abiola Bawuah, has endorsed the BoG Governor’s position that banks that cannot meet the GH¢400million minimum capital requirement should downgrade to savings and loans companies. “Nobody is preventing a bank from doing small ticket but if you want to do micro, you go to savings and loans. Beyond savings and loans too, we also have ...

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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

Bank of Ghana

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

Bank of Ghana

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

performing stock markets

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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