Banking & Finance

D-G of SEC calls for investor confidence in the Capital Market

SEC chairman

Mr Daniel Ogbarmey Tetteh, the Director-General of the Ghana Securities Exchange Commission (SEC), has called on the investor community to have confidence in the instruments of the Capital Market. He said the Capital Market was critical in the growth and development of any given economy. Mr Tetteh said this in an interview during the launch of the Ghana Securities Industry ...

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Bids open for 6 billion cedi energy bond today

graduate unemployment

The much-awaited energy bond will auction today,[October 24, 2017], after six months of leaving the industry on tenterhooks over the rising energy sector debts. This is to allow interested individuals and institutions to bid for the bond to be used to clear the estimated 10 billion cedis debt. The first tranche to raise 6 billion cedis; will be done via ...

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Staff of telcos accomplices in mobile money fraud – Police

Mobile money fraud

The rate at which subscribers of mobile money are being defrauded by both criminals and some staff of telecom companies has reached alarming proportions. The service, which has been touted as the innovation to bring banking to the doorsteps of the unbanked, is turning out to be a monster depriving mostly poor people of their little money. What is even ...

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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%

inflation 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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