Banking & Finance

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

Bank of Ghana

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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Commercial banks defend ‘high’ interest rates

Commercial Banks

Commercial banks in Ghana have defended their high-interest rates even in the face of declining Treasury bills. They argue that T-Bills only account for a slight percentage of the indicators. “Treasury bills alone are not the factor. Banks have a way of computing their cost of funding and there are various parameters that go into that cost of funding, it ...

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Youth love for tech raise banking stake higher – BoG boss

banking

Ghana’s growing youthful population and their penchant for technology has raised the bar higher for banks in the country, Governor of the Central Bank, Dr Ernest Addison has said. “In the comfort of your office or home, one can now transact banking business at the press of a button via a smartphone or laptop. These changes have prompted banks to ...

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Economic data reporting needs enhancement – BoG Governor

Apex Bank

The Governor of the central bank, Dr Ernest Addison, has reiterated the need for government to develop accurate economic data reporting standards that will help in the formulation of policies that will guide the economy in a sustainable manner. Speaking at the opening session of a workshop on government finance statistics on Monday, Dr Addison said statistics is a useful ...

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Struggling banks in merger talks – CDH sure of a deal in August

capital

Some indigenous banks on life support have accepted merger proposals from net worth institutional investors and are now locked down in series of negotiations that could help break the jinx surrounding mergers and acquisitions in the financial sector. The banks involved are about three of the eight indigenous lenders that are currently struggling to meet regulatory requirements on capital. Although ...

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Access Bank rewards over 500 customers

Access Bank Ghana, through its latest mobile banking service, *901#, is rewarding customers who transact and refer others to join the platform. The *901# service, which was launched a few weeks ago, enables customers to conduct basic transactions such as opening a new account, buying airtime, paying bills and transferring money using their mobile devices, without the use of an ...

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