Banking & Finance

73% of Ghanaians working in vulnerable conditions —Report

Vulnerable conditions in Ghana

A report published by the Trades Union Congress (TUC) has revealed that 73% of Ghanaian workers operate under vulnerable conditions. The report also points out that a majority of Ghanaian workers receive less than 2 dollars a day, and do not have any form of pension contributions. Out of the employed population of 11.21 million, 64.3 % who are self-employed ...

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Stock market updates (weekly outlook)


 Have knowledge about your stock market Index Performance is a stock index that adds the amount of all dividends payments, capital gains (rise in the value of a capital asset that gives it a higher worth than the purchase price. The gain is not realized until the asset is sold)  and other cash disbursements to the net stock price. When measuring ...

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Mobile Money Interoperability (MMI), a New Prospect to Grab

Mobile Money

  MMI is a service which allows direct and uninterrupted transfer of funds from one mobile money account to another across networks. It has a larger scope of incorporating all financial institutions to make bill payments, merchant payments and other financial services such as interest-bearing savings account, credit, and insurance. It will also enable mobile money users to transfer funds ...

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Ghana To Host First Banking, Insurance And FinTech Festival

Ghana, Cote d'Ivoire Cocoa

The Ghana’s banking, insurance and financial technology space will for the first time converge to celebrate their collective achievements. Dubbed Banking, Insurance and FinTech Festival 2018 (biff2018), organizers say the event will seek to empower Ghanaians on not only the acquisition of cheap funds for valid business operations but also safe guards that need to be put in place. A ...

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Bank of Ghana cautions the use of Bitcoin in Ghana


  THE BANK of Ghana (BoG) has cautioned the public to do business with only institutions licensed by the bank to ensure that such transactions fall under its regulatory preview. In a statement signed by Mrs Caroline Otoo,Secretary of the BoG, the Central Bank stated that it had taken notice of recent developments in the use, holding, and trading of virtual ...

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GCB partners Morocco’s largest bank

GCB Bank

GCB Bank Limited and Morocco’s largest financial institution – Attijariwafa Bank Group (AWB) – have signed a Memorandum of Understanding (MOU) to broaden and consolidate financial transactions in Ghana, ECOWAS and beyond. Under the partnership the two institutions will operate as correspondent banks, facilitate trade finance, deepen capital markets and jointly organise business missions designed to enhance trade and investment ...

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Ghana and World Bank sign $200 million financing agreement

Ghana and the World Bank Group (International Development Association), have signed a credit agreement worth US$200.0 million for the Second Macroeconomic Stability for Competitiveness and Growth Development Policy Financing (MSCGDPO II) programme. Mr Ken Ofori-Atta, Minister of Finance signed for Ghana whiles Mr. Henry Kerali, World Bank Country Director, signed on behalf of the World Bank. A statement from the ...

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BoG To Place Temporary Ban On New Banking Licences

Ban on Banking Licenses

The Bank of Ghana (BoG) says it will from next year place a temporary ban on the issuance of licences to new universal banks, savings and loans companies or microfinance institutions. “The central bank is considering not licensing new universal banks or savings and loans companies or microfinance institutions in the country next year as we implement the recapitalisation process,” ...

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Cedi Remains flat this week

Cedi / Dollar Performance

The Ghana cedi is seen flat this week as dollar inflows continued to thin out amid a week-long sale of a six billion cedi ($1.36 billion) government-sponsored energy bonds that ended on Friday, analysts said. The cedi, which has been fairly steady in recent weeks, weakened marginally last week on renewed corporate dollar demand. It was trading at 4.4075 to ...

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HFC Bank to raise GH¢50million on GSE


HFC Bank has begun processes aimed at raising some Gh¢50 million through the Ghana Stock Exchange (GSE). It follows approval from the Board of Directors of the Bank at its Extra Ordinary General Meeting. The funds raised from the offer are expected to help the bank meet the new Gh¢400 million minimum capital requirement set by the Central Bank. Starr ...

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