Why World’s central banks can’t ignore bitcoin


The world’s central banks can’t sit back and ignore the growth in cryptocurrencies as it could pose a risk to the stability of the financial system, according to the Bank for International Settlements. It said central banks will need to figure out whether to issue a digital currency and what its attributes should be, though the decision is most pressing ...

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Continental Free Trade Area extremely important for development


Mr Alan Kyeremanten, the Minister of Trade and Industry has said that the Continental Free Trade Area (CFTA) has become an extremely important strategy for development across the regions of the world. He said this was as a result of the increasingly depending globalisation and integration. Mr Kyeremanten was speaking at the opening of the two-day 2017 African Prosperity Conference, ...

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First National Bank supports GSABC to connect businesses

First National Bank

Ghanaian business chieftains, would on 13th September 2017 meet their South African counterparts to network and explore business opportunities that exist in both countries. The event, which is being organized by the Ghana South African Business Chamber (GSABC) is supported by First National Bank, one of the leading universal banks in the country. The event which will be held at ...

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Insurers urged to increase insurance penetration through technology


Insurance companies in the country have been urged to embrace technology to deliver value-added services to customers. This according to the Managing Director of Ghana Reinsurance Company Limited, George Mensah, would enable them to withstand the growing competition in the financial sector. He made the call at the 8th Cedants Awards Night on the theme: ‘Embracing Technological Innovations for the ...

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African forex expected to remain stable this week

performing stock markets

Ghana’s cedi is seen stable due to the central bank’s infusion of dollars into the interbank market through regular sales. The local unit was trading at 4.44 to the dollar by mid-morning on Thursday, barely moved from 4.38 a week ago and down 5 percent since January. “The central bank has steadily been in the market this week with decent ...

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UT Bank & Capital Bank to layoff some staff

Capital bank

The Head of Banking Supervision at the Bank of Ghana, Raymond Amanfu, has hinted that there will be some layoffs at UT Bank and Capital Bank due to the transfer of deposits and assets to GCB Bank. But essentially all staff of the two banks will become staff of GCB Bank, he suggested. The Central Bank on Monday announced a ...

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$2.5bn energy bond to create liquidity—Zenith Bank CEO


Some banks in the country are hopeful the financial sector will soon have enough funds to propel the private sector towards growth. The expectation is anchored on the 2.5 billion dollar energy sector bond which will soon be issued by government to release power producing and distribution companies from distress. Speaking to Citi Business News at the sidelines of Ghana ...

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BoG rate cut will spur lending and growth


The reduction in Bank of Ghana’s (BoG) benchmark interest rate (policy rate) from 22.5 per cent to 21 per cent signals a gradual improvement in the economy that will boost lending by commercial banks, according to ratings agency, Moody’s. A statement by Moody’s Investor Service said the latest monetary policy rate reduction would reduce banks’ lending rates and asset risks, ...

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Government remains strongly committed to growing the economy

2018 budget

Mr Ken Ofori-Atta, the Finance Minister, on Monday said despite the measures being taken to maintain fiscal discipline, government will strongly forge ahead to growing the economy and deliver services to strategic allocations through efficient use of resources. He said its flagship programmes such as the Free Senior High School Policy, National Health Insurance Scheme (NHIS), School Feeding, the Livelihood ...

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