Banks in Ghana have reported impressive growth numbers in total assets, deposits and investments for 2020, defying the devastating impact of the COVID-19 pandemic. According to figures from the Bank of Ghana (BoG), total assets increased by 18.5 % on a year-on-year basis to GH¢152 billion, reflecting strong growth in investments in government securities by 45.9% to GH¢67.9 billion.The data,...
The Securities and Exchange Commission (SEC) has extended the moratorium on the issuing of new Fund Management licences for a further period of six months. This is pursuant to section 3(i)(m) and 208 of the Securities Industry Act, 2016 (Act 929). In a statement, it said “market operators, the investing, and the general public are hereby advised to visit the SEC’s...
The value of mobile money transactions has more than doubled in the last twelve months, according to the Bank of Ghana. The total value shot up by over 120 percent from February 2020 to February 2021. On a monthly basis, the value of transactions from January to February saw a minimal increase of about 1 percent. This was contained in the...
Managing Director for the Bank of Africa, Kofi Andah has asked for a review of the newly introduced financial sector clean-up levy of 5 percent. The levy was proposed in the recently read budget. According to the government, it is meant to help defray outstanding commitments in the sector following the clean-up which cost the government over GHS21 billion. Although the government...
The Monetary Policy Committee of the Bank of Ghana after meeting last week and reviewing recent global and domestic developments, including the outlook for the Ghanaian economy has decided to maintain the policy rate for the 6th consecutive time at 14.5 percent. The maintenance of the policy rate which is of keen interest to businesses, as it ultimately influences average lending...
The Chief Executive Officer of the Ghana Association of Bankers (GAB), Mr John Awuah, has appealed to the government to reverse a tax proposal that will exact five per cent of banks’ gross profit into the public purse to help defray the cost incurred by the state in cleaning up the banking sector. He contended that the tax was ill-timed,...
MTN MoMo has announced that effective 2nd April 2021, all MoMo customers will be required to present valid ID cards before any MoMo cash-out (withdrawal) transaction can be processed. As a result of this directive, all MoMo agents will be required to select the ID type and enter the ID card number presented by the customer before the transaction...
The Bank of Ghana has granted Global Accelerex Ghana Limited – a payment service provider and platform operator – an enhanced Payment Service Provider (PSP) licence under the Payment Systems and Services Act, 2019 (Act 987). The licence permits Global Accelerex to offer POS devices and applications agency banking platforms, merchant payment collections, terminal management systems, and terminal aggregator management...
Former Chief Executive Officer of defunct UT Bank, Prince Kofi Amoabeng, and owner of also defunct uniBank Dr Kwabena Duffuor, have petitioned Parliament against the Bank of Ghana in the closure of their banks. The reliefs they are seeking are; UT Bank i) Investigate the conduct of the Bank of Ghana and the Ghana Stock Exchange for...
The ARB Apex Bank has been admitted to the Ghana-Sweden Chamber of Commerce. The President of the Ghana-Sweden Chamber of Commerce (GSCC), Pearl Delali Dorledzi, who led a delegation to present the certificate of membership at a ceremony in Accra revealed that “ARB Apex Bank has been admitted to the Platinum membership, which confers the highest partnership privileges on the Bank and the...
