The Managing Director of Zeepay, Mr. Andrews Takyi-Appiah, has said that the introduction of electronic cedi (e-cedi) by the Bank of Ghana will help to further boost the country’s capital market. He said the e-cedi would introduce digital transaction unto the country’s capital market and automatically turn the market to a 24 hour platform where investors could trade at any...
The Rural and Community Banks, RCBs, after exhibiting resilience in their operations and battling it out during financial reforms still have a total of GH¢457.86 million locked up with investment companies that are regulated by the Securities and Exchange Commission, Business & Financial Times has learnt. At the beginning of the reforms, the total amount of funds invested in investment...
The Ghana Association of Bankers (GAB) is in talks with the Bank of Ghana (BoG) to come up with a bill that will limit over counter withdrawal at the commercial banks. The GAB says this will limit armed robbery attacks on people who visit financial institutions in the country. There has been an increasing rate of armed robbery attacks on customers who visit...
The Board Chairman of ARB Apex Bank, Dr. Tony Aubyn is asking government to involve rural banks in the yet to be launched new Development Bank Ghana. The involvement of rural and community banks, according to him, will increase support for key sectors of the economy including agriculture and mining. The World Bank has approved a funding package for the new...
ARB Apex Bank has reiterated calls for a reduction in the corporate tax of rural banks from the current 25% to 15%. According to its Acting Managing Director, Alex Kwasi Awuah, the present tax is depriving many rural banks to fund many smaller businesses in the rural areas. Speaking to Joy Business on the sidelines of the of the Annual National...
Mr Francis Boadu, Head of Department (HoD) in charge of Broker Dealers and Advisors at the Securities and Exchange Commission (SEC) has advised investors not to put money into an investment they did not fully understand. He said if they suspect an investment to be a “Ponzi scheme” or any other type of scam they should file a complaint with...
The Ghana Stock Exchange (GSE) sustained its bullish performance in September with an improvement in profit on the bourse and market capitalisation. The year-to-date return on the Accra bourse stood at 47.06 per cent with a two per cent increase in market capitalisation which jumped from GHC62.904.96 million in August to GHC64.170.83 million. Total Volume of trade on the GSE in...
The Ghana Bankers Association has called for increased education on ATM or Card fraud in the country. The 2020 fraud report from the Central Bank revealed that among other things, ATM or Card fraud accounted for 6.3 per cent of the total number of reported cases, as compared to a proportion of 4.7 per cent recorded in 2019. Also, ATM or...
Without proper adherence to ethical guidelines such as the Ghana Banking Code of Ethics and Business Conduct, banks and businesses will be doing great a disservice to their businesses specifically and the economy in general, Julian Kingsley Opuni, Managing Director of Fidelity Bank, a leading indigenous lender, has said. “Ethics should be given as much attention as the other talking...
The First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari has challenged financial institutions to continuously examine the state of their security systems and design appropriate mechanisms to counter possible cyber threats. The financial sector, according to the 2020 Banking Industry Fraud report, saw the value of attempted cyber fraud in general rise by over 400 percent from...
