A common cryptocurrency and an integrated capital market could boost trade in Africa and sustain growth after the Covid-19 crisis, experts said at the 2021 African Economic Conference on Friday. But the continent first needs to harmonise national rules and protocols governing the financial systems of individual countries to make the reforms workable, panellists said during a discussion on reforming...
The Managing Director of Absa Bank Ghana, Abena Osei-Poku, says collaboration is the new competition in the digital financial services space across the continent. She made the comments during a panel discussion on how Africa can build resilience and drive differentiation in the financial sector at the ongoing Financial Times Global Summit. Africa’s financial services sector has transformed from a decade...
For its sterling leadership in the financial industry, Fidelity Bank Ghana Limited has been adjudged Bank of the Year at the 2021 Ghana Business Awards held at the Kempinski Hotel in Accra. The Ghana Business Awards is a prestigious awards programme that recognizes individuals and companies that play significant roles in the growth and development of their respective business sectors...
The Association of Rural Bank (ARB) has renewed its appeal to the government to reconsider a reduction in the corporate tax rate for rural and community banks. Corporate Tax Rate for the RCBs has been increased from eight per cent to 25 percent since 2016 – which means a quarter of their profits go to the state; a situation that...
The reconstituted board of the National Insurance Commission (NIC), has been inaugurated with a call on them to work hard to deepen insurance penetration in the informal sector insurance market. The Minister of Finance, Ken Ofori-Atta, who made the call in Accra on Tuesday, said there was a huge untapped market in the informal sector and the board must initiate...
The Chief Executive of the Ghana Interbank Payment and Settlement System (GhIPSS), Mr. Archie Hesse, says they are working around the clock to ensure intra-African payments from and to Ghana are smooth once the Pan-African Payment and Settlement System (PAPSS) becomes fully operational. The operational roll-out of the revolutionary continent-wide payment facilitation platform in local currencies, happened in September this...
Rural and Community Banks (RCBs) have been urged to take advantage of the emerging digital banking system to roll out tailor-made digital products and services for their clients. This must come with appropriate risk management structures to improve operational efficiency, deepen financial inclusion and increase customer satisfaction. Mr Yaw Sapong, Head of Other Financial Institutions Supervision Department of the Bank...
Total Assets Under Management (AUM) saw a significant growth in 2020 as a result of an increase in pension funds, the Bank of Ghana’s Financial Stability 2020 Report has revealed. At the end of 2020, it stood at ¢30.58 billion, a growth of 8.04% from the previous year, compared to a decline of 0.01% in 2019. Total Assets Under Management at...
