The Bank of Ghana (BoG) has served notice to all licensed financial institutions and the general public that effective July 1, 2022, the Ghana Card shall be the only identification card accepted for any form of banking or financial transactions in the country. According to a statement signed by the Central Bank and sighted by Citi Business News, the move is...
Best Point Savings and Loans Limited has won the 2021 Savings and Loans Company of the Year award at the recently held Corporate Ghana Awards. In addition, the company’s mobile banking product known as Best Mobile Banking was adjudged 2021 Product of the Year in the savings and loans category. The award is a recognition of their outstanding contribution to the sector, and also that their impact...
Vice President, Dr. Mahamudu Bawumia, has asked African countries to introduce innovative ways and strategies to sustain the increased consumer preference for digital payments. According to him, this will ensure the smooth and effective implementation of the Pan African Payment and Settlement System (PAPSS) as well as an increase in intra-African trade. Speaking at the commercial launch of the Payment System...
The Ghana Stock Exchange (GSE) will do well this year but cannot replicate the 2021 performance, Head of Databank Research Alex Boahen has said. The stock market registered about 43% return for investors in cedi term in 2021, making it the second best on the African continent. Fanmilk, Guinness Ghana Breweries Limited, Societe Generale and MTN were some of the stocks...
The much touted Pan-African Payment and Settlement Systems (PAPSS) has been rolled out among all central banks in Africa. The system which is expected to serve as a payment mechanism for transactions on the continent will save African businesses about $5 billion annually in cost of transactions. PAPSS will facilitate and help drive the enormous growth in intra-African trade, resulting from...
The Bank of Ghana received a total of 321 complaints directly from customers of banks, Specialised Deposit-Taking Institutions, and non-deposit taking financial institutions in the first-half of 2021, compared with 445 complaints recorded for the same period in 2020, its 2021 Half-Year Complaints Management Report indicates. This is a 27.87% decline in customer complaints of banks and other financial institutions. Out...
The government has missed out on its single digit inflation target for the year 2021 as country’s year-on-year inflation rate for December 2021 marginally increased to 12.6 per cent from 12. 2 per cent in November. The December inflation is above the Bank of Ghana’s inflation target of 8+/-2 per cent for 2021. The Government Statistician, Professor Samuel K. Annim, who...
The National Insurance Commission (NIC) has assured of continued efforts to increase insurance penetration in the country in 2022. According to the NIC, even though insurance is one of the most important sectors in the economy, it has not recorded the needed patronage it deserves. Speaking on behalf of the Commissioner of Insurance at the 20th Anniversary Thanksgiving Service of Enterprise...
The Securities and Exchanges Commission (SEC) has cautioned the public against doing business with Tizaa Ghana Fund. It said the company has not been licensed to engage in investing or trading for returns business in the country and as such, its activities are not regulated by SEC. Many social media posts over the past week have drawn attention to Tizaa Ghana...
The Board Chairman of the Agricultural Development Bank (ADB) Limited, Daasebre Akuamoah Agyapong II, has reiterated the commitment of the bank to support the agribusiness sector to meaningfully contribute to the growth of the economy. He said the decision forms part of the bank’s intention to focus more on its core mandate of agricultural financing to ensure food security and...
