Daily Archives - June 3, 2022
03Jun

We remain confident in ongoing policy to re-anchor inflation expectations, restore economic confidence – Governor

The Governor of the Bank of Ghana, Dr. Ernest Addison, says his outfit remains confident that ongoing policy efforts should help re-anchor inflation expectations, restore confidence in the economy and ensure that businesses operate in an environment of stability. In this regard, Dr. Addison said it will work assiduously to ensure inflation stability. “It is a known fact in the literature...

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03Jun

Fraud alert! Ecobank is not disbursing online loans against down payments

Our attention has been drawn to fraudulent advertising messages airing on DIAMOND TV and SOUL TV, both free-to-air television channels in Ghana. The fraudsters claim to be selling Online-loans in the name of Ecobank. In the said advertisements, one is required to make a down payment of GHS200 to qualify for a loan amount between GHS1,000 and GHS50,000. The fraudulent advertisements...

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03Jun

#CitiBusinessFestival: Financial sector players call for collaboration to achieve desired digital economy

Stakeholders in the financial industry are calling for deepened collaboration between the private sector and government to achieve Ghana’s desired digital economy. According to them, the development of Ghana’s digital economy and the need for the use of digital tools and interventions has become critical, particularly as the COVID-19 pandemic lingers on. Speaking as part of the first forum of the...

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03Jun

DBG’s arrival is timely for banks like GCB, business owners and entrepreneurs – GCB MD

The Managing Director of GCB Bank PLC (GCB), Kofi Adomako, has indicated that the arrival of the new Development Bank Ghana (DBG) is timely for banks like GCB and also for the growth of Small and Medium-sized Enterprises (SMEs) in the country. Mr. Adomako who was speaking on the collaboration between GCB and DBG, stated that “DBG is actually not...

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03Jun

Fidelity Ghana Adjudged Best In West Africa

FIDELITY BANK, Ghana’s largest privately-owned indigenous bank, has been named the Best Regional Bank- West Africa at the prestigious African Banker Awards ceremony held recently during the just-ended AfDB meeting in Accra. The African Banker Awards is the biggest annual recognition event for banks in Africa. It is designed to recognise and reward institutions and individuals shaping the growth of...

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03Jun

Databank CEO bemoans bond buyers’ increased appetite for high interest rates

CEO of the Databank Group, Kojo Addae-Mensah, has bemoaned the overreaction of Ghanaian investors on the bonds market to high levels of inflation. The national inflation rate has risen to 23.6% as of April this year, from 8.5% in April of last year. The current rate is almost thrice the Central Bank’s 2022 target of 8%. While the central bank has...

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03Jun

eCedi to consolidate efficiencies in monetary policy decisions – BoG

The Central Bank has once again assigned another important reason for the creation, pilot and subsequent rollout of its Central Bank Digital Currency (CBDC), the eCedi. The eCedi which is currently undergoing a pilot phase in some parts of the country, aside helping to deepen financial inclusion and increase savings mobilisation among Ghanaians, is also to consolidate efficiencies derived from...

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03Jun

BoG issues new Corporate Governance Disclosure Directive for financial institutions

The Bank of Ghana (BoG) has issued new Corporate Governance Disclosure Directive (CGDD) for banks, savings and loans, finance houses and financial holding companies operating in the country. This follows consultations with the banking industry as well as stakeholder engagements with the Institute of Chartered Accountants, Ghana (ICAG) and the Ghana Association of Bankers (GAB). The purpose of the CGDD is...

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03Jun

SMEs need an alternative capital market – Investment Banker

The head of Investment Banking at Stanbic Bank Ghana, Kobby Bentsi-Enchil, has advocated the development of an alternative capital market for small businesses to enable them raise adequate financing for business growth. Speaking at the opening of the two-day West Africa Capital Market Conference (WACMaC) in Accra, on the topic: “Access to finance via cross-border listings on stock and fixed...

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