The ARB Apex Bank PLC is seeking to raise GH₵25million additional shares in five years to bolster its capital base, and among others, implement some policy initiatives while being able to lend to rural and community banks (RCBs). The move, which forms part of a newly approved strategic plan of the bank, according to the Managing Director, is to strengthen...
Access Bank (Ghana) Plc. has announced the appointment of its first female board chair, Ama Sarpong Bawuah. She succeeds Mr. Frank Beecham who served from January 2014 to May 2022. Ama is an accomplished, resourceful businesswoman with over 25 years wealth of executive experience in public affairs and communications positions with several multinational corporations. She served as Regional Lead for Public...
The Ministry of Finance has accepted the business plan for the first domestic credit rating agency to be established with key market regulators as shareholders. The institutions have already accepted the proposal and working to get the agency established. The entities are the National Insurance Commission, the National Pensions Regulatory Authority and the Ghana Stock Exchange (the majority shareholder). The move which...
Government has announced efforts to develop a credit system in the country, with credit scoring by the Credit Reference Agencies for the first time by end of the year, with linking of the Ghana Card to bank accounts. Vice President Dr. Mahamudu Bawumia said key anchors such as the Ghana Card which provide a unique identity and essential information about...
The Managing Director of Republic Bank Ghana, Mr. Farid Antar, officially retired from active service on Thursday, July 14, 2022 following 43 years of dedicated service to the Republic Bank Group (now Republic Financial Holdings Limited of Trinidad & Tobago), the parent company of Republic Bank Ghana. With a career spanning over four successful decades of hard work and fortitude,...
Mobile Money transactions dipped by 18.58% to ¢71.4 billion in May 2022, the month of implementation of the Electronic Transaction Levy (E-Levy). However, in the month of June 2022, the transactions via Mobile Money went up to ¢77.4 billion, an 8.4% growth. According to data from the Bank of Ghana, Mobile Money transactions grew consecutively until April 2022 when it dipped...
Dr Alayande Folarin, a Vice President of MasterCard has stated that the Pan African Payment and Settlement System (PAPSS) will enhance interconnection to all the Central Banks and Afrexim bank. “For those who are familiar with the PAPSS, we know that there are existing mechanisms for similar settlements even though they are not connected to the Central Banks.” Vice President Folarin...
The cedi lost 19.2% in value to the US dollar in almost seven months of 2022. According to the Summary of Economic and Financial Data by the Bank of Ghana, the local currency went for ¢7.43 to the American ‘greenback’ on the interbank market as of July 22nd, 2022. It is however selling at about ¢8.30 pesewas to the US dollar...
The Bank of Ghana has issued a directive to banks in the country to allow non-resident Ghanaians who have not yet registered for or do not have access to their National ID cards to use their passports for banking transactions until they obtain their cards. This directive comes a few days after banks started demanding the Ghana card as the...
A total number of 4,936,246 debit cards was issued by banks in 2021, an increase of 2.56% over the position in 2020, the Bank of Ghana has disclosed in the 2021 Payment Systems Oversight Annual Report. International scheme cards at end-December 2021, was 3,647,285, representing 73.89% of the total issued debit cards. This compared with banks proprietary cards of 1,288,961, which...
