The rate of depreciation of the cedi to the US dollar has slowed down considerably, but the rapid fall in the first quarter of 2022 has kept the local currency as one of the worst performing currencies in Africa so far this year. The cedi declined in value by about 19.02% to the dollar in the first four months of...
The First Deputy Governor of the Bank of Ghana, Dr Maxwell Opoku-Afari, has advised Journalists to accurately report news on finance and the economy. He said this will calm financial market participants and prevent disorderly reactions during these periods of heightened uncertainty. The ongoing Russia-Ukraine conflict has triggered a downgrade of global growth forecasts by the International Monetary Fund while the...
Zenith Bank Ghana Limited has announced the appointment of Henry Chinedu Onwuzurigbo as the new Managing Director and Chief Executive Officer of the Bank. He takes over from Anthony Akindele Ogunranti who has been elevated to the position of Executive Director in Zenith Bank Plc. Mr Onwuzurigbo, until his appointment, was the Executive Director of Zenith Bank Ghana. Prior to joining Zenith...
Lack of adequate public education on the financial sector is partly to blame for the high incidence of people falling prey to Ponzi schemes; hence, there is a need to intensify awareness on the subject, Deputy Director-General at the Securities and Exchange Commission (SEC), Deborah Agyemfra, has said. “People are still running for products (from the unregulated space) that will harm them...
The capital markets regulator, the Securities and Exchange Commission (SEC), currently has more than 700 complaints from customers of some fund management firms over their inability to access funds after making the due redemption requests. This was disclosed by the deputy director-general responsible for Legal Affairs at the Commission, Deborah Agyemfra, while making submissions on the topic ‘Enhancing Investors’ Confidence:...
Despite its sluggish start to the year, the equities market is projected to close the year with a positive return of approximately 12 percent – and this will be driven by an upturn in the fortunes of financial stocks, a recently-released report by Databank indicates. The Ghana Stock Exchange, as measured by its composite index (GSE-CI), has endured a lukewarm...
Elsie Addo Awadzi, the second deputy Governor of the Bank of Ghana (BoG), has assured that the central bank will provide the needed guidelines and policies to spur economic growth She said this has become necessary especially as the country finds ways of recovering from the on-going pandemic and the war between Russia and the Ukraine. Speaking at the second edition...
Shareholders of Republic Bank have unanimously endorsed the payment of a total dividend of GH¢0.025 per share – totaling GH¢21,299,000 – for the financial year ended December 31, 2021. The endorsement, which was made at the bank’s 31st Annual General Meeting (AGM), and subject to final approval by Bank of Ghana (BoG), marks the first time since 2014 that Republic...
The Managing Director of FBNBank, Mr. Victor Yaw Asante has been appointed as a member of the Board of Trustees of the Venture Capital Trust Fund (VCTF). Mr. Victor Yaw Asante who was sworn-in as the ninth member of the governing board of the VCTF is representing the Ghana Association of Bankers (GAB) on the Board. Other members of the...
A former Chief Executive Officer of Stanbic Bank, Naa Alhassan Andani, has appealed to stakeholders in the Muslim communities to provide financial support for the establishment of an Islamic Bank to address the financial needs of all Muslims. He said the call for the establishment of the bank had become necessary as a lot of Muslim entrepreneurs and individuals continued...
