The President, Nana Addo Dankwa Akufo-Addo, has appointed former Managing Director of the Ghana Stock Exchange, Kofi Yamoah as the Board Chair of the Venture Capital Trust Fund (VCTF) board. Kofi Yamoah has worked at the Ghana Stock Exchange for about 29 years. He was appointed Managing Director of the bourse in 2003. He is a Chartered Accountant and an...
The European Union (EU) has removed Ghana from the bloc’s high risk third countries with strategic deficiencies in their Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regimes. The EU took the decision after Ghana strengthened the effectiveness of its AML/CFT regime by addressing related technical deficiencies, a press statement issued by the Ministry of Finance, and copied to...
The National Investment Bank (NIB) has made significant progress on its roadmap aimed at transforming the bank into a world-class financial institution. The transition plan, which forms part of a broader transformation programme, is designed to redirect the bank’s focus to supporting the country’s industrial development. The transformation programme will see the bank deepen its hold on industries as its...
Stakeholders in Ghana’s banking industry are elated about the Bank of Ghana’s directive to have the Ghana card as the sole ID card to be used for financial transactions. This is because they believe this will check fraud and sanitise the country’s financial system in its entirety. The Bank of Ghana, on Wednesday, served notice to all licensed financial institutions and...
The Bank of Ghana has dismissed reports circulating on social media that it has sacked 90% of recently recruited staff. According to the Central Bank, such reports have been twisted to misinform the general public. In a statement signed by the Bank and sighted by Citi Business News, the Bank noted that it is not true that 90 percent of recently recruited...
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...
