Attuahene attributes to quality of boards Annual financial reports posted by commercial banks in the country, indicate that foreign-owned banks have made profits in excess of 185.5 percent in 2020 compared to that made by indigenous banks, a development banking consultant, Dr. Richmond Atuahene, attributes to good corporate governance structures of the foreign banks. Despite initial fears of the global pandemic...
The Institute of Directors-Ghana (IoD-Gh), has inducted 42 new members who have completed their training and orientation programmes. President of IoD-Gh, Mr. Rockson Kwesi Dogbegah congratulated the new members on behalf of the governing council and management for successfully satisfying the key requirement in becoming bona fide members of the Institute. “It’s always a great joy for me and members of...
…allows for processing EMV GH-Link prepaid cards eTranzact Ghana Limited, a leading electronic payment services provider, has secured an enhanced Payment Service Provider (PSP) licence from the Bank of Ghana (BoG) in accordance with the Payment Systems and Services Act, 2019 (Act 987). Established in the year 2006, eTranzact Ghana Limited has been at the forefront delivering cutting-edge innovation in the...
The GSMA has today published its annual ‘State of the Industry Report on Mobile Money’. It reveals a dramatic acceleration in mobile transactions during the Covid-19 pandemic as lockdown restrictions limited access to cash and financial institutions. The report found that the number of registered accounts grew by 13 per cent globally in 2020 to more than 1.2 billion – double...
Government is keen on meeting the 85 percent financial inclusion target set for 2023 in an attempt to enlighten the public on ponzi schemes and illicit financial activities, all to significantly reduce issues of financial fraud among others. Despite efforts to clean up the financial sector and ensure market discipline to protect investments of Ghanaians, many still continue to fall...
Inflation – which is the general increases in the prices of goods and services – remained unchanged at 10.3% in March 2021. In February 2021, the rate of inflation stood at 10.3%. According to figures from the Ghana Statistical Service, the month-on-month inflation between February and March 2021 was however 0.9%, slightly higher than last month. Housing, Water, Electricity and Gas recorded...
Banking Consultant, Nana Otuo Acheampong has urged banks to work assiduously to satisfy the six minimum criteria set by the Bank of Ghana as preconditions for the payment of dividends to their shareholders. The Central Bank in a new notice to Banks and Special Deposit Taking Institutions (SDI’s), urged the institutions to desist from declaring or paying dividends or distributing...
The Securities and Exchange Commission (SEC) has begun drafting new guideline on third party and related transactions that will prevent misapplication and misappropriation of investments funds by fund management firms. The third party and related transactions was the major cause of collapse of fund management firms, forcing the clean-up of the securities industry. Disclosing this at the Tesah Capital Webinar on...
The Bank of Ghana (BoG) has adopted an integrated risk-based supervisory approach for digital financial services that helps avoid blind spots as a result of undue focus on institutions rather than on functional areas of operation and systemic risks, Second Deputy Governor Mrs Elsie Addo Awadzi has said. In particular, she explained, approvals of products, services, and technology...
Second Deputy Governor, Bank of Ghana (BoG) Mrs. Elsie Addo Awadzi, has said that the increased mobile money and ATM fraud and other cyber risks could erode gains made in financial stability, financial integrity, and financial inclusion in many countries. She noted that the widespread use of technology following the outbreak of the coronavirus pandemic is making financial services even...
