Banks are ready to channel funds into strategic areas that would accelerate economic growth and ensure a quicker recovery from the scourge of COVID-19 but government must create a more stimulus to attract such funding from commercial banks, the Deputy CEO of the Ghana Association of Bankers, John Awuah has said. Speaking as part of the first plenary of the...
Parliament has approved the financing agreement between the Government of Ghana and the International Development Association (IDA) of the World Bank for an amount of $250 million for the establishment of a National Development Bank. The World Bank Board of Executive Directors had earlier on October 29, 2020, approved the US$250 million facility to support the establishment of the Bank...
The October 2020 inflation rate was 10.1 percent, 0.3 percentage point lower than what was recorded last month, the Ghana Statistical Service (GSS) has announced on Wednesday, November 11. According to the GSS, the month-on-month inflation between September 2020 and October 2020 was 0.2 percent. This contrasts with the negative month-on-month inflation that was observed in the previous two months. However, this...
Stakeholders in Ghana’s banking sector are advocating for more support from various sectors of the economy to tackle money laundering in Ghana. This menace, which has resulted in Ghana’s current position on the European Union’s grey list, can limit many transactions with other countries if not checked. The Financial Action Task Force (FATF), the initiative set up to tackle money laundering...
Zeepay, a fast-growing financial technology (fintech) company into Mobile Financial Services across Africa, has announced its partnership with Transfast, a Mastercard company and a leading cross-border payments service provider. This partnership will enable consumers around the world to send money directly to more than 20 million mobile money wallets in Ghana with speed, security, and certainty. Transfast processes remittances through its...
With banks witnessing significant changes in customer engagement patterns with a shift from traditional transaction channels toward digital platforms, spurred on largely by the advent of the COVID-19 pandemic, Managing Director of Fidelity Bank Ghana Limited, Julian Kingsley Opuni, believes that now is an ideal time to bring the conversation on financial inclusion to the fore. The pandemic, according to...
The Board of GCB Bank Limited has appointed Mr John Kofi Adomakoh as the new Managing Director (MD) of the bank with effect from today, November 9, 2020. Mr Adomakoh, a banker, replaces Mr Anselm Ray Sowah, who ended his tenure of office as the MD of GCB Bank in September this year after being in that position for more...
Banking consultant and corporate governance expert Dr. Richmond Atuahene has said that for banks to remain resilient and safely sail through the coronavirus pandemic storm, it will be necessary for them to improve on their digitisation drive and form strong partnerships with financial technology companies (fintechs). Speaking ahead of the Ghana Economic Forum (GEF), where he is expected to share...
The National Development Bank is now set to take from January next year, Finance Minister, Ken Ofori-Atta has disclosed. According to him, government has now been able to raise the required seed capital for the financial institution to fully begin operations. He had earlier said in the 2020 Budget that government had secured $250 million from the World Bank as initial...
The ARB Apex Bank Limited has applauded the decision by government to commence payment of locked up investments in collapsed Fund Management Companies, describing it as a major boost to strengthen the liquidity and balance sheets of rural and community banks (RCBs). The Registrar-General’s Department, Official Liquidator of Fund Management Companies, has announced that it has begun paying locked-off funds...
