If you are an Absa Bank customer with a penchant for using the bank’s ATM, a new feature on the machine will make your life simpler and more convenient than before. For the first time in Ghana, customers can now withdraw money from any of Absa’s ATMs with the luxury of a digital QR code, using their mobile phones. The functionality,...
The Ghana Incentive-based Risk Sharing for Agricultural Lending (GIRSAL) has announced its collaboration with the newly established Development Bank Ghana (DBG) which is aimed at improving the funding and capacity-building opportunities for agriculture-based businesses (agribusiness) and agriculture generally in Ghana. As a non-bank financial institution, GIRSAL has been at the forefront of de-risking agricultural financing by financing institutions, through the...
The Standard Chartered Bank PLC posted a strong performance in the 2021 financial year despite the difficult macroeconomic environment brought about by the COVID-19 pandemic. Profit before tax of the SCB in 2021 rose to GH¢695 million from GH¢675 in 2020, representing a three-per cent growth. However, profit after tax of the company declined to by 9 per cent from GH¢478...
Head of Finance Department at the Valley View University, Dr. Williams Peprah, has urged Ghanaians to take advantage of the rising interest rates to save for the future. According to him, this is the best time to invest and make money. Interest rates have surpassed 22% due to the rising inflation, and it’s unclear when it will come down. Dr. Peprah tells...
The Reverend Dr Samuel Worlanyo Mensah, an Economist with the Center for Greater Impact Africa, has called for a strategic policy to strengthen the Bank of Ghana (BoG) to fight against the use of foreign currencies in the country. He explained that BoG needed to be resilient in stabilising the Ghana Cedi to compete with other currencies in the global...
Senior Advisor to the Vice President, Professor Kwaku Appiah-Adu, says full implementation of the e-Cedi will diversify digital payment and ensure a secure and robust payment infrastructure in the country. As a result, he called on players within the financial services industry to invest in technology and innovation to ensure smooth implementation of the e-Cedi, which is expected to...
The Governor of the Bank of Ghana, Dr. Ernest Addison, says his outfit remains confident that ongoing policy efforts should help re-anchor inflation expectations, restore confidence in the economy and ensure that businesses operate in an environment of stability. In this regard, Dr. Addison said it will work assiduously to ensure inflation stability. “It is a known fact in the literature...
The Bank of Ghana (BoG) has begun piloting the e-cedi in Sefwi Asafo in the Western North Region, the Governor Dr Ernest Addison said on Monday. The e-cedi is designed as a digital replica of the Ghana cedi notes and coins. It is crafted as a retail token-based digital currency stored in a digital wallet, convertible to Ghana cedis in...
Our attention has been drawn to fraudulent advertising messages airing on DIAMOND TV and SOUL TV, both free-to-air television channels in Ghana. The fraudsters claim to be selling Online-loans in the name of Ecobank. In the said advertisements, one is required to make a down payment of GHS200 to qualify for a loan amount between GHS1,000 and GHS50,000. The fraudulent advertisements...
Stakeholders in the financial industry are calling for deepened collaboration between the private sector and government to achieve Ghana’s desired digital economy. According to them, the development of Ghana’s digital economy and the need for the use of digital tools and interventions has become critical, particularly as the COVID-19 pandemic lingers on. Speaking as part of the first forum of the...
