The Managing Director of GCB Bank PLC (GCB), Kofi Adomako, has indicated that the arrival of the new Development Bank Ghana (DBG) is timely for banks like GCB and also for the growth of Small and Medium-sized Enterprises (SMEs) in the country. Mr. Adomako who was speaking on the collaboration between GCB and DBG, stated that “DBG is actually not...
FIDELITY BANK, Ghana’s largest privately-owned indigenous bank, has been named the Best Regional Bank- West Africa at the prestigious African Banker Awards ceremony held recently during the just-ended AfDB meeting in Accra. The African Banker Awards is the biggest annual recognition event for banks in Africa. It is designed to recognise and reward institutions and individuals shaping the growth of...
CEO of the Databank Group, Kojo Addae-Mensah, has bemoaned the overreaction of Ghanaian investors on the bonds market to high levels of inflation. The national inflation rate has risen to 23.6% as of April this year, from 8.5% in April of last year. The current rate is almost thrice the Central Bank’s 2022 target of 8%. While the central bank has...
The Central Bank has once again assigned another important reason for the creation, pilot and subsequent rollout of its Central Bank Digital Currency (CBDC), the eCedi. The eCedi which is currently undergoing a pilot phase in some parts of the country, aside helping to deepen financial inclusion and increase savings mobilisation among Ghanaians, is also to consolidate efficiencies derived from...
The Bank of Ghana (BoG) has issued new Corporate Governance Disclosure Directive (CGDD) for banks, savings and loans, finance houses and financial holding companies operating in the country. This follows consultations with the banking industry as well as stakeholder engagements with the Institute of Chartered Accountants, Ghana (ICAG) and the Ghana Association of Bankers (GAB). The purpose of the CGDD is...
The head of Investment Banking at Stanbic Bank Ghana, Kobby Bentsi-Enchil, has advocated the development of an alternative capital market for small businesses to enable them raise adequate financing for business growth. Speaking at the opening of the two-day West Africa Capital Market Conference (WACMaC) in Accra, on the topic: “Access to finance via cross-border listings on stock and fixed...
The Institute of Economic Affairs (IEA) has welcomed the decision by the Monetary Policy Committee (MPC) to increase the policy rate. This decision, according to the IEA, met their expectations after they called on the central bank to up the rate. The BoG increased policy rate by 200 basis points to 19 percent at the MPC meeting on Monday May 23. The MPC attributed the...
The Managing Director of Consolidated Bank Ghana (CBG) Limited, Mr Daniel Wilson Addo, has announced that CBG is expanding its Small and Medium-sized Enterprises (SME) capabilities by partnering with the new Development Bank Ghana (DBG) to deliver technical and financial support to the sector. Speaking to a section of the media on CBG’s agenda for SMEs this year, Mr Addo...
Foreign illicit financial transactions and tax evasion by multinational companies are draining Africa’s domestic resources and depriving it of crucial investment funds. This is according to President Nana Addo Dankwa Akufo-Addo. According to him, the phenomenon is denying the continent the needed tax revenue to finance important development programmes for the country. Speaking during the opening ceremony of the 57th Annual Meetings...
Africa’s leading provider of electronic banking and payments services, eTranzact, has appointed Mr. John Apea to head the company as its new Chief Executive Officer in Ghana. The appointment became effective on October 18, 2021 and will see Mr. Apea leading eTranzact’s leadership team in Ghana while implementing key strategies to ensure growth and increase profitability for the company. Mr. Apea’s appointment as...
