Financial services providers are continuously ramping up efforts to combat fraud with cutting-edge technology. But even with all this effort, end-users of financial products can and should actively participate in fraud prevention. “The simplest way for consumers and businesses to support fraud prevention is to pay attention to fraud education and updates from service providers,” the Chief Operating Officer at First...
Co-Founder and Managing Partner of Koranteng & Koranteng Legal Advisors, a corporate and commercial law firm in Accra, Ghana, Afua Adubea Koranteng, has said a Central Bank Digital Currency (CBDC) could serve as a catalyst in bridging the digital and financial divide faced by women and youth entrepreneurs. Speaking on the theme ‘Policy Impacts of a Potential CBDC for Women...
Director-General of the Securities and Exchange Commission (SEC), Rev. Daniel Ogbarmey Tetteh, has noted that efforts to apprehend operators of pyramid or Ponzi schemes have been enhanced. According to him, the Commission has solidified its collaboration with law enforcement agencies in the country as the trend has proven to be worrying. In view of this, Rev. Ogbarmey Tetteh stated that perpetrators...
Mrs. Nana Akyaa Obeng-Adiyiah has been appointed as the Deputy Chief Executive Officer (Finance & Administration) of Ghana EXIM Bank. Her appointment takes effect from 23 February 2022. She is a seasoned Banker, Development Finance Expert and Business Development Strategist. She has over 15 years’ multi-sectoral corporate experience, of which 10 years have been at senior management positions in multinational banking...
The Director-General of the Securities and Exchange Commission (SEC), Rev Daniel Ogbarmey Tetteh says 4 out the 47 fund management firms that had claims filed against them following the 2017 financial sector cleanup still have pending liquidation orders. In the 2017 financial sector cleanup, 50 fund management firms had their licenses revoked, out of which 47 of them had had...
Banks operating in Ghana wrote off ¢2.086 billion as bad debt in 2021, a 4.7% decline over the previous year, the Domestic Money Bank’s Income Statement by the Bank of Ghana has revealed. In 2020, the provision for bad debt was ¢2.183 billion. The provision for the bad debt was as a result of loan losses, depreciation, amongst others. According to the...
The Bank of Ghana (BoG) will significantly hike its interest rate should the upside risks to the economy intensify, Fitch Solutions has said in its February 2022 West Africa Monitor Report. It pointed out that risks to the outlook are tilted towards a larger interest rate hike by the Central Bank than its current forecast indicates. Again, the Central Bank will...
The local currency has crossed the ¢7 to one dollar mark on the retail market with less than two months into 2022. Joy Business checks at some forex bureaus and commercial banks indicate that a dollar is being sold at a little above ¢7 cedis. Whilst, some forex bureaus and banks are buying a dollar between ¢6.85-¢7, they are selling one...
The National Insurance Commission (NIC) is engaging insurance companies who failed to meet the new minimum capital requirement to find an amicable solution, sources close to the regulator have told the Graphic Business. The engagements have become necessary to protect the image of the industry, protect policy holders, and save jobs. It has emerged that some insurance companies in the country...
The Managing Director-Agricultural Development Bank PLC (ADB), Dr. John Kofi Mensah, has noted that with the agribusiness sector’s fast-growing nature, it has become essential to increase support for the industry. Given this reality, he said, the ADB will this year focus on building up resources to meet the sectors’ financial needs. “The bank is now very strong, but being a bank...
