The Africa Continental Free Trade Area’s (AfCFTA) advent will enable local insurance companies to become competitive and progressive, Chief Executive Officer, Africa Sureties and Insurance Advisory Company, Solomon Lartey, has said. According to him, many gains will be made – especially at a time when the insurance regulator, National Insurance Authority (NIC), has asked its members to recapitalise to the...
Customers of Bank of Ghana regulated financial institutions are to update their records with their respective financial institutions with the Ghana Card, the Bank of Ghana has said in a statement on Wednesday January 19. This comes after the central banks said banks shall only accept the Ghana Card as a form of identification starting July 1. The regulator said “In furtherance...
The Producer Price Inflation for the month of December has declined by 0.8 percentage points lower than the rate recorded in November 2021 which stood at 13.6% as it closed the year 2021, with 12.8%. The Monthly Producer Price Inflation between November 2021 and December 2021 was -0.2%. The Year-on-Year Producer Price Inflation for the sub-sectors for December 2021in Manufacturing subsector...
The Bank of Ghana (BOG) in the first half of 2021 has facilitated the payment of about GHC 2.14 million to customers who filed complainants with the central bank. A breakdown of the amount shows that a total of GH¢396,000, £20,414.37 and US$250,000.00 were paid by some regulated institutions as compensation or refunds to customers with issues that have merits...
The President, Nana Addo Dankwa Akufo-Addo, has appointed former Managing Director of the Ghana Stock Exchange, Kofi Yamoah as the Board Chair of the Venture Capital Trust Fund (VCTF) board. Kofi Yamoah has worked at the Ghana Stock Exchange for about 29 years. He was appointed Managing Director of the bourse in 2003. He is a Chartered Accountant and an...
The European Union (EU) has removed Ghana from the bloc’s high risk third countries with strategic deficiencies in their Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regimes. The EU took the decision after Ghana strengthened the effectiveness of its AML/CFT regime by addressing related technical deficiencies, a press statement issued by the Ministry of Finance, and copied to...
The National Investment Bank (NIB) has made significant progress on its roadmap aimed at transforming the bank into a world-class financial institution. The transition plan, which forms part of a broader transformation programme, is designed to redirect the bank’s focus to supporting the country’s industrial development. The transformation programme will see the bank deepen its hold on industries as its...
Stakeholders in Ghana’s banking industry are elated about the Bank of Ghana’s directive to have the Ghana card as the sole ID card to be used for financial transactions. This is because they believe this will check fraud and sanitise the country’s financial system in its entirety. The Bank of Ghana, on Wednesday, served notice to all licensed financial institutions and...
The Bank of Ghana has dismissed reports circulating on social media that it has sacked 90% of recently recruited staff. According to the Central Bank, such reports have been twisted to misinform the general public. In a statement signed by the Bank and sighted by Citi Business News, the Bank noted that it is not true that 90 percent of recently recruited...
The Bank of Ghana (BoG) has served notice to all licensed financial institutions and the general public that effective July 1, 2022, the Ghana Card shall be the only identification card accepted for any form of banking or financial transactions in the country. According to a statement signed by the Central Bank and sighted by Citi Business News, the move is...
