The Ghana Association of Bankers (GAB) is in talks with the Bank of Ghana (BoG) to come up with a bill that will limit over counter withdrawal at the commercial banks. The GAB says this will limit armed robbery attacks on people who visit financial institutions in the country. There has been an increasing rate of armed robbery attacks on customers who visit...
The Board Chairman of ARB Apex Bank, Dr. Tony Aubyn is asking government to involve rural banks in the yet to be launched new Development Bank Ghana. The involvement of rural and community banks, according to him, will increase support for key sectors of the economy including agriculture and mining. The World Bank has approved a funding package for the new...
ARB Apex Bank has reiterated calls for a reduction in the corporate tax of rural banks from the current 25% to 15%. According to its Acting Managing Director, Alex Kwasi Awuah, the present tax is depriving many rural banks to fund many smaller businesses in the rural areas. Speaking to Joy Business on the sidelines of the of the Annual National...
Mr Francis Boadu, Head of Department (HoD) in charge of Broker Dealers and Advisors at the Securities and Exchange Commission (SEC) has advised investors not to put money into an investment they did not fully understand. He said if they suspect an investment to be a “Ponzi scheme” or any other type of scam they should file a complaint with...
The Ghana Stock Exchange (GSE) sustained its bullish performance in September with an improvement in profit on the bourse and market capitalisation. The year-to-date return on the Accra bourse stood at 47.06 per cent with a two per cent increase in market capitalisation which jumped from GHC62.904.96 million in August to GHC64.170.83 million. Total Volume of trade on the GSE in...
The Ghana Bankers Association has called for increased education on ATM or Card fraud in the country. The 2020 fraud report from the Central Bank revealed that among other things, ATM or Card fraud accounted for 6.3 per cent of the total number of reported cases, as compared to a proportion of 4.7 per cent recorded in 2019. Also, ATM or...
Without proper adherence to ethical guidelines such as the Ghana Banking Code of Ethics and Business Conduct, banks and businesses will be doing great a disservice to their businesses specifically and the economy in general, Julian Kingsley Opuni, Managing Director of Fidelity Bank, a leading indigenous lender, has said. “Ethics should be given as much attention as the other talking...
The First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari has challenged financial institutions to continuously examine the state of their security systems and design appropriate mechanisms to counter possible cyber threats. The financial sector, according to the 2020 Banking Industry Fraud report, saw the value of attempted cyber fraud in general rise by over 400 percent from...
The Ghana Stock Exchange which led the league of African stock exchanges as the best performing market in the first half of this year in dollar term, was beaten to the first position by the Lusaka Stock Exchange in the first nine months of this year. The impressive run by the Zambian kwacha against the dollar was the...
The Ghana cedi will record relative stability to the dollar for the last quarter of this year, despite expected pressures during the Christmas period whereby traders will be importing goods to sell, Senior Economic Analyst at Databank Research, Courage Martey has said. He said the $1.5 billion Cocoa Syndication loan out of which $750 million was expected to hit the...
