Cyber Security firm, E-crime Bureau has charged the over 200,000 mobile money agents across the country and businesses to invest in tools and systems such as money counting machines to detect fake currencies being introduced into the system by unscrupulous characters. Earlier this month National Security busted a 13-member gang involved in the printing and distribution of fake currency notes...
Trading activity on the Ghana Fixed Income Market (GFIM) was subdued in April 2021 compared to March — which climbed to an all-time monthly high — data from the Ghana Stock Exchange has revealed. The data, which summarised market activities in April 2021, indicated that volumes traded on GFIM dipped by 40 percent to 15.9 billion, valued at GH¢16.62 billion...
The Bank of Ghana (BoG) has selected some 17 banks and non-banks to operate as primary dealers. It has also chosen nine out of the primary dealers to be bond market specialists. A notice to the general public issued by the Bank of Ghana dated May 12, this year, signed by Sandra Thompson, Secretary to the bank, which made this known, said...
Despite the impact of covid-19 on global economies, remittances to Ghana shot up by 5% to US$3.6 billion last year, according to World Bank’s 2021 Migration and Development report. With the exception of Nigeria where there was a significant decline in remittances, foreign inflows to Africa went up by 2.3%. According to the report, Ghana was ranked second behind Africa’s most...
The National Development Bank (NDB) will begin its operations by end of July this year, the Finance Minister, Ken Ofori-Atta has said. The Bank, according to him, would provide long term wholesale financing to the private sector through Commercial banks. The Minister said this at a press briefing on Sunday to address issues that have been raised through the “Fix the...
Companies who are expected to pay dividends to their shareholders are being cautioned against flouting Sections 73 and 74 of the new Companies Act, Act 992. According to the Act, all unclaimed dividends are to be handled in a standardized manner which will ensure the dividends are kept for a period of up to 8 years in interest bearing accounts...
The Bank of Ghana has in the first four months of the year committed a total of US$363m to the forex market through its forex forward auctions. Bids submitted during the auctions in the four months amounted to US$662.65m, out of which US$531.65m and US$129m were for the first quarter and April, respectively. The bids submitted were for the 7-day, 15-day,...
From the first Rural and Community Bank (RCB) which was established at Agona Nyakrom in 1976, there are currently 145 RCBs with more than 800 agencies spread across the 16 regions of the country. Although these banks control less than 10 per cent of the total assets of the banking industry, with over six million customers, RCBs have become unarguably the largest...
Professor of economics at the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey has stated that the establishment of the National Development Bank will have no positive impact on the growth of the economy if government fails to apply proper business management in its operations. The establishment of the bank which has been part of government’s plans...
The Ghana Association of Bankers says banks cannot be blamed for not accepting the new Voter Identification card as a form of identification for banking transactions. It’s been over 10 months since the Electoral Commission introduced the new Voters ID card. However, the banks do not recognize the ID card used for voting during the last Presidential and Parliamentary elections, for...
