The Monetary Policy Committee of the Bank of Ghana after meeting last week and reviewing recent global and domestic developments, including the outlook for the Ghanaian economy has decided to maintain the policy rate for the 6th consecutive time at 14.5 percent. The maintenance of the policy rate which is of keen interest to businesses, as it ultimately influences average lending...
The Chief Executive Officer of the Ghana Association of Bankers (GAB), Mr John Awuah, has appealed to the government to reverse a tax proposal that will exact five per cent of banks’ gross profit into the public purse to help defray the cost incurred by the state in cleaning up the banking sector. He contended that the tax was ill-timed,...
MTN MoMo has announced that effective 2nd April 2021, all MoMo customers will be required to present valid ID cards before any MoMo cash-out (withdrawal) transaction can be processed. As a result of this directive, all MoMo agents will be required to select the ID type and enter the ID card number presented by the customer before the transaction...
The Bank of Ghana has granted Global Accelerex Ghana Limited – a payment service provider and platform operator – an enhanced Payment Service Provider (PSP) licence under the Payment Systems and Services Act, 2019 (Act 987). The licence permits Global Accelerex to offer POS devices and applications agency banking platforms, merchant payment collections, terminal management systems, and terminal aggregator management...
Former Chief Executive Officer of defunct UT Bank, Prince Kofi Amoabeng, and owner of also defunct uniBank Dr Kwabena Duffuor, have petitioned Parliament against the Bank of Ghana in the closure of their banks. The reliefs they are seeking are; UT Bank i) Investigate the conduct of the Bank of Ghana and the Ghana Stock Exchange for...
The ARB Apex Bank has been admitted to the Ghana-Sweden Chamber of Commerce. The President of the Ghana-Sweden Chamber of Commerce (GSCC), Pearl Delali Dorledzi, who led a delegation to present the certificate of membership at a ceremony in Accra revealed that “ARB Apex Bank has been admitted to the Platinum membership, which confers the highest partnership privileges on the Bank and the...
The Bank of Ghana is likely to announce a stay of the Monetary Policy Rate for a 6th consecutive time later today, Monday, March 22, 2021. This assertion was made by some economists who have been sharing their view on Ghana’s economic outlook with Citi Business News. The rate which is of keen interest to businesses does not only signal the rate...
The Receiver of the collapsed microfinance companies and savings and loans firms, Eric Nana Nipah, is reminding the public of the ongoing bidding process for the acquisition of landed properties of the defunct financial institutions. Interested persons or companies have up to March 26, 2021, to put in their bids for some 24 lands and buildings across the country that...
Ghana has yet to roll out an Islamic Finance system but the sooner that is done the better for financial inclusion and poverty alleviation in general.This is the view of Professor Binta Tijani Jibril, a Nigerian academic and Director of the International Institute of Islamic Banking and Finance of the Bayero University, Kano. IIIBF-BUK.She made her submissions during a...
Although the financial sector clean-up and the refund of monies to depositors have restored investor confidence and protected the hard-earned savings of millions of Ghanaians, it came at “a huge cost of over GH¢21.0 billion to the government”, Caretaker Finance Minister Osei Kyei-Mensah-Bonsu has said. As a result, he told Parliament when he presented the 2021 budget and economic statement...
