Government is working to complete the bailout of the asset management industry through the provision of a package for investors of the failed Asset Management Companies (AMCs). “I am happy to announce that, the resolution of the banking industry has been completed.” Minister for Parliamentary Affairs and Caretaker Finance Minister, Mr Osei Kyei-Mensah-Bonsu, presenting the 2021 Budget in Parliament on Friday,...
The Bank of Ghana says it will ban customers caught issuing dud cheques for three consecutive times, from accessing new credit facilities from the banking system for a period of up to three (3) years. This was contained in a notice from the Central Bank to Banks, Specialised Deposit-Taking Institutions (SDIs) and the Public, communicating its revised sanctions relating to...
Government has commenced the processes for the 2021 International Capital Market (ICM) Funding Programme. Government is expected to raise up to $5 billion and the funds will be used to support growth-oriented expenditures in the 2021 Budget as well as conduct liability management of both Eurobonds and Domestic Bonds. According to a statement from the Finance Ministry, Bank of America, Citi...
Properties belonging to the collapsed 347 Microfinance Companies (“MFIs”) and the 23 Savings & Loans and Finance House Companies will from Monday, March 8 be auctioned the Receiver of the collapsed financial institution, Eric Nana Nipah has disclosed. This is the latest move in the effort to recover a major part of the value of assets owned by the...
Deputy Chief Executive Officer of Absa Group Limited and Chief Executive responsible for Absa Regional Operations, Peter Matlare has passed on after succumbing to COVID-19 related complications. A statement issued by the Group stated that, the Deputy Group Chief Executive who had been with the bank since 2016, died on 7th March 2021. It also noted that Peter Matlare joined the...
Governor of the Bank of Ghana, Dr. Ernest Addison has charged banks in the country to continuously stress-test their institutions under different scenarios to ensure they are ready when unforeseen risks occur. Unlike other sectors that suffered considerable losses, the financial sector has remained relatively stable in the face of the pandemic. While touting the positive impact of some of the...
The Bank of Ghana has introduced guidelines for inward remittance services by payment services providers.This is in furtherance of its commitment to creating an enabling environment for remittance without risking the stability of the financial system.The guidelines will regulate inward money transfer services provided by Dedicated Electronic Money Issuers (DEMIs) and Enhanced Payment Service Providers (EPSPs) in partnership...
Information gathered by Joy Business indicates many banks are rejecting the new voters and national identification card as form of identification in opening accounts and undertaking transactions. It is however not the fault of the banks as both the voters and national identification cards have not been validated. Joy Business checks at some branches of the commercial banks indicate that the...
The Minister-designate for Communications and Digitalisation, Ursula Owusu-Ekuful, has said the transaction fees generated by operators of mobile money should be taxed in the wake of declining traditional revenue streams in the telecommunication sector. According to her, a report from the Common Platform, which monitors mobile money transactions, indicated that monthly usage from 344.6 million transactions, in January 2021 alone, amounted...
The Bank of Ghana (BoG) has once again cautioned the general public against the practice of engaging in money doubling, card loading, and credit card loading schemes. According to the bank, the practice often involves inviting the general public through the social, traditional mediums asking them to deposit funds through the various payment systems for attractive returns and opportunities. But reiterating the call...
