Losses in five counters lowered the benchmark index by 17.36 points (-0.77%) to close the session at 2,236.09 with a -13.07% year-to-date return while market capitalization moderated by 0.31% to settle at GH¢56.57 billion. Access Bank (+13.92%) and Standard Chartered (+2.36%) pushed the GSE Financial Index up by 10.75 points (+0.56%) to close at 1,942.95 with a -9.79% year-to-date return. The...
The Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) in collaboration with eTranzact, has launched a local payment card “gh-link EMV prepaid and debit card” as part of government plans to promote a cashlite economy. The gh-Link prepaid and debit cards have multichannel capabilities, enabling card holders to use a payment channel that is most convenient and best fit on...
Ghana is taking the fight against money laundering seriously due to the effect of such practice on the economy and the country’s international image, Naa Welbeck Anuonyam, an Official at the Financial Stability Department of the Bank of Ghana, has said.Ms Anuonyam told members of the Institute of Financial and Economic Journalists (IFEJ) at a training workshop in Koforidua...
The Bank of Ghana says it has applied sanctions to its staffwhose actions led to the banking sector distress. According to the governor, Dr Ernest Addison, this is part of an “accountability process” his outfit initiated into the corporate governance letdowns to ensure that everybody rendered individual accounts on their involvements. “There are lingering issues associated with bringing to book those...
A Banking Consultant, Nana Otuo Acheampong, does not think the introduction of the 100 and 200 Cedi notes will contribute to any inflation as some have suggested. “We are not changing prices anyway… if anything at all, it [the new notes] should have a positive or at worst a neutral effect on inflation but not increase inflation,” he opined on...
The Bank of Ghana (BoG) has set the end of June 2020 for all operators of mobile money services to acquire operating license. According to the central bank, this new directive which has been communicated with some of the operators is to ensure that digital financial services are well regulated in the country. Head of Payment Systems at the Bank of...
ARB Apex Bank Limited has secured a US$8 million grant from the World Bank to roll out Agency banking project. The Managing Director of ARP Apex Bank Limited, Mr Kojo Mattah, who announced this here in a speech read for him at the 34th annual general meeting of Dangme Rural Bank (DRB) on Saturday said the bank had engaged the...
Ghanaians remain confident in banks despite the finance sector crisis over the last two years. The story is however different for Savings and Loan companies and Microfinance companies, which are largely considered unsafe. According to a recent AfroBarometer survey, 58 percent of Ghanaians feel banks are a very safe place to keep their savings. A further 25 percent felt banks were somewhat...
The Bank of Ghana has announced plans to introduce an electronic currency, E-Cedi, in the near future to enhance digital financial services in the country. According to a report by the Bank of Ghana, digital transactions such as mobile money keeps increasing in the country, while the value of cheques issued by commercial banks keeps declining. The total value of mobile...
the total value of transactions through the interoperability platform was GH¢ 95.4 billion in September 2019 compared with GH¢32.6 billion in September 2018, the Bank of Ghana (BoG) has said. Speaking at a press conference on Monday, the Governor of the Bank of Ghana, Dr Ernest Addison said the completion of the mobile money interoperability project has supported the financial...
