The Bank of Ghana (BoG) has announced that it will present its final report of the proposed Minimum Capital requirement to the board of the bank by close of this year. The Bank of Ghana earlier this year met with the International Monetary Fund to design regulatory capital and the economic capital. Currently, banks are … Read more
The Court of Appeal will today hear a case in which the Attorney General’s Department has filed for a motion of stay of execution in the case involving government and NDK Financial Services. The Court, last Tuesday granted a motion by the AG’s department to relist stay of execution. It followed the garnishee processes to … Read more
FBNBank Ghana has scaled up its money transfer services with the introduction of TransFast Money, a global remittance service. Managing Director of the bank, Gbenga Odeyemi said the addition “is to present customers with a range of options when sending remittances for business transactions and to their families back home.” “According to the World Bank, … Read more
The paper estimates the Total Cost of major NPP Promises in their manifesto and assesses the Party’s proposed tax cuts on economic growth and revenue generation to finance the cost of the promises. The relationship is robust even after controlling for economic growth. The paper finds a negative and elastic relationship between corporate tax rate … Read more
Barclays bank has launched two credit cards as part of measures to improve service to its customers. According to bank, it launched the cards as a result of a survey it conducted to identify the important needs of its customers. The cards are the Platinum and Classic credit cards. Speaking to Citi Business News after … Read more
The Chief Executive Officer of The BEIGE Group (TBG), a Financial Services Provider, Mike Nyinaku, has expressed optimism about the future of his firm. This follows recent announcements of their expansion into the provision of other financial services including Pensions and Insurance. He said this in an interview he granted to Daily Graphic. Recounting the … Read more
Some bankers have ruled out huge layoffs of their human resource following the adoption of modern technologies in their operations. According to them, the job losses could largely be blamed on the inability of institutions to draw a clear balance in their innovation. “We developed some innovative products which we call the Omni Bank pay … Read more
Wholesalers and distributors are being encouraged to use the Instant Pay (GIP) for their transactions to ensure quick payment and delivery of goods particularly during this yuletide. The Instant Pay is another payment system introduced by the Ghana Interbank Payment and Settlement Systems (GhIPSS), which enables an individual or organisation to transfer funds from one … Read more
The Chief Executive Officer of The BEIGE Group (TBG), a financial services provider, has expressed optimism about the future of Group, following recent announcements of an expansion drive into the provision of other financial services including pensions and insurance. Mike Nyinaku noted that the BEIGE story so far has not been without challenges but that … Read more
President-elect Donald Trump, who raged against the elite as a candidate, is populating his administration with the ultra-rich. On Wednesday, he named billionaire Wilbur Ross, who has made a fortune cobbling together dying companies, as his commerce secretary, and Todd Ricketts, part of the billionaire family that owns the Chicago Cubs, as deputy commerce secretary. … Read more
The general feeling that not every ordinary voter who jumps with glee at every English word spoken from the height of a campaign scaffold by a politician really understands what is said has found a funny proof at a mini rally of the Progressive People’s Party (PPP) in the Upper East region. The night rally … Read more
Officials of the bank are to justify why some government accounts should not be frozen A commercial court is expected to today [Wednesday], hear a case in which the Bank of Ghana is expected to justify why some government accounts should not be frozen to pay off judgement debts in favour of NDK Financial Services. … Read more
A commercial court in Accra has adjourned to December 9, 2016, hearing for a case involving NDK financial services and the state over the diversion of funds by the then Ministry of Energy. The court, Presided over by Justice Noble Jerome Nkrumah, suspended hearing following an agreement by the lawyers for both parties to that … Read more
The Internet is a powerful tool for communication and research as well as providing businesses with means of connecting with consumers and generating income. Advancement in Information and Communications Technology (ICT) and the rise in the volume of banking business performed electronically are causing what will be a vital catalyst for changing the business policies … Read more
The President of McOttley Holdings, Richard Dugan, has stated that the key to organizational growth is strategic mentorship. Mr. Dugan was speaking in an interview after he was awarded as the Manager of the year at Prime Business Destination forum and awards organized by European Business Assembly in Germany. At the award ceremony, McOttley Capital … Read more
A commercial court will today [Monday] hear a contempt case filed against the Chief Director and Principal Accountant of the Ministry of Energy, for failing to furnish the court with details of accounts of payments made in contravention of payment guarantees/undertakings giving to NDK. Per the Supreme Court ruling, the two, should have filed the … Read more
The total assets of the Rural and Community Banks (RCB) in Ghana have hit GH¢ 2.76 billion as at the end of September 2016, available data from Bank of Ghana has revealed. With a total number of 140 licensed institutions and still counting, the RCB sector constituted 3.37percent of the asset size of the entire … Read more
Government says it still has access to two of its critical accounts despite reports of it being frozen. The Consolidate Fund and Treasury Single Accounts are said to have been frozen following the state’s inability to settle a judgement debt reaching GHC300 million to Non- Bank financial Institution, NDK. This has led to concerns that … Read more
Government, on Monday November 21, 2016, transferred September Tier-2 pension monthly deductions to the custodian banks of Public Sector Occupational Pension Schemes. Consequently, the 12 labour unions have put on hold their threat to embark on nationwide industrial action. A statement issued yesterday by Isaac Bampoe Addo, Chairman of the Forum For Public Sector Registered … Read more
The Governor of the Bank of Ghana (BOG) Dr. Abdul-Nashiru Issahaku has disclosed of an ongoing investigation into the current happening at the ARB Apex Bank, “Central Bank” for all Rural and Community Banks” (RCBs) in Ghana. According to Dr. Abdul-Nashiru Issahaku the central bank is aware of the rising tension within the bank and … Read more