BUSINESS

Former Finance Minister, Seth Terkper, has said the Government of Ghana’s borrowing would have been larger, putting even more pressure on credit and interest rates in 2020. But, he noted that, the BoG “bailed out” the government’s budget with GHc10b, equivalent to $1.7bn financing of the deficit. He said over spending by the Ministry of Finance must be checked. “Seems ...

A Tribunal constituted under the auspices of the London International Court of Arbitration (LCIA) has issued an award in favour of the Bank of Ghana, dismissing all claims brought by Sibton Switch Systems Limited (“Sibton Switch”) in relation to the termination by the Bank of the Master Agreement for the Ghana Retail Payment Systems Infrastructure in 2017. The Tribunal also ...

GHANA CAN now withdraw almost $1 billion in special drawing rights (SDRs) from the International Monetary Fund (IMF) to boost her economy following the challenges posed by the global pandemic. This was made possible after the IMF board recently agreed that a general allocation of SDR 456.5 billion (equivalent to about $650 billion) should be implemented on August 23, 2021, ...

Former Finance Minister Seth Terkper has urged the government to utilise the US$1 billion Special Drawing Rights (SDR) allocation by the International Monetary Fund (IMF) within the framework of the law. His comment comes after the inance Minister Ken Ofori Atta had said the funds will be used to support government’s budgetary needs. “The minister of finance was quoted as ...

A Financial Expert with Dalex Finance Mr Joe Jackson has agreed with President Nana Addo Dankwa Akufo-Addo’s call for the Bank of Ghana to work to reduce lending rate. Mr Akufo-Addo has urged the central bank to work to bridge the gap between the monetary policy rate and the lending rates of commercial banks. If this is done, the president ...

Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) made the following statement released on Monday August 23. “The largest allocation of Special Drawing Rights (SDRs) in history—about US$650 billion—comes into effect today. The allocation is a significant shot in the arm for the world and, if used wisely, a unique opportunity to combat this unprecedented crisis. “The ...

Cellphones used to commit mobile money fraud in Ghana risk being blocked across all networks in Ghana. This cross-mobile Network Operator blocking a fraudster’s International Mobile Equipment Identity (IMEI ) system means a blocked or blacklisted phone will not operate on any cellular network in the country. The Chief Executive Officer of MTN Ghana Selorm Adadevoh hinted this during the ...

MTN Ghana has increased its efforts to protect customers against Mobile Money fraud. The measures include blocking of devices across all networks. This was revealed by the Chief Executive Officer of the telecom giant Selorm Adadevoh on Friday. “We have come together as a chamber to say how do we intensify or increase the barriers to fraud and blocking a ...

Asawinso Rural Bank limited 35th annual general meeting ___________________________ The Board Chairman Isaac Esau, report to the shareholders 2020 and 2019 state it categorically that expectations to turn the fortunes of the bank to the part of growth and profitability could not materialize due to factors beyond their control, the financial sector clean up exercise embarked upon by the Bank ...

The Bank of Ghana’s newly-introduced gold-purchasing programme will bolster Ghana’s gold production value chain in a transformational way, President Nana Akufo-Addo has said. Swearing in the newly-constituted board of directors of the Bank of Ghana at the Jubilee House on Friday, 20 August 2021, President Akufo-Addo said: “I have, for decades, been baffled by the fact that our nation, which ...