The Securities and Exchange Commission will increase the minimum capital requirement of Ghana’s fund managers to 2 million cedis ($365,260) from the current 100,000 cedis. The Director-General of the SEC, Daniel Ogbarmey Tetteh told Bloomberg that, fund managers who will not be able to meet the new capital will have to “fall out”. He said …
Month: August 2019
French President Emmanuel Macron and G7 leaders on Sunday approved a package totalling $251 million in support of the African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative to support women entrepreneurs in Africa. “I am particularly proud, as the current G7 president, that the programme we are supporting today, the AFAWA …
The Securities and Exchange Commission (SEC) has instructed Fund and Assets managers to institute measures to meet obligations due their clients. The Commission in a statement on Thursday directed that this should be consistent with the terms and conditions of the investment contracts signed with them. The directive comes at a time that there are reports …
A bill to enhance the production of oil palm in the country is expected to be passed by Parliament and implemented from next month, the African Regional Director of Pro-forest, Abraham Baffoe has said. The bill, when implemented, will be followed by the establishment of a Tree Crop Authority which will, among other things, monitor …
Ghana is set to make giant strides in agricultural production following enhanced partnership between Mexico and government, a deputy Minister for Food and Agriculture has revealed. Speaking after a closed-door meeting with the Deputy Foreign Affairs Minister of Mexico and a delegation from the embassy, Mr Kennedy Osei-Nyarko noted that government is working hand in …
The Bank of Ghana has given rural and community banks and microfinance institutions up to February 2020 to meet their respective minimum capital requirements. The Bank of Ghana in 2015 announced an upward revision to the minimum capital requirements of rural/community banks to GH¢1 million to be met by December 31, 2017. Also, the central …
The Bank of Ghana has revoked the licences of 23 insolvent savings and loans companies and finance house companies in line with the Banks and Specialised Deposit-Taking Institutions Act, 2016. The Bank of Ghana has also appointed Mr. Eric Nipah as a Receiver for the specified institutions in line with the Act. In a statement, …
The Financial Stability Department of the Bank of Ghana has revealed that new regulations currently before Parliament when approved will require mobile money companies among others to submit data to the credit reference bureaus. Achieving a robust credit market would require a constant assessment of the creditworthiness of borrowers through the use of effective credit …
Despite the emergence of mobile money services, banks on the average are demanding more money from customers to open savings accounts, data from the Bank of Ghana has shown. Analysis conducted by Citi Business News on banks’ charges as at December 2014, showed that banks demanded an average of GH¢37.5 as the initial deposit to …
Ghanaian businesses that export products to the UK will be compelled to pay tariffs on their goods exported from next year after Britain exits the European Union. This will happen if the government fails to sign a continuity agreement for its exporters to enjoy the benefit of the Economic Partnership Agreement (EPA) with the UK. …