Finance Minister, Ken Ofori-Atta, says Ghana will record a significant drop in revenue target for 2020 due to the COVID-19 pandemic. He warns that the country is recording a huge decline in revenue from the port, petroleum revenue receipts as well as tax revenue due to economic slowdown being witnessed as the world fights the …
Month: March 2020
The Deputy Finance minister Charles Adu Boahene has formally launched the Ghana Covid-19 Private Sector Fund which seeks to raise funding from the private sector to support the Ghana government’s effort to address the Covid-19 pandemic. The initiative, by some business leaders in the private sector, is aimed at partly financing the government’s interventions and …
Republic Bank Ghana, a subsidiary of Republic Financial Holdings Limited (RFHL) has announced an offer of Loan Repayment Deferment for Customers and Staff of the Bank for a maximum period of six months in response to the Covid-19 pandemic. The Loan Repayment Deferment offer is currently available upon request, a statement from the bank said …
The Head of Wealth Management at the Standard Chartered Bank Ghana Limited, Mrs. Setor Quashigah, has advised the investing public to assess their risk appetite before they sign up for any investment product. She said more than often, people signed up for investment products without first checking their risk profile and are found wanting when …
The Bank of Ghana says the deployment of Point of Sales terminals has not been universally adopted to drive electronic payments due to high set up and operational costs. This comes despite the number of mobile money transactions increasing seven-fold from about GHS266 million in 2015 to over GHS2 billion in 2019. Against this background, …
Even as Ghana faces up to the prospect of a sharp drop in economic growth this year due to the impact of the global coronavirus pandemic – the Bank of Ghana projects the economic growth to fall to somewhere between 5.0 percent and 2.5 percent for 2020 – the latest data released by the central …
The Ghana Interbank Payment and Settlement Systems Ltd (GhIPSS) has waived off charges on electronic payments services used by its partner financial service providers. This initiative is in collaboration with banks, fintechs and mobile money operators across the country. According to GhIPSS, the suspension of charges is in line with the measures outlined by the …
Registered mobile money accounts as at the end of February 2020 was 32.7 million. This was 0.30% growth over the January 2020 estimate of 32.6 million consumers. According to the Summary of Financial and Economic Data, active mobile money accounts was estimated at 14.7 million in February, 2020. This is an increase of 4% over …
Bank of Ghana has cut its policy rate by 150 basis points to 14.5 percent over fears the coronavirus outbreak could slowdown economic growth in 2020. In a release after a meeting of the Monetary Policy Committee, the bank said its initial assessment of the domestic economy showed that the pandemic could impact Ghana through …
The Bank of Ghana’s Monetary Policy Committee will today [Wednesday], March 18, 2020, meet to assess the possible impact of the coronavirus pandemic on the domestic economy. This is to enable the regulator take the necessary steps to mitigate its impact and ensure financial and economic stability. In a statement issued on Monday, the Bank …