Driven to secure financial inclusion across its markets, MTN Group continues to grow the number of MTN Mobile Money (MoMo) users on its network, a trend that has accelerated during the COVID-19 pandemic. By the end of September 2020, nearly 42 million people were regularly transacting on MTN MoMo across 16 markets. This compares to …
Month: November 2020
Over 2,220 claimants of defunct fund management companies (FMCs) have been paid GH¢257 million. This is out of the 4,154 investors who have signed up for the bailout package. The value of the claims of the signed up 4,154 investors as of November 12, 2020, was GH¢767 million. GCB Capital is making payment to investors …
The Ghana Chamber of Telecommunication on Tuesday said the mobile network operators and infrastructure companies contributed GH¢3.2billion in taxes and other remittances to the government in 2019. The taxes include total taxes borne, total taxes collected and other payments and remittances. Value Added Tax (VAT) stood as one of the top tax lines of the …
The Government of Ghana and Switzerland signed a bilateral agreement today, which brings the cooperative approaches of the Paris Agreement to life. The bilateral agreement sets the framework conditions for the cooperation. The first project foreseen will enable clean cooking and solar lighting and benefit up to five million Ghanaian households. The new partnership will …
Rural and Community Banks (RCBs) experienced modest gains in deposits mobilization and thereby, positioned the rural banking industry firmly in the country’s financial sector. The total deposits of RCBs grew from GHc 2.85 billion in 2017 to GHc 3.83 billion as at the end of 2019 and further climbed to GHc 4.32 billion by the …
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has maintained the policy rate at 14.5 percent. Governor of the Bank of Ghana Dr Ernest Addison said at the MPC press conference in Accra on Monday, November 23 that “The Committee noted that inflation has eased following the spike to 11.4 percent. At …
The country’s annual inflation eased marginally to 10.1 per cent in October from 10.4 per cent in September. This represents a year-on-year change rate of 0.3 per cent and a month-on-month change rate of 0.2 per cent. The Government Statistician, Professor Samuel K. Annim who disclosed this in Accra on Wednesday when he presented the …
The Bank of Ghana has drafted a new Corporate Governance Guidelines for Rural and Community Banks. The objectives of the directive is to compel regulated financial institutions to adopt sound corporate governance principles and best practices to enable them undertake their licensed business in a sustainable manner and also to promote the interest of depositors …
The Securities and Exchange Commission (SEC) has begun a process to establish, on an ongoing basis, the level of interconnectedness within the fund management sector, in a move to enable it decide on the creation of an investor protection fund and to help strengthen financial system stability. In a new directive issued this week, SEC …
The Board of GCB Bank has announced the appointment of John Kofi Adomakoh as the new Managing Director (MD) of the Bank effective 9 November 2020. Mr. Adomakoh, an astute banker, replaces Anselm Ray Sowah, who ended his tenure of office as the MD of GCB Bank in September this year after more than three …