Virtual Currency: An unregulated digital currency that can be used as a substitute for real and legally recognized currency. Convertible Virtual Currency usually has a measurable value in real money, but what makes it convertible lies in its ability to be exchangeable. Not all virtual currency can be exchanged for legal tender though, therefore, not …
The Managing Director of Fidelity Bank, Mr. Julian Opuni, has suggested the need for Africa to develop and implement a strategy on technology, which will positively impact development of the continent. “Africa must implement a continental strategy with regards to technology which will help drive collaboration, transfer of technology and ideas to impact on the …
Some stakeholders in the financial sector have stressed the need for the newly formed Fiscal Council to operate independently without being influenced by government. The comments were shared at a roundtable workshop in Accra, on the theme “The Suitable Model of Fiscal Council for Ghana: Learning from Best Practices”. The workshop which was facilitated by …
Part 1 of this article drew attention to the Section of the 2019 Budget that provided a non-comprehensive yet high bailout or public debt of the financial sector restructuring. It noted that the continuing incidence of this debt and associated spending, loss of incomes, and levies such as ESLA falls on taxpayers, investors, depositors as …
The Governor of the Bank of Ghana Dr. Ernest Addison has announced a cut in the policy rate from 17 percent to 16 percent. This represents a 100 basis point drop. This is the maiden meeting of the Monetary Policy Committee of the Bank of Ghana this year. The policy rate is the rate at …
On Friday 4th January 2019 the Governor of the Bank of Ghana, Dr Ernest Addison held a press conference on the state of banks which had met the GHC 400 million minimum capital requirement. As of October 2018, there were 30 banks in the country but due to the race to meet the Minimum Capital …
Following recent turmoil in the Banking Industry, some banks have had to merge and others acquired in the last two years. This development has had dramatic consequence on employment. This occurred on the heels of the Bank of Ghana’s announcement of an increase of the minimum capital requirement for banks from Ghc 120million to Ghc …
Ghana is recording appreciable investments into its financial sector following the clean up by the central bank. The CEO of the GIPC, Yofi Grant tells Citi Business News the centre should record more after the banks recapitalize. The banking sector reforms which has spanned for about a year and a half, has seen seven local …
The Vice President, Dr. Mahamudu Bawumia is advocating a review of the cap on daily mobile money transfers. He explains this should reduce the turnaround time for businesses and individuals. The Vice President made the remark when he launched the second phase of the mobile money interoperability on Wednesday, November 28, 2018. “Given this powerful …
Charles Kie, formerly of Ecobank, and co-founder Paulo Gomes, formerly of the World Bank, earlier this month announced their launch of pan-African investment platform NACP. Its aim is to help grow small and medium-sized enterprises across Africa, as well as larger financial institutions, with funding sourced largely from investors based on the continent. NACP’s first …