Mr. Denys Denya, Afreximbank’s Executive Vice President Finance and Banking Services, has revealed that the African Union in collaboration with the Afreximbank, are rolling out the Pan-African Payments and Settlement System (PAPSS).He said PAPSS would provide alternative to current high-cost and lengthy correspondent banking relationships to facilitate trade and other economic activities among African countries …
The government of Ghana has for the past years consciously put in place policies and programs to promote and guide the development and use of crowdfunding products and services for the financial sector. This effort complements other ongoing initiatives by the Government to promote the modernization and digitization of the financial sector to drive financial …
As the coronavirus pandemic continues to wreak havoc on the economy and put much pressure on the health system, with many calling for increased spending on health-related expenditure to curb the disease, government has indicated in the 2021 first quarter budget that it will use part of the cash allotted to fight the pandemic as …
THE Professor of Finance at the University of Ghana Business School (UGBS), Legon, Prof Joshua Yindenaba Abor, has urged African governments to reinforce efforts at attracting private capital as part of strategies to drive financial inclusion to desired levels. “Appropriate measures are needed to attract more private capital flows, while being mindful of specific characteristics …
Ghana’s central bank and the Monetary Authority of Singapore (MAS) have signed a Memorandum of Understanding (MoU) to collaborate in promoting Small and Medium-sized Enterprises (SMEs) through the use of technology. In a press statement, the Bank of Ghana said the agreement was signed on December 8, 2020, and is a follow up to earlier …
Professor Aaron Michael Oquaye, Speaker of Parliament, has suggested to African leaders to adopt best international standards and practices against money laundering and financial terrorism. He called on African governments to peer-review to assess the impact of measures adopted against the threats. The Speaker made the suggestion when a delegation from the Inter-Governmental Action Group …
The Minister of Finance, Mr Ken Ofori-Atta, has projected Ghana’s economy to rebound strongly in 2021 at 5.7 per cent as a result of the implementation of the transformation phase of the Ghana CARES programme. He said the Government intended to scale down the expected 2021 Fiscal Deficit from 9.6 per cent of GDP to …
The Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi, has challenged banks to design financial products that are suited to the peculiar needs of women entrepreneurs to fully harness their contribution to the creation of jobs and wealth for national growth. “Despite their immense contribution to job and wealth creation, women entrepreneurs …
The Bank of Ghana (BoG) has noted in its Financial Review Report for 2019 that Total financial system assets expanded in the period under review. The assets of the financial system increased to GHC186.11 billion at end-December, 2019 from GH?168.42 billion at end-December, 2018. The improvement in the asset of the financial system was on …
The central bank has begun an internal review of the Bank of Ghana Amendment Act 2016 (Act 918), which is likely to result in a proposal for further amendments to facilitate the implementation of the law, the first deputy governor of the bank, Dr. Maxwell Opoku-Afari, has said. He was speaking during an appearance before …