The cost of cleaning up the financial sector could cost as much as US$4 billion, which is about GH¢21 billion, Ken Ofori-Atta, Finance Minister has said. The Finance Minister speaking on the floor of Parliament today said the government had to step in to protect the integrity of the sector as well as protect …
The Securities and Exchange Commission (SEC) has disclosed that it is currently conducting a forensic audit into the operations of about twenty companies within the securities market. Deputy Director-General of the SEC, Paul Ababio tells Citi Business News the exercise should inform the next line of action in eliminating non-compliant companies and protect investor funds. …
At least 48 Ghanaian journalists have been trained in cutting edge financial and data journalism, thanks to the Bloomberg Media Initiative Africa (BMIA). The philanthropic arm of Bloomberg extended the training to Ghana after huge successes of similar programmes in South Africa, Kenya and Nigeria. Reporting on figures, the economy and converting raw data into …
Brighter Investment will provide financial support for 1,000 Ghanaian students across eight tertiary institutions this year. The support will cover tuition and accommodation as well as living expenses for beneficiaries for as long as they are in school. The support is targeted at high school leavers, university undergraduates and masters students in science and business-related …
The Bank of Ghana (BoG) has urged telecom operators to consider the cost involved in the transaction of business on the mobile money platform. It’s been years since the rollout of the mobile money service and even though revenue margins have doubled, some concerns have been raised over the cost build up in the transfer …
Economic Researchers at Standard Bank, parent company of Stanbic Bank Ghana are predicting a steady growth in Ghana’s GDP going into 2020. According to the May 2019 edition of the African Monthly Report (AMR) published by Standard Bank Group, Ghana’s acceleration in GDP growth from to 7.5 to 7.6% year-on-year and 7.8% year-on-year in 2019 …
The government has secured the funds that the Bank of Ghana (BoG) requested to be able to clean up the operations of Non-Bank Financial Institutions (NBFIs) and make them more solid to be able to support economic growth meaningfully, the Minister of Finance, Mr Ken Ofori-Atta, has disclosed. The ministry recently ring-fenced the GH¢700 million …
The African Export-Import Bank (Afreximbank) has released its abridged unaudited financial performance for the first quarter of 2019, showing a 59% growth in total revenues to $240.71 million compared to the $151.17 achieved during the same period in 2018. The results, released in Cairo, show that the Bank achieved a 28% growth in attributable income …
The finance ministry has released about GH¢1 billion to help with the cleanup of the microfinance and rural bank sectors. Sources say the funds were released earlier this month for the project. Background Some microfinance companies over the last two years have been hit by some financial challenges resulting in the collapse of their businesses. …
GCB Bank Limited posted a significantly improved bottom line with net profit of GH¢323.13 million for the 2018 year end. This translates into growth of GH¢ 110.42 million over the GH¢212.72 million recorded in the 2017 financial year. Top line growth was appreciable despite instability in the banking industry with 2018 recording GH¢1,260 million as …