The year-on-year inflation rate rises to 10.3 percent in February 2021 compared to 9.9 percent, the previous month, the Ghana Statistical Service said on Wednesday. The rate is 0.4 percentage point higher than the rate for January. The month-on-month inflation between January and February was 0.8 percent. Professor Samuel Annim, the Government Statistician, said the …
President Nana Addo Dankwa Akufo-Addo says the establishment of the National Development Bank, under the Ghana CARES programme, is to provide support to businesses in Ghana. He said the government expected a boost in economic activities, which were already picking up, following the ongoing vaccination exercise and the easing of restrictions instituted to curb the …
The Bank of Ghana last week unveiled new regulations that address the sometimes controversial issue of inactive deposit accounts. Up till now, deposit-taking institutions have been allowed to apply their own definitions of what constitutes a dormant account and what to do with accounts they classify as dormant, and this has sometimes led to disputes …
Lending to women and women-led businesses has always made sense. Data from lenders in developing countries across the world has shown time and again that non-performing loans to women SMEs are consistently lower than in portfolios comprising men and women. In a similar vein, data from leading listed companies in the US and UK has …
The Bank of Ghana (BoG) has issued a directive on unacclaimed and dormant accounts of banks and special deposit-taking institutions. In a statement issued on March 2, 2021, the central bank said the directive is pursuant to Section 92 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930). The central bank further explained the move …
Information gathered by THE MEDIA indicates many banks are rejecting the new voters and national identification card as form of identification in opening accounts and undertaking transactions. It is however not the fault of the banks as both the voters and national identification cards have not been validated. THE MEDIA checks at some branches of the commercial banks …
One of the newest forms of financing small enterprises and projects – one which is generating huge successes all around the countries that have embraced it – is now about to become formalized in Ghana. The Bank of Ghana last week unveiled the basic frameworks for the two models for crowdfunding that fall under its …
The Bank of Ghana (BoG) has launched a regulatory and innovation sandbox pilot. According to the Bank in a release, the launch took place on Thursday, February 25, 2021. The release indicated that the launch was in collaboration with EMTECH Service LLC. “This is in line with its commitment to evolve an enabling and inclusive …
The Securities and Exchange Commission (SEC) says Wiseling Online Investment Company, a Finnish-based company operating in Ghana, has not been licensed by it to carry out any Capital Market activity. This Capital Market activity including investing or trading for returns is mandated by Section 3 of the Securities Industry Act, 2016 (Act 929). A statement …
In our world today, and particularly in recent times, we are constantly reminded of the basic economic problem – scarcity of resources. The problem stems, not from the absence of resources but from its uneven distribution. As such, the role of financial intermediation, which attempts to equilibrate the demand and supply of funds in the …