The Securities and Exchange Commission (SEC) has instructed Fund and Assets managers to institute measures to meet obligations due their clients. The Commission in a statement on Thursday directed that this should be consistent with the terms and conditions of the investment contracts signed with them. The directive comes at a time that there are reports …
A bill to enhance the production of oil palm in the country is expected to be passed by Parliament and implemented from next month, the African Regional Director of Pro-forest, Abraham Baffoe has said. The bill, when implemented, will be followed by the establishment of a Tree Crop Authority which will, among other things, monitor …
Ghana is set to make giant strides in agricultural production following enhanced partnership between Mexico and government, a deputy Minister for Food and Agriculture has revealed. Speaking after a closed-door meeting with the Deputy Foreign Affairs Minister of Mexico and a delegation from the embassy, Mr Kennedy Osei-Nyarko noted that government is working hand in …
The Bank of Ghana has given rural and community banks and microfinance institutions up to February 2020 to meet their respective minimum capital requirements. The Bank of Ghana in 2015 announced an upward revision to the minimum capital requirements of rural/community banks to GH¢1 million to be met by December 31, 2017. Also, the central …
The Bank of Ghana has revoked the licences of 23 insolvent savings and loans companies and finance house companies in line with the Banks and Specialised Deposit-Taking Institutions Act, 2016. The Bank of Ghana has also appointed Mr. Eric Nipah as a Receiver for the specified institutions in line with the Act. In a statement, …
The Financial Stability Department of the Bank of Ghana has revealed that new regulations currently before Parliament when approved will require mobile money companies among others to submit data to the credit reference bureaus. Achieving a robust credit market would require a constant assessment of the creditworthiness of borrowers through the use of effective credit …
Despite the emergence of mobile money services, banks on the average are demanding more money from customers to open savings accounts, data from the Bank of Ghana has shown. Analysis conducted by Citi Business News on banks’ charges as at December 2014, showed that banks demanded an average of GH¢37.5 as the initial deposit to …
Ghanaian businesses that export products to the UK will be compelled to pay tariffs on their goods exported from next year after Britain exits the European Union. This will happen if the government fails to sign a continuity agreement for its exporters to enjoy the benefit of the Economic Partnership Agreement (EPA) with the UK. …
The Bank of Ghana (BoG) has directed Banks and Specialized Deposit-taking Institutions (SDIs) to desist from the payment of facilitation/business development fees or any other fees to attract deposits henceforth. The Central Bank said any institution which fails to comply with this notice shall be severely sanctioned. In a public notice, the Bank of Ghana …
Investors have been dumping South African government bonds at a rate of almost 2 billion rand ($132 million) a day in August. With issuance increasing and a downgrade to junk a looming possibility, non residents have sold a net 14.4 billion rand of the debt in August so far, according to JSE Ltd. data compiled …