Friday , 22 March 2019
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Akufo-Addo appoints Michael Ansah as CEO of GIADEC

The President, His Excellency Nana Addo Dankwa Akufo Addo, has appointed Mr Michael Ansah, as Chief Executive Officer of the newly established Ghana Integrated Aluminium Development Corporation. The Government has outlined its intent to develop an Integrated Aluminium Industry which will be one of the major pillars to drive the industrial transformation and accelerated development of the Ghanaian economy. To …

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AFB turning to deposits for financing

AFB Ghana, the largest micro-financing and payroll lending institution in the country is now turning to deposits for the financing of its loans portfolio, after relying primarily on the issuance of Medium Term Notes (MTNs) over the past half a decade. This provides a clear indication of the new direction which non-bank financial intermediaries are taking due to prevailing circumstances …

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Ghana faces major FX outflows

Although Ghana is set to receive an amount of SDR 132.84 million (about US$ 188 million) over the next couple of months following the last review of the International Monetary Fund (IMF) Extended Credit Facility (ECF) programme, it would be making a payment of SDR 62.54 million (about US$ 87.413 million) to the Fund this year. This is according to …

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Ghana, 4th fastest growing economy in Africa – IMF

Ghana, currently the 11 biggest economy in Africa, is expected to become the fourth fastest-growing economy in Africa this year, according to the International Monetary Fund (IMF). The West African country is expected to hit 7.6 per cent Gross Domestic Product (GDP) growth rate, from the projected 6.3 per cent GDP in 2018, the IMF said, adding “Ghana is an …

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Cedi Depreciation: Bawumia must apologize to Ghanaians – Ejura NDC Secretary

The Ejura-Sekyedumase Constituency Secretary of the opposition National Democratic Congress(NDC) Okai Attakorah Gibson has urged Vice President Dr Mahamudu Bawumia to apologize to Ghanaians over his inability to stabilize the cedi. According to him, the Veep as the head of the country’s Economic Management Team has failed to honour his campaign promise prior to the 2016 election of stabilizing the …

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Good news for defunct DKM customers yet to receive funds

The Registrar-General, the Official Liquidator for defunct Diamond Microfinance Limited, DKM, has asked depositors to collect their payments from selected GCB Bank branches by May 31, 2019 or forfeit their monies. In a public notice, the Liquidator said depositors who filed cases in court against DKM and wish to withdraw the case can also do so for renegotiations before the …

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Bawumia returns home with funding for Tamale Airport, Bekwai Hospital & Kumasi Market expansion

Vice President, Dr. Mahamudu Bawumia has returned home after his United Kingdom trip where it emerged Ghana has secured funds from the UK government to execute the Tamale Airport expansion project, complete the Bekwai Hospital as well as initiate phase three of the Kumasi Central Market development project. Dr. Bawumia stated the three projects will all be initiated this year …

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Afenyo-Markin teases Kofi-Buah over NDC Vice Presidential slot

Mr Afenyo-Markin, the Member of Parliament for the Efutu Constituency, in the Central Region has suggested for consideration, Mr Emmanuel Armah-Kofi Buah, MP for Ellembelle as the running mate for the NDC in the 2020 polls. He made the suggestion, in a point of order as Mr Buah was contributing to a motion moved by Mr Kojo Oppong Nkrumah, Minister …

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BoG justifies dollar support levels for banks

The Bank of Ghana (BoG) has justified the amount of dollars it releases onto the market to support operations of commercial banks in the country. This follows concerns that the limited amount of dollar cash being released onto the market has contributed to the cedis’ fast rate of depreciation over the past weeks. Concerns by some commercial banks and currency …

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BoG issues list of licensed banks in Ghana

The Bank of Ghana (BoG) has issued a list of licensed banks in Ghana as of January 2019. The list includes 23 commercial banks and four representative banks that are based outside the country. The BoG in accordance with Section 28 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), revised upward the minimum paid-up capital for …

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