FINANCE
Last Updated: March 27, 2013, 11:10 am
 

 





 
Services slump slows GDP
Economic growth slowed in the third quarter of 2012 as the services sector, which provides the largest chunk of output, shrunk for the first time in five quarters, by 2.2 percent.

ADB delays plans to list on Ghana Stock Exchange
The Agricultural Development Bank (ADB) has suspended plans to list itself on the Ghana Stock Exchange, a move that will delay the bank’s plans to end state ownership and become a private entity.

Liberty Group of Companies make inroad in Ghana’s financial market
Liberty Group of Companies is establishing a strong presence in Ghana’s burgeoning financial market. The Chief Executive Officer of the Group, Williams Adjovu, said the goal of his outfit is to provide varied products and services that would improve the lives of ordinary Ghanaians.

UT Bank is Bank of the Year 2011
UT Bank was declared Ghana’s best bank at the 2011 Ghana Banking Awards held at the Accra International Conference Centre, Saturday night.

Channel common funds through rural banks - Rural bank chairman
The Board Chairman of Amenfiman Rural Bank at Wassa Akropong, Dr. Toni Aubynn, has appealed to the Ministry of Local Government and Rural Development to channel the District Assemblies’ Common Fund and other District Assembly funds through the rural banks for disbursement to the Assemblies.

Gov’t picks local firm to construct National ICT Park
An indigenous construction firm, Berock Ventures Ltd (BVL), is constructing the GH¢16.5million national Information Communication Technology Park which will serve as hub for ICT in the entire country.

Saving the cedi - TUC advocates tax on forex trade
The Trades Union Congress (TUC) has called for a financial transaction tax (FTT) on foreign exchange transactions to curb speculation around the cedi, while it criticised the Bank of Ghana’s “fruitless attempts” to shore-up the currency.

AGI questions govt’s measures to deal with the excess circulation of Cedi
The Association of Ghana Industries (AGI) wants managers of economy to use other long-term measures in dealing with the excess Cedi in circulation.

Finance Minister leads delegation to joint IMF/ World Bank meetings
Finance Minister, Dr. Kwabena Duffuor is leading a government delegation to attend the IMF/World Bank Spring Meetings currently underway in Washington, D.C.

Does Ghana need more commercial banks? (Video)
Sydney Casely-Hayford, Business analyst and Investment Consultant and Menson Torkornoo, ex-Banker are convinced Ghana has too many banks. They are convinced the numbers will not solve the nation's banking problem, plus, there are so many things being done wrong that need correction.

Loan delinquency undermining operations of Credit Unions
Mr Samuel K. Annor, Central Regional Manager of the Credit Union Association,(CUA) has said non-payment of loans is the major problem currently hindering the performance of credit unions.

Credit unions left out of microfinance regulated regime
Cooperative Credit Unions in the country are to operate under a separate regime in the Central Bank’s ongoing reform of the microfinance industry.

NDK organises leadership development programme for managers
NDK Financial Services, a leading non-bank financial institution, has organised a leadership workshop for its top-management and heads of units.

“Rich Dad Poor Dad” Author to speak at 4th MTN-Business World Executive Breakfast Meeting
MTN, Ghana’s leading telecommunications company and Business World, Ghana’s foremost business magazine have announced that Sharon Lechter, co-author of the internationally acclaimed bestselling book “Rich Dad, Poor Dad” and a world renowned speaker on financial literacy will be the keynote speaker at the 4th MTN Business World Executive Breakfast meeting.

Stanbic continues to soar in project-financing
Stanbic Bank Ghana has again demonstrated its commitment to supporting the growth of Ghana’s economy through the financing of a state-of-the-art wheat-mill built by Olam Ghana, a leading global and integrated supply chain manager of agricultural products and food ingredients.

Lending rates will remain stable
The recent one percent point increase in the policy rate to 13.5 percent announced by the Bank of Ghana (BOG) is not expected to lead to an increase in lending rates by banks, Mr. Sam Ayininuola, Managing Director and Chief Executive Officer, Energybank, has said.

Microfinance Association braces up to flush out unscrupulous operators
The Ghana Association of Microfinance Companies (GAMC) is bracing up to protect the industry and help safeguard funds of depositors.

Analysis: Can Government of Ghana Implement Proposed Mining Taxes?
Ghana's 2012 national budget statement and economic policy proposes to reintroduce the following fiscal initiatives into the mining sector: increase corporate tax rate from 25% to 35%; install a windfall tax of 10%; and implement a uniform regime for capital allowance of 20% for five years. The budget also seeks to review the principle of ring-fencing to prevent companies from tax evasion.

Financial service providers tasked to develop a robust risk culture
Microfinance institutions have the platform to double loans, interest, income and earnings in 2012 by developing and embedding a robust risk culture in their operations.

Regulators of the financial sector join hands to improve supervision
Regulators of the insurance, pensions and capital markets are joining hands to better supervise the financial sector.