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SONA 2020: Customers of defunct Savings & Loans, microfinance institutions to receive payments on Monday

President Akufo-Addo has indicated that persons whose funds have been locked up in some defunct Savings and Loans companies and microfinance institutions will begin receiving their funds from Monday, February 24, 2020.

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Business Development Ministry advocates gov't policies focused on supporting young entrepreneurs

The Communication Specialist for the Ministry of Business Development Mr. Kofi Twum-Boafo has actively expressed that, the Government of Ghana has a good policies to sustain Business and Entrepreneurship development, especially the youth who are diligently involved in that regard.

He made this revelation during an interview with SilverNEWS concerning the state of the Ministry's agenda for the year.

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President Akufo-Addo Commissions Business Resource Centre At Kadjebi

The President of the Republic, Nana Addo Dankwa Akufo-Addo, on Sunday, 16th February, 2020, commissioned a newly constructed Business Resource Centre (BRC) at Kadjebi in the Akan Constituency, in the Oti Region.

The Business Resource Centre is mandated to promote and support the national industrialization agenda of the Akufo-Addo Government, and will serve as a one-stop-shop for business development and investment in the constituency.

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MoMo creates 132,000 jobs across the country

The MTN MoMo has created over 132,000 jobs through MoMo Agents across the country since its inception.

According to the General Manager of MTN Mobile Financial Services, Eli Hini, the tremendous growth of the mobile money business has created many direct and indirect jobs in the country.

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AngloGold Ashanti sells assets to Harmony Gold Mining for US$297 million

AngloGold Ashanti Ltd. picked Harmony Gold Mining Co. as the buyer for its last remaining South African operations; Mponeng mine and Mine Waste Solutions tailings recycling business .

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COCOBOD establishing cocoa farmers database

Ghana Cocoa Board (COCOBOD) has begun the process to establish the Cocoa Management System in anticipation of implementing several new, farmer-focused initiatives by October this year.

This requires that all cocoa farmers across the country will soon be registered into a single database, and issued with electronic accounts into which all sales proceeds of their cocoa beans will be recorded and deposited with payments made electronically.

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BoG satisfied with banks’ compliance with corporate governance directives

The Governor of the Bank of Ghana, Dr. Ernest Addison, has lauded commercial banks’ compliance with new corporate governance directives issued in the aftermath of the banking sector clean-up.

Dr. Addison, speaking at the launch of rebranded Barclays Bank Ghana to Absa Bank Ghana Limited, said the central bank’s directives were intended to create a strong banking sector and enhance their financial intermediary role in supporting the economy.

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World Bank warns Ghana over excessive borrowing

The World Bank has cautioned Ghana against excessive borrowing amidst concerns that the country risks being classified as high debt distress country if the situation persists.

This comes a day after the country successfully raised US$3 billion Eurobond which was five times oversubscribed.

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Cedi is world's best performing currency against the dollar in 2020

Ghana’s cedi, the world’s best-performing currency against the dollar this year, extended its advance on Monday as investors await a Eurobond sale that would bolster the government’s coffers.

The currency of the world’s second-biggest cocoa producer has strengthened 3.9% in 2020, the most among more than 140 currencies tracked by Bloomberg, a turnaround from last year when it weakened 13%.

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BoG maintains policy rate at 16% for the sixth time

The Monetary Policy Committee of the Bank of Ghana has voted to maintain the policy rate unchanged at 16 percent for the sixth consecutive time.

This has a direct impact on the interest people pay on their loans, as it determines the rate at which the Central Bank lends to commercial banks in the country.

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