Africa Business Ghana West Africa World 

Ghana’s new banknotes spark confusion over relevance

Ghana’s economy has over the last decade been on a roller coaster with signs of positivity and growth; decreasing inflation and subtle macro-economic stability at times. A recent four year deal with the International Monetary Fund was to ensure that the country resets its economic fundamentals and build on that. But one major thing has been a challenge for the economy; its currency the cedi. Often a tool for political propaganda, successive governments have supervised a more than 300 percent depreciation of the local currency after a re-denomination exercise in…

Read More
Africa Business Ghana West Africa World 

Ghana revokes licenses of 23 financial institutions

Ghana’s central bank has revoked the licenses of twenty-three (23) financial institutions mostly savings and loans companies. The Bank of Ghana in a statement on Friday said the financial institutions were insolvent and unable to operate properly. The revocation of the licences of the 23 institutions, according to the central bank had to be executed after the institutions failed to recapitalize on time. The statement from the bank said “It is the Bank of Ghana’s assessment that these institutions have no reasonable prospects of recovery, and that their continued existence…

Read More