Wednesday, 17 March 2010 05:17

World Bank Country Director, Mr Ishac Diwan has called for the collective efforts of bankers, financial market participants, regulators, central bankers and government officials, to enable Ghana become a dynamic financial centre and a regional hub within the sub region.

Speaking on the theme: "Aggressive Financial Intermediation for Rapid Socio-economic Growth and Development," at the launch of the 2009 Ghana Banking Awards, Mr Diwan said "So far, we have seen improvements in the core business of banking. The banking sector was estimated to account for about 70.1 per cent of total financial system assets followed by Ghana's pension fund, SSNIT, with roughly 16.3 per cent and the insurance sector with about two per cent".

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Wednesday, 17 March 2010 05:17

Indigenous Ghanaian bank, UT Bank, has found innovative ways of using the e-zwich platform to disburse to its customers in the remotest part of the country.

More than 920,000 Ghana cedis was disbursed to customers of the bank three weeks ago in a loan scheme to micro and small scale businesses.

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Wednesday, 17 March 2010 05:17

The merger between the Internal Revenue Service (IRS) and the Value Added Tax (VAT) Service, which would lead to the formation of the Ghana Revenue Authority (GRA), has taken off.

IRS and VAT would therefore be renamed the GRA to create a single domestic tax organization and to consolidate the management of direct and indirect taxes in the country.

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Wednesday, 17 March 2010 05:17

Cocoa processing plants are running at only one-third of their production capacity as a result of inadequate supply of light crop beans to feed the plants, says an industry report seen by Reuters on last week.

The report, written after the cocoa conference in Accra last week, said local cocoa processing companies were working at an average of 36 per cent capacity because demand for beans from the light crop far exceeds production, while main crop beans are too expensive for some factories to buy.

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