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Fbnbank Ghana marks Corporate Responsibility & Sustainability Week

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Fbnbank Ghana marks Corporate Responsibility & Sustainability Week

Fbnbank Ghana marks Corporate Responsibility & Sustainability Week

FBNBank Ghana Limited, a subsidiary of First Bank of Nigeria Limited has announced that the second edition of its Corporate Responsibility and Sustainability (CR&S) Week is scheduled to hold in the first week of July 2019. The FBNBank CR&S Week is being commemorated in Ghana, Nigeria and in other countries where First Bank of Nigeria Limited has footprints in The Gambia, Guinea, Senegal, Serra Leone, DR Congo and the United Kingdom.

The 2019 edition is themed “Ripples of Kindness, Putting You First.”

The FBNBank CR&S week is driven to amplify the Bank’s culture of “Employee Giving & Volunteering Programme” with a focus on reinforcing the values of the Bank’s SPARK (Start Performing Acts of Random Kindness) initiative through a wide range of strategically designed activities.

SPARK is a values-based initiative designed to raise consciousness that promote kindness to one another.

Amongst the activities to be carried out in the course of the week is the Nice Comments Day; a day set aside to foster words of encouragement, support and kindness to people around you, regardless of ones’ familiarity or close ties.

About FBNBank Ghana Limited

FBNBank Ghana Limited (FBNBank), a subsidiary of First Bank of Nigeria Limited, has 21 footprints in Ghana with over 400 staff and offers universal banking services to individuals and businesses. FBNBank is part of the trade hub that has grown economies for over 125 years across Africa, Europe and China.

Source: Fbnbank Ghana

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Ghana Cedi records worst performance since 2015

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Ghana Cedi records worst performance since 2015

The Ghana cedi has recorded its worst half-year performance since 2015 following a depreciation of 8.2%.

This is according to data from the Bank of Ghana interbank exchange market released for the end of June.

The local currency continues to struggle and depreciated by 8.2% as of June 29, the data said.

This represents the worst recorded by the cedi following a 26.2% depreciation, recorded four years ago.

Earlier this year, the cedi went past the ¢5 mark to a dollar after hitting a record low in terms of depreciation.

As of March, the cedi had declined to 5.55 per dollar, which was its weakest level since Bloomberg started keeping the records in 1994.

Although the local currency began appreciating again, it has still not reached the level many expected.

This year’s performance was characterized by a very sharp depreciation in the first three months.

In that period, the Bank of Ghana struggled to meet demand for the dollar, leading to a depreciation by at least 7.9%.

During the first quarter, the Central Bank also issued a $3 billion Eurobond in a bid to boost its foreign reserves.

However, the cedi’s performance in the first half of the 2019 remains the worst, after the previous three years saw a depreciation of 3.7%, 3.6% and 2.3%.

The Ghana cedi has recorded its worst half-year performance since 2015 following a depreciation of 8.2%.


Source: yen.com.gh

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ADI gets tough on BoG over lack of credit support to private sector

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ADI gets tough on BoG over lack of credit support to private sector

The Alliance for Development and Industrialization, (ADI), one of the leading think tank groups in the country, has taken a swipe at the bank of Ghana, demanding from the governor to show clearly how he is going to mandate the banks to support the private sector, and not to create a safe haven for the banks.

The bank of Ghana spent close to GHC18 billion of tax payers’ money to clean up and also providing liquidity support for some banks.

According to the ADI, after this GHC18 billion clean up exercise by the bank of Ghana, to what extend has this impacted on the economy. “The banks are not ready to support the private sector, so why should the government uses tax payers money to support the banking industry, especially banks that were technically insolvent, due to bad corporate governance and mismanagement” the statement said.

“We want the governor of Bank of Ghana, Dr Ernest Addison to unveil to us what percent of banks’ capital should go to support the private sector. In Nigeria for instance, the Central Bank of Nigeria has come out with a caveat that 50 percent of banks capital should be lend to the private sector. We want the same policy to be replicated here”, according to Francis Mensah, the Convener of ADI.

The decision by the Central Bank of Nigerian was at the back off how banks repatriate huge profits from the country to their parent companies without the much need support to the private sector.

“You cannot keep taxing the private sector while you are not committed to their agenda. You don’t set rules, for the rules to favor one party. We must replicate what the central of Nigeria is doing to grow our private sector” the statement said.

This would feed into the continental free trade agenda, since most of the companies would become more competitive on the global market.

The banking sector profitability growth soars for the first months of 2019 but has decided to tighten their credit stance to the private sector.

The latest banking report from the statutory regulator, the Bank of Ghana has revealed that profitability of the banking industry improved during the first four months of 2019 compared with the same period last year.

The industry recorded an after-tax profit of GH¢1.1 billion, representing a year-on-year growth of 38.9 percent compared with 5.8 percent growth for the same period last year. The higher growth in net profit was underpinned by higher growth of net interest income during the review period.

Surprising to note, growth in gross loans and advances slowed from 6.8 percent in April 2018 to 6.1 percent in April 2019. In nominal terms, growth in the stock of credit to the private sector comprising private enterprises and households slowed by 3.5 percent to GH¢34.0 billion in April 2019 compared to 5.5 percent annual growth in April 2018.

In real terms, private sector credit contracted by 5.4 percent in April 2019 compared with a contraction of 3.7 percent a year ago. Credit to households amounted to GH¢8.4 billion in April 2019 compared with GH¢7.2 billion in the same period last year, indicating a yearly growth of 16.4 percent. Real growth in credit to households, accordingly slowed to 6.3 percent in April 2019, compared with 28.6 percent in April 2018.

Banks profitability growth has continued to increase, which means banks are making more money in the country but have decided to squeeze the private sector in terms of credit.

Source: Ruth Aboagye

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Vodafone Foundation crowned CSR leader in Ghana

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Vodafone Foundation crowned CSR leader in Ghana

Vodafone Foundation crowned CSR leader in Ghana

Vodafone Ghana has been awarded the prestigious CSR Company of the year award at the Ghana Information Technology and Telecommunications (GITTA) Awards.

The company’s Foundation was recognised for its passion in executing innovative initiatives to meet the specific needs of the communities in which its workers live and work.

Every company must stand and reflect an ideal that is intrinsic to its way of doing business. Vodafone recognises that the true test of a company is its relevance to the country in which it operates; beyond profits.

The foundation has, over the years, projected activities under the themes of Health and Education, with impactful programmes that address women, youth and children.

Under education, the company is looking to impact a total of 5,000 youth with basic and advanced skills in coding in the next five years under its National Coding programme.

The zero-rated digital education platform – Instant Schools – has received over 7-million visits on its website since its introduction in 2017.

Under health, Vodafone’s HealthFest initiative offers free medical screening, consultation and medication for deprived communities across the country. Since its launch in 2014, it has supported over 11,000 beneficiaries across all regions in Ghana. Homecoming, another health initiative, foots the hospital bills of insolvent patients due for discharge from hospitals throughout the country. Over 150 patients are discharged annually under this programme.

Moreover, in an effort to promote government’s public-private partnership agenda, Vodafone has entered into a partnership with the Ghana Statistical service and an NGO, Flowminder, to use mobile-derived customer insights to make better predictions for sustainable development. In what has come to be known as “Data for Good”, the initiative will use anonymised call data records to track population movements to make better migration, agricultural and health decisions.

The award is the latest addition to a long list of honours bestowed on the Foundation since 2009.

Commenting on the award, Dr. Joyce Aryee, Chairperson of the Vodafone Ghana Foundation said, “This is a true reflection of the concerted effort we have put in place to impact lives in Ghana. We have a duty to do good as a multinational company operating in Ghana – it is part of our ethos in all the markets where we are visible. Over the years, we have promoted initiatives that benefit society, under health and education, because we are committed to the communities in which our employees live and work. I dedicate this award to the staff of Vodafone Ghana and the Foundation for a job well done.”

Source: Vodafone Ghana

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