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Mobile phone cements position as payment king

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Mobile phone cements position as payment king …as other forms of financial service delivery lag behind The mobile phone, with every recent report, continues to cement its position as the platform on which financial services or payments are delivered through - as evidenced in the latest Payment Systems Oversight Annual Report, 2018, released this week by the Bank of Ghana (BoG). The report shows that with the astronomical growth in mobile money transactions and mobile banking services in both volume and value, while other payment platforms such as cheques, cards and Internet banking over laptops and desktops either saw declines in volume or value, or both, or at best grew marginally.

Admission blues await university applicants next year

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Over 175,000 students, who sat for the West Africa Senior Secondary Certificate examination and failed English Language, will have to compete next year with more than 400,000 free Senior High School first-batch students for the limited space at the country's tertiary institutions. The problem is compounded by the backlog of students seeking admission into the country's tertiary institutions. This backlog of about 200,000 students, created by merging two batches of SHS 4 and SHS 3 students who sat for the West Africa Senior High School Certificate Examination in 2013, still exists.

Total Public Debt (May 2019)

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Ghana highly exposed to capital flight risk – AFD report A new report titled 'Ghana: what economic challenges' published by the Agence Française de Développement (AFD) has revealed that the country's exposure to capital flight remains high due to the large portion of public debt held by non-residents. According to the report, non-residents alone hold about half of the country's domestic public debt in the local currency. A similar percentage of non-residents also hold foreign currency-denominated public debt.

GHANA AFCON COST BREAKDOWN

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Gov’t spent US$4.5m on Black Stars’ failed 2019 AFCON campaign Government spent a total of US$4.5million on the Black Stars' 2019 Africa Cup of Nations (AFCON) campaign, which the Minister for Youth and Sports, Isaac Kwame Asiamah conceded was a below par performance by the senior national team. Presenting a statement on the floor of Parliament on Ghana's preparation and participation in the 2019 AFCON, which came off in Egypt and was won by Algeria, Mr. Asiamah noted that the expenditure was made from a budget of US$6.3million.

PENSION CASH RETRIEVED BY SSNIT (2017 - 2018)

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SSNIT recoups GH¢378m from defaulting employers The Social Security and National Insurance Trust (SSNIT) has recovered more than GH¢378 million in less than three years from prosecutions made on employers and organisations after a forensic audit of their books revealed they have defaulted in paying monthly contributions of their workers for some years now. A breakdown of data shows that, in 2017, SSNIT recovered GH¢111.1 million from 17,320 cases initiated against employers and organisations; recovered GH¢158.7 million in 2018 from 19,914 cases initiated; and again has retrieved GH¢108.2 within the first half of this year against a target of GH¢191.4 million, meaning more than 56 percent of the 2019 target has been achieved.

Mobile money overtakes banks as main driver of financial inclusion

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The fourth Economic Update Report on Ghana published by the World Bank has shown that financial inclusion in the country is being and will be largely driven by mobile money platforms rather than banks.

COST OF CORRUPTION IN GHANA

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Ghana lost GH¢9.7billion to corruption between 2016 and 2018 in five controversial deals in some key sectors of the economy, a documentary released by Corruption Watch and the Economic and Organised Crime Office (EOCO) on asset recovery revealed.