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| Bank of Ghana directs banks to review pricing model for customers |
 The Bank of Ghana has directed all banks to review their pricing models and ensure that customer charges reflect ethical and commercially defensible standards.
This directive comes against the backdrop of reports that some banks continue to apply interest charges to inactive credit accounts, resulting in cases where the accrued interest exceeds the original amount in the account. The directive, effective immediately, was issued by Dr. Johnson Asiamah, Governor, during the central bank’s engagement with the Chief Executive Officers of banks. The Governor noted a growing trend in the application of Optional Issuer Fees (OIFs) on cross-currency card transactions. Although the central bank recognises that these fees may reflect real costs, customers face opaque pricing and limited disclosure, thus eroding consumer trust and the integrity of payment systems. The Governor announced that the central bank will cap Optional Issuer Fees on cross-currency card transactions at 2 per cent. Furthermore, it will require the mandatory disclosure of all applicable OIFs to customers before a transaction is completed. |
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London-bound plane with 242 on board crashes into doctors' housing in India A London-bound passenger plane crashed in the Indian city of Ahmedabad on Thursday and all 242 people on board were believed killed, with the jet smashing into buildings housing doctors and their families. Air India said there were 169 Indian passengers, 53 British, seven Portuguese, and a Canadian on board the flight bound for London |
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ArcelorMittal inaugurates world-class iron ore concentrator By Stephen G Fellajuah Yekepa, Nimba County, June 6, 2025: ArcelorMittal Liberia has commissioned the country’s first-ever world-class iron ore concentrator plant, marking a major milestone in the company’s Phase II expansion and a transformative step for Liberia’s mining sector. The inauguration ceremony took place on Thursday, June 5, 2025, in Tokadeh, Nimba County. It …The post ArcelorMittal inaugurates world-class iron ore concentrator appeared first on Liberia |
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Liberia launches Health Insurance Policy for Vulnerable Citizens In a move to expand healthcare access across Liberia, the Government has officially launched the country’s first health insurance policy for vulnerable citizens. By Kruah Thompson Monrovia, June 6, 2025: The policy, a pilot project, was unveiled at the Ministry of Information, Cultural Affairs, and Tourism’s (MICAT) weekly press briefing on Thursday, June 5, 2025. …The post Liberia launches Health Insurance Policy for Vulnerable Citizens appeared first on Liberia news |
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Boakai suspends import Tariff on Rice Executive Mansion, Monrovia, June 6 – President Joseph Boakai has issued an Executive Order suspending import tariffs on rice. Capitol Hill, June 6, 2025: A release from the Executive Mansion says the move is to ease the economic burden on Liberians and stabilize the price of rice. The Mansion in its release said, “Recognizing the …The post Boakai suspends import Tariff on Rice appeared first on Liberia news The New Dawn Liberia, premier resource for latest |
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Africa is losing $40b a year to illicit financial flows in the extractive sector Mr. Antonio Pedro, the Deputy Executive Secretary of the Economic Commission for Africa (ECA), has said that Africa is experiencing significant losses, estimated at around $40 billion annually, due to illicit financial flows (IFFs) in the extractive sector.The post Africa is losing $40b a year to illicit financial flows in the extractive sector appeared first on Ghana Business |
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Cedi appreciation will reflect on prices of goods and services overtime – stakeholders Representatives of traders and captains of industry have justified the slow pace in reduction of goods and services despite the relative stability of the cedi against the United States dollar and other major foreign currencies on the interbank trade market. The post Cedi appreciation will reflect on prices of goods and services overtime – stakeholders appeared first on Ghana Business |