Prudential Bank appoints Bernard Appiah Gyebi as new Managing Director 3
Tuesday 14 March 2023 Issue No.25
A N EW THINKING
Absa Group reports strong earning; remains well positioned for growth 2
Ghana remains Committed to Collaborating with IPUBagbin assures 2
UNIDO, GEA, Japan open applications for its National Kaizen Initiative for MSMES 3
Ekow Annan/Bahrain
By Joseph E. Stiglitz
gineered– –probably probably should be worried. Powell was part of former The TherunrunononSilicon SiliconValley ValleyBank Bankgineered President Donald Trump’s regulatory team that since former former Fed Fed Chair Chair worked to weaken the Dodd-Frank bank regulaventure-backed venture-backedtech techstart-ups start-upsin insince PaulVolcker’s Volcker’sinterinterthethe United United States States depend depend – is– is in inPaul est-ratehikes hikesof of4040 down, in order to free “smaller” banks from the part part a rerun a rerun of of a familiar a familiar story, story, butbutest-rate years agoago – it– was it was prepre- standards applied to the largest, systemically it’sit’smore morethan thanthat. that.Once Onceagain, again,years thatdramatic dramatic important, banks. By the standards of Citibank, - dicted - dictedthat ulation ulation hashas proven proven inadequate. inadequate. SVB is small. But it’s not small in the lives of the The The news news about about thethe second-biggest second-biggest millions who depend on it. bank bankfailure failurein inUSUShistory historycame came Powell said that there would be pain as the Fed justjustdays daysafter afterFederal FederalReserve Reserve relentlessly raised interest rates – not for him or Chair Chair Jerome Jerome Powell Powell assured assured ConConmany of his friends in private capital, who reBut, But, again, again, Powell Powell as-as- portedly were planning to make a killing as they sured us us notnot to to worry worry – – hoped to sweep in to buy uninsured deposits in of of America’s America’s banks banks was was sound. sound. ButButsured despite abundant abundant his-his- SVB at 50-60 cents on the dollar, before the govthethe timing timing should should notnot bebe surprissurpris-despite toricalexperience experiencein-ining. ing. Given Given thethe large large and and rapid rapid in-in-torical creases creases in in interest interest rates rates Powell Powell en-enwould be protected. The worst pain would be
GRA to complete E-VAT implementation in December 2024 3
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