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CAL Bank’s 2016 profits dip over high NPLs

Frank Adu-1-600x330

CAL bank’s total profits for 2016 dropped by as much as 95 percent compared to the profits recorded in 2015. The bank’s profit dropped to 7.2 million cedis in 2016 from the over 160 million cedis recorded in the previous year. At CAL Bank’s 2016 AGM, the Board explained that the significant drop in profits was as a result of ...

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AG’s report already contained 2015 bauxite proceeds – BoG

bank-of-ghana pic

The Bank of Ghana has clarified that the US$41.05 million proceeds from bauxite had already been accounted for in the Auditor General’s 2015 Statements of Foreign Exchange Receipts and Payments report. Documents cited by Citi Business News indicate that financial proceeds of the mineral were accounted for but in a separate column as the means of repatriation did not form part ...

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Prudential Bank partners Ria Money Transfer


Prudential Bank Limited (PBL) has partnered Ria Money Transfer Service to enable customers transfer and receive remittances from countries the service operates at affordable prices. Speaking to Citi Business News at the launch of the partnership in Accra, Mrs Mary Brown, Deputy Managing Director (Banking Operations), PBL said that service was to offer customers the platform to engage in electronic ...

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15 year energy bond timely for banks’ rising NPLs – CAL Bank MD

Mr. Frank B .Adu Jnr - MD of Cal Bank

Banks are optimistic of significant improvement in their non-performing loan portfolios as government initiates moves to clear all outstanding debts owed them. The assurance comes on the back of government’s plan to raise bonds to clear the debts owed in the energy sector. The Vice President, Dr. Bawumia at a meeting in Washington last week announced that the government will ...

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HFC bank appoints Charles Zwennes as new Board Chair

Mr. Charles William Zwennes as the new Chairman of the HFC bank Board.

HFC Bank Ghana, a subsidiary of Republic Financial Holdings Limited, has appointed Mr. Charles William Zwennes as the new Chairman of the bank’s Board. This follows the resignation of Professor Joshua Alabi from the position. “By virtue of Prof. Alabi’s resignation, The Board of Directors of the Bank, at a Board Meeting on 26th April 2017, in accordance with Bank’s ...

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BoG backs laws to demand data on gold exports

Dr. Johnson Asiamah - 2nd Deputy Governor of the Bank of Ghana

The Bank of Ghana (BoG) has backed moves for laws to compel the Minerals Commission to submit data on export proceeds from gold to guide the tracking of export receipts. The central bank believes this will prevent possible instances of under-invoicing by some gold exporters. The comment also follows concerns raised by some members of Parliament’s Public Accounts Committee (PAC) ...

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Trade in other currencies to relieve pressure on dollar-BoG

Kenya's KCB eyes mid-sized banks but not Barclays Africa

The Bank of Ghana (BoG) has appealed to importers who trade from other countries apart from the United States to trade in currencies of the country of importation to free the pressure on the dollar. The high request for the dollar for trading purposes has been a major challenge for the central bank in adequately meeting the demand of dollars ...

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Stopping dollar auction: Currency analysts demand stable FX market

Ghana Cedi

Currency analysts are impressing on the Bank of Ghana to intensify its efforts to stabilize the forex market and help forecasting in the market. It follows the central bank’s decision to halt the auction of dollars to banks in a bid to address the depreciation of the cedi. Governor of the Bank of Ghana Dr. Ernest Addison in an interview ...

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BoG to come out with report on banks recapitalization- Dr. Addison

Dr. Ernest Addison - BoG Governor

The Bank of Ghana(BoG) has hinted that it will soon announce a decision on the recapitalization of banks in the country. The central bank announced measures to increase the minimum capital requirement of banks in the country this year from the current 120 million cedis. Speaking to Head of Citi FM’s Business Desk, Vivian Kai Lokko at the ongoing Spring ...

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Ghana Business News