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Banking And Finance

Average interest rate on deposits stays at 10.4%

bank of ghana

The average interest rate on customer deposits among commercial banks, remained unchanged at 10.4 percent in December 2017. According to the Bank of Ghana’s Annual Percentage Rate (APR) and Average Interest (AI) report, of the thirty-one banks that were surveyed, Bank of Africa offers the highest interest rates on customer deposits at 16.1 percent. Standard Chartered Bank still offers the lowest interest ...

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Sam Jonah’s perspectives on solving unemployment [Audio]

sam jonah 1

The Executive Chairman of Jonah Capital, Sam Jonah has suggested some pragmatic ways to assist Ghana solve its rising unemployment challenge. According to him, efforts by successive governments to attract Foreign Direct Investments (FDIs) have rather contributed to giving such expatriates an urge over local businesses in growing the enterprises for growth and job creation. Mr. Jonah, a former CEO of ...

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NIC dismisses reports of barring two insurance companies

Justice Ofori

The National Insurance Commission(NIC) has disputed claims that it has barred or closed two insurance companies in the country. According to the Chief Executive Officer of the commission, Justice Ofori, the two insurance companies are currently operating, but have been stopped from writing new businesses, as well as advertising. This follows reports in the media that the commission had barred ...

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BoG may not reduce policy rate in first MPC meeting—Economist

Dr. Eric Osei-Assibey

Economists, Dr. Eric Osei-Asibey has ruled out the possibility of a change in the policy rate to be announced by the Bank of Ghana. This, he says is as a result of government missing its end of year inflation target of 11.2 percent. Government recorded an 11.8 percent inflation rate at the end of 2017. Currently, the policy rate, which is ...

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Gov’t to raise GH¢11bn in first quarter of 2018

Ken Ofori-Atta - Finance Minister

Government is seeking to raise GHȼ11,133.91 million in the first quarter of 2018 through debt securities. Of the amount GH¢8,961.30 million will be used to rollover maturities. The remaining GH¢2,164.61 million will be used to meet Government’s financing requirements for the period. A statement issued by the Debt Management Office of the Ministry of Finance stated that about 5 billion ...

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DKM customers to demonstrate over gov’t neglect

dkm customers

Some validated customers of DKM Microfinance who have not yet received their locked up investments have threatened to embark on a demonstration to express their grievances. The validated customers say they have been neglected by government after they were promised by the New Patriotic Party (NPP) prior to the 2016 elections to help them retrieve their locked up money if ...

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Interest in mortgage surging –GHL

Chief Operating Officer(COO) of GHL Bank, Kojo Addo-Kufuor

GHL Bank, has debunked the notion that the exchange rate regime negatively affected the interest for mortgages in 2017. Most mortgage companies in Ghana price their houses in dollars due to loans acquired in that currency to finance the houses, and the relative stability of the dollar. Speaking to Citi Business News, the Chief Operating Officer(COO) of GHL Bank, Kojo ...

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Nationwide financial inclusion drive to be rolled-out soon


A Trainer-of-Trainers (TOT) workshop aimed at enhancing  financial inclusion, to deploy about 50,000 university/polytechnic graduates under the “Youth in Revenue Mobilization” (“YRM”)  has been concluded. The workshop which was organized by the UNCDF and the United Nations Development Program (UNDP) as part of their financial inclusion drive in Ghana, was on Digital Financial Services (DFS)   with special focus on Agent ...

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Bayport appoints new Managing Director

Nii Amankra Kwashie Tetteh on the left

The Board of Directors of Bayport Savings and Loans Ltd (Bayport) have announced the appointment of Nii Amankra Kwashie Tetteh as Managing Director of the Company. His appointment was approved by Bank of Ghana on the December 11, 2017. Nii Amankra Kwashie Tetteh also joins the Company’s board of Directors. “I am confident Nii will lead us to more successes ...

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Banks pursue investments for GH¢400m minimum capital

Governor of BoG, Dr. Ernest Addison

Commercial banks are intensifying efforts to meet the new minimum capital requirement by December this year. Banking analysts also tell Citi Business News the move is likely to yield in some mergers by the end of the scheduled date. They however admit that while it has been easy for some banks, it appears others will have to double their efforts ...

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Ghana Business News