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Banks reduce interest rates on deposits

bank-of-ghana pic

Commercial banks have reduced their interest rates they offer on customer deposits. Latest figures released by the Bank of Ghana have shown that the average interest rate customers get on money deposited at banks reached 10.4 percent in September 2017. According to the Annual Percentage Rates (APR) and Average Interest (AI) report, the figure is down from the 10.8 percent ...

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BoG sanitizes microfinance sector by ‘naming & shaming’


The Bank of Ghana’s decision to name and caution the public from doing business with all institutions operating illegally as microfinance companies should culminate in sanitizing the sector. At least this is the optimism by the Ghana Association of Microfinance Companies (GAMC). The Association is also confident the move will restore confidence in the industry. Reports of people losing their investments ...

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Ghana’s exports rise to $ 8.9 billion


Ghana is benefitting from increased revenue from her exports which is ultimately expected to reduce the country’s burden on imports and correct the Balance of Trade (B0T). The latest figures by the Bank of Ghana indicate that the country received 8.95 billion dollars from her exports in August 2017 compared to the estimated 7 billion dollars it spent on importing ...

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Mixed expectations meet BoG’s policy rate decision

bank-of-ghana pic

There are mixed expectations ahead of the policy rate decision to be announced by the Bank of Ghana on Monday, September 25, 2017. The Monetary Policy Committee (MPC) of the central bank is set to announce a primary rate at which it will lend to commercial banks for onward lending to customers. Already, the rate has been reviewed downwards thrice ...

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First Atlantic Bank gets new investor

First Atlantic Dzorwulu

Advanced Finance & Investment Group, manager of AFIG Fund II is set to commit some investments into the operations of First Atlantic Bank. The move is however subject to regulatory approval. A statement by First Atlantic Bank indicating the finalizing of the agreement between the two institutions said, ‘AFIG Funds’ investment in First Atlantic Bank will strengthen the Bank’s capital ...

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Banks anxious of interest rate cut

Zenith Bank MD, Henry Oroh

Bankers are anticipating a reduction in the policy rate as the Bank of Ghana’s Monetary Policy Committee (MPC) meets to review the strength of Ghana’s economy, Friday September 22, 2017. The meeting will be concluded on Monday September 25, 2017 with a decision on the policy rate for commercial banks to comply with. The MPC is also expected to outline ...

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Fewer banks to strengthen banking sector


Former Trade Minister, Ekow Spio Garbrah has commended the Bank of Ghana for increasing the minimum capital requirement of commercial banks to 400 million cedis. He argues that this will strengthen Ghana’s banking industry. The Bank of Ghana on September 11, 2017 announced the new minimum capital requirement for banks. The figure has been reviewed upwards from 120 million cedis ...

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Zenith Bank opens arms to acquisition

Zenith Bank MD, Henry Oroh

Zenith Bank has indicated its readiness to absorb another bank to grow its base and improve its portfolio. It follows the dramatic increase in the minimum paid up capital for commercial banks. The Managing Director of Zenith Bank, Henry Oroh who admits that mergers and acquisitions may not be inevitable however says any such decision will be dependent on the ...

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Inflation hits 12.3% in August


Ghana’s inflation reached 12.3 percent in August 2017. This represents a negative 0.2 percent change in the inflation rate between July and August 2017. The inflation for July 2017 stood at 11.9 percent. Inflation measures the average rise in the prices of all consumer goods and services in the country. The inflation rate for August 2017 is the second time ...

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PwC asked to clarify jobs termination at UT, Capital banks

ut capital

Some labour analysts are demanding clarity from Price Waterhouse Coopers (PwC) in the decision to terminate the contract of employees of defunct UT and Capital banks. They argue that the terms indicated in the termination letters served the employees of the two banks may be short of the labour law which protects the interest of employees in cases of insolvency. ...

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