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Tag Archives: BoG

Severance packages for former workers of UT, Capital banks to delay

Vish Ashiagbor - Country Senior Partner for PwC

Perhaps former workers of defunct UT and Capital banks seeking their severance packages may have to wait a bit longer as the receiver of the agreement, continues its work. The workers argue that the development has affected them negatively and therefore want a swift action on their requests. But information from the receivers indicates that this may not happen anytime ...

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uniBank takeover : BoG rules out new negotiation with bank

unibank_2

The Bank of Ghana has ruled out any plans to negotiate with the old management of uniBank, to hand over the bank, before KPMG completes its six months’ mandate. The BOG, believes the old management of uniBank was given enough opportunities to turn the fortunes of the bank around but failed. The Bank of Ghana last week appointed an administrator ...

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Mixed reactions meet BoG’s cut in policy rate

bog microfinance

There are mixed reactions to the Bank of Ghana’s new policy rate of 18%. The central bank on Monday, March 26, 2018 announced that it has reduced the policy rate by 200 basis points after concluding its Monetary Policy Committee (MPC) meetings for the quarter. The Governor of the Bank of Ghana, Dr. Ernest Addison among others mentioned that the ...

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BoG reduces policy rate to 18%

Governor of BoG, Dr. Ernest Addison

The Bank of Ghana has reduced the policy rate to 18 percent. This represents a 200 basis points reduction in the policy rate which was at 20 percent. Today’s announcement of a reduction is the first after the rate was maintained earlier in the year. The policy rate is the rate at which the central bank lends to commercial banks ...

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Bankers, businesses urge BoG to reduce policy rate

bank-of-ghana pic

Banking industry players are anticipating nothing but a reduction in the policy rate by the Bank of Ghana. It follows what they cite as favourable conditions that warrant a further reduction in the rate at which the central bank lends to commercial banks for onward lending to customers. The Monetary Policy Committee (MPC) of the Bank of Ghana is later ...

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Ghana’s debt hits GH¢142.5bn, reaches 69.8% of GDP

Ken Ofori-Atta - Finance Minister

New figures released by the Bank of Ghana (BoG) after its Monetary Policy Committee (MPC) meeting show that Ghana’s public debt reached 142.5 billion cedis as at December 2017, representing 69.8 percent of GDP. This is a reduction from the 73.3 percent recorded in December 2016. The total debt stock in 2016 was at 122.6 billion cedis. This means that ...

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Guaranty Trust Bank gets new MD

Mr. Thomas Attah John - Guaranty Bank MD

Guaranty Trust Bank (Ghana) Limited has appointed Mr. Thomas Attah John as its new Managing Director effective Friday, March 16, 2018. He replaces Mr. Lekan Sanusi who takes up a new position as Managing Director of Guaranty Trust Bank Uganda Limited. Mr. Thomas Attah John, an astute banker, is also a Certified Brewer and Chemist with a combined work experience ...

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Distressed microfinance companies owe GH¢1000 per client – BoG

bank-of-ghana pic

About 741 million cedis is estimated to be locked up in over two hundred microfinance companies as well as rural and community banks, making it difficult for customers to have access to their investments. This is the revelation from the latest state of the banking sector report released by the Bank of Ghana. According to the document, the estimated amount ...

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BoG takes over management of uniBank

unibank_2

The Bank of Ghana has announced that it has appointed audit firm, KPMG as administrator for uniBank. This means that the central bank has taken over the assets and management of uniBank. The Governor of the Bank of Ghana, Dr. Ernest Addison says uniBank is currently insolvent. Addressing a press conference in Accra, Dr. Ernest Addison stated that KPMG has ...

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Cashless economy: New Payment Bill before cabinet

bog microfinance

Cabinet is currently considering the new Payment Systems and Services Bill for onward submission to Parliament for passage soon. The eventual passage of the law should address all outstanding concerns that have emerged following the rise in the use of digital technology. The Head of the Payment Systems Department of the Bank of Ghana, Dr. Settor Amediku disclosed this to ...

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