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Tag Archives: BoG

Gov’t defends measures to halt cedi depreciation soon

Gideon Boako - Spokesperson to Vice President, Dr. Mahamudu Bawumia

The government has maintained that it has put in place robust measures to halt the free fall of the cedi in the coming weeks. According to Dr. Gideon Boako, Spokesperson for the Vice President, Dr. Mahamudu Bawumia, efforts to reduce inflation and increase the availability of foreign reserves, point to a foreseeable halt in the depreciation of the cedi against ...

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BoG sanitizes fintech industry with new laws


The Bank of Ghana says it will strictly enforce the yet to be passed Payment Systems to sanitize the financial sector. The central bank has bemoaned what it says is the proliferation of fintechs in Ghana’s financial system. Currently, there are seventy-one fintechs providing solutions to businesses and individuals. Following the impact of cyber fraud with the rise in the ...

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Ishmael Yamson steps down as Board Chairman of Stanchart

Ishmael Yamson

The Board Chairman of Standard Chartered Bank, Mr. Ishmael Yamson has announced his resignation from the position effective June 30, 2018. His resignation comes after serving in that capacity for thirteen years; from 2005 to 2018. Mr. Yamson announced his resignation at the bank’s Annual General Meeting (AGM) on Thursday, June 7, 2018. Speaking to Citi Business News on his ...

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GCB Bank’s profit drops by 29% in 2017

Ray Sowah - MD, GCB Bank

The profit of GCB Bank dropped by about 29 percent in 2017. The bank’s profit declined from 299 million cedis to an estimated 213 million cedis between 2016 and 2017. Meanwhile for the first three months of this year, GCB Bank’s financial report shows another drop in profits. The financial statement released by GCB Bank shows that even though revenue ...

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Ghana’s debt hits 145 billion cedis


Ghana’s total public debt stock has reached 145 billion cedis. Official figures released by the Bank of Ghana show that this is the level of the country’s debt as at February 2018. The figure also represents a debt to GDP ratio of 60 percent. The external component of the debt is at 17.4 billion dollars or 76.9 million cedis. This ...

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Banks, BDCs to shave off GH¢800m from GH¢1.6bn debt


It appears the woes of commercial banks regarding their exposure to Non Performing Loans (NPLs) may not be ending anytime soon with the latest development from the Bulk Oil Distributors regarding their indebtedness to some banks. Information available to Citi Business News indicates that banks that are owed by the Bulk Oil Distributors (BDCs) are to lose at least 800 ...

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Barclays bank shareholders approve name change to ABSA


Shareholders of Barclays Africa Group Limited have approved that the bank changes its name to Absa Group. Today’s approval is expected to set in motion, the start of one of the largest re-brand projects in Africa. A statement from Barclays Bank to Citi Business News on the matter said that the name change is expected to take effect in July ...

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BoG reduces Ghana reference rate to 16.74% in May

Dr. Ernest Addison - BoG Governor

The Bank of Ghana’s new Ghana Reference Rate for May 2018 is 16.74 percent. The rate is the reference by which commercial banks will set their interests on loans granted to customers at least for this month. The figure is lower compared to that quoted for April which stood at 16.82 percent. Introduced in April this year, the Ghana reference ...

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BoG sanitises industry with new borrowers & lenders law

Elsie Addo Awadzi - Second Deputy Governor, BoG

Customers of commercial banks would be restricted in their borrowings from any bank in the coming months if he/she does not have a credible loan repayment track record. This will follow the strict enforcement of the new Borrowers and Lenders Act, by commercial banks in the country. The Bank of Ghana has served notice it is currently engaging industry players ...

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Minimum capital: BoG issues guidelines on mergers & acquisitions

bank-of-ghana pic

The Bank of Ghana has disclosed that it is working on guidelines for potential mergers and acquisitions that may emerge following the recapitalization of banks in the country. The central bank explains that this also forms part of a series of new reforms aimed at building a strong financial sector. Commercial banks are expected to increase their minimum capital to ...

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