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Tag Archives: BoG

BoG’s MPC meets over economy today

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The Monetary Policy Committee (MPC) of the Bank of Ghana will today [January 19, 2018] commence its annual meetings to review the Ghanaian economy. This will be the first for this year and it will conclude with the announcement of a policy rate on Monday, January 22, 2018. For last year [2017] alone, the central bank reduced the policy rate ...

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BoG to enforce International Financial Reporting Standards this year

Governor of BoG, Dr. Ernest Addison

The Bank of Ghana (BoG) has stressed that it will enforce the implementation of the International Financial Reporting Standards (IFRS 9) among banks in the country, this year. The IFRS is a tool which requires all financial institutions to comply with a common financial reporting standard which will among others reduce their exposures to Non-Performing Loans (NPLs). The move also ...

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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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Are bank customers in Ghana well informed about cost of credit? [Article]

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In a series of articles, I will be sharing my views on how to educate bank customers in Ghana about the cost of credit in Ghana; ways banks can reduce non-performing loans, increase customer experience and proposals to reduce the cost of credit. These series of articles will be captured in six different articles as summarized below: Educate customers about ...

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Mixed reactions meet GH¢6 to $ 1 prediction

Ghana Cedi

There are mixed reactions to the prediction that the cedi will depreciate to 6 cedis to a dollar by 2022. The Economist Intelligence Unit (EIU) based in the UK, has predicted that the local currency will perform poorly against the dollar within the next four years due to some external pressures and political uncertainties. But some currency analysts have expressed ...

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BoG probes Alpha Capital over locked up cash

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The Bank of Ghana (BoG) has moved in to assist customers of Alpha Capital Savings and Loans, retrieve their locked up investments. The move comes after numerous complaints by the customers over their failure to get their monies despite reaching the maturity dates as scheduled. Citi Business News understands that the Central Bank’s intervention follows an official complaint to the ...

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Banks’ average base rates remain at 25.7%

bank-of-ghana pic

The interest rate at which commercial banks lend to their customers remained unchanged at 25.7% in November 2017. The same figure was recorded in the month of October 2017. The base rate is the lowest rate at which a bank would lend to its customers. According to the Bank of Ghana’s Annual Percentage Rates (APR) and Average Interest (AI) report, ...

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BoG targets lower interests with GH¢400m capital                                                             

Dr. Ernest Addison, Governor of the Bank of Ghana

Governor of the Bank of Ghana, Dr. Ernest Addison has assured that the increased minimum capital requirement will result in reducing the lending rates by banks. Dr. Addison argues that the requirements will create stronger banks which will lead to bigger banks and lower unit cost. “Lending rates are still high but the explanations are the high non-performing loans. We ...

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Cedi stabilises amidst festive season blues

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Checks by Citi Business News have shown that the cedi has experienced relative stability against some major trading currencies for the past two weeks. The cedi which normally depreciates at a fast rate around the festive season has since the 23rd of November remained at 4 cedis 41 pesewas on the interbank foreign exchange market and between 4 cedis 48 ...

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EOCO probes AGT Microfinance Company

AGT

The Economic and Organised Crime Office (EOCO) has taken over a case involving AGT Microfinance over the company’s inability to pay customers whose investments are due. Citi Business News understands the management has since been compelled to make some commitments in settling the affected customers. Citi Business News’ checks at the central bank show that this issue has been going ...

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Ghana Business News