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Tag Archives: BoG

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

bog

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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Sanction Menzgold if found culpable – Nana Otuo

menzgold

The Bank of Ghana must invoke its power to sanction Menzgold if it views its activities as flouting provisions of the Banks and Specialized Deposit-Taking Institutions Act (Act 930). According to Banking Consultant, Nana Otuo Acheampong, failure to punish the company over possible grounds of breaching the law may result in a repetition of the act. The comment comes on ...

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GHL Bank eyes top 5 banks’ slot by 2020

GHL 1

GHL Bank has stressed that its strategy will dwell on providing competitive banking services to meet clients’ needs. The former mortgage company is seeking to assume a slot among the top 5 banks within the next five years. GHL bank becomes the 35th bank in Ghana. The Board Chairman for GHL Bank, Albert Essien gave the assurances at the inauguration ...

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Ghana Business News