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Tag Archives: BoG

adb, uniBank saga: SIC-FSL did not pledge shares

sic fsl

Citi Business News is learning that SIC Financial Services Limited (SIC-FSL) has not pledged its shares in adb to uniBank in fulfilment of an earlier financial commitment. This is contrary to earlier reports suggesting that the company, SIC FSL is part of a consortium of shareholders of adb who have pledged their shares to indigenous bank, uniBank. Per the move, ...

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Banks to lose hold on interest rates

Dr. Ernest Addison - BoG Governor

The Bank of Ghana is hoping that banks will soon reduce their interest rates on loans to reflect the continuous drop in the policy rate. The central bank believes that the development should also help correct the balance sheets of banks by reducing the Non-Performing Loans. This was among the key issues raised at a public lecture on the effectiveness ...

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New 2nd Deputy Governor’s appointment apt – Economist

awadzi-new

Economist Adu Sarkodie has described the appointment of the new Second Deputy Governor of the Bank of Ghana, Mrs. Elsie Awadzie as strategic. According to him, her experience as a senior counsel of the IMF’s Legal Department will help the country become financially disciplined. Mrs. Elsie Awadzie replaces Dr. Johnson Asiamah who resigned on January 5, 2018. Mrs Awadzie is ...

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Mobile money value hits 156 billion cedis

Mobile-Money transaction

The total value of mobile money transactions in Ghana hit 155.8 billion cedis in 2017. This is almost double the 78.5 billion cedis recorded in the preceding year (2016). This translates into about 99 percent rise in the value of transactions for the period. According to the Bank of Ghana, the volume of mobile money transactions also witnessed an eighty ...

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BoG unfazed by digital currency inroads in Ghana

bog microfinance

The Bank of Ghana is confident it should be able to regulate activities on the use of digital currencies in Ghana, with the passage of the new laws on electronic financial payments in Ghana. The renewed optimism follows the launch of Finchcoin, the first Ghanaian manufactured digital currency. Already, the central bank has cautioned the public against transacting business in ...

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Accent financial begs for time over locked up cash                                                          

accent

Accent Financial Services has assured customers it has commenced processes to pay all outstanding arrears owed customers. According to the management of the company, the new plan should help it fulfill its mandate as soon as possible. This follows some agitations from customers over their inability to retrieve their locked up cash from the company. The latest development comes three ...

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Cedi depreciates 3.4% to dollar in 2017

Ghana Cedi

The cedi’s losing streak against major trading currencies continues on the foreign exchange market. Even though there is an indication of a marginal improvement in the cedi’s performance, the currency is still struggling to stabilize against major ones. According to the Bank of Ghana, between May and December 2017, the cedi depreciated by 3.4 percent to the dollar on the ...

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BoG to reduce policy rate in mid 2018 – ABSA Capital

Dr. Ernest Addison - BoG Governor

Some analysts have suggested that the Monetary Policy Committee (MPC) of the Bank of Ghana could keep its rate at least until May this year – 2018. According to the Africa strategist at Absa Capital, Ridle Markus, the decision to maintain the rate runs contrary to their expectation for a 100 basis points cut. The Governor of the Bank of ...

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Ghana’s imports drop marginally in 2017

oil money

Ghana’s imports have dropped marginally between 2016 and 2017, figures from the Bank of Ghana have shown. The country’s imports declined from 12.9 billion dollars in 2016 to 12.7 billion dollars in 2017. This translates into a drop of 1.7 percent within the one year period. Total exports also reached 13.7 billion dollars from 11 billion dollars in 2016. As ...

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Economists critique govt’s debt re-profiling plan

Ken Ofori-Atta - Finance Minister

Some Economists have described as unsuccessful, the NPP government’s debt management strategy within the first year of its administration. In their views, the government must do more if it is to reduce the country’s debt burden going forward. The comments follow the latest Bank of Ghana report which shows that Ghana’s debt has reached 138.8 billion cedis equivalent to 68.7 percent ...

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