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Tag Archives: BoG

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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4 key highlights of BoG’s economic data [Article]

bog

Bank of Ghana (BoG) just released its November 2017 economic and financial data. I found 4 key highlights from the BoG report. NPL increasing: Non-Performing Loans (NPL) are still increasing for Banks – September 2017 it was 22.2% and in October 2017, it was 21.6% compared to 19% in October 2016. Why is it increasing? We will become number 1 soon ...

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BoG reduces policy rate again to 20%

Dr. Ernest Addison, Governor of the Bank of Ghana

The Bank of Ghana (BoG) has reduced the policy rate by 100 basis points from 21 percent to 20 percent. This was announced after the Monetary Policy Committee (MPC) finished its 79th meeting which is the final for 2017. This is the fourth reduction for this year by the Central Bank. By this, the policy rate has been reduced from ...

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Industry targets a drop in BoG’s policy rate today

Governor of BoG, Dr. Ernest Addison

Businesses are seeking that the Bank of Ghana (BoG) will reduce its lending rate again as it announces a policy rate today, Monday, November 27, 2017. They believe that the development should trickle down on interest rates paid on loans they contract from their banks going forward. The expectations are ahead of the Monetary Policy Committee (MPC)’s engagement with the ...

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BoG offers incentives for sustainable banking

Dr. Johnson Asiama - 2nd Deputy Governor of the Bank of Ghana

The Bank of Ghana (BoG) has announced that it will commence giving incentives to banks that lend toward environmentally friendly projects. Some of the incentives Citi Business News has gathered include a reduction in the cost of lending rates for the banks from the Central Bank. According to the Bank of Ghana it will on a six month basis, assess ...

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Banks’ lending rates drop marginally

bog microfinance

Citi Business News’ checks have revealed that the Annual Percentage Rates and Average Interest Rates recorded in October have dropped marginally as compared to that of September 2017. Between September and October this year, all but one of the nine categories of the Bank of Ghana’s Annual Percentage and Average Interest rate report, witnessed a marginal decline in interest rates. The ...

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