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Lending rates to drop further – BoG

Dr. Maxwell Opoku Afari - 1st Deputy Governor, BoG

The Bank of Ghana (BoG) has assured the business community of its commitment to reduce its lending rates for commercial banks in the country. This is also expected to prompt a further drop in the lending rates of commercial banks to their customers. The Central bank is hopeful that the move will also reduce the cost of doing business in ...

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Interest rates on deposits remain at 10.4 %

bog microfinance

The average interest rate among commercial banks remained unchanged at 10.4 percent in October 2017. According to the Bank of Ghana’s Annual Percentage Rate (APR) and Average Interest (AI) report, Bank of Africa and Bank of Baroda offer the highest interest rates on customer deposits at 16.1 percent. At the second position is Omni Bank with 14.7 percent interest rate. Following ...

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Energy bond auction ends today

bond

Government is expected to conclude the auctioning of the energy bond Friday, November 3, 2017; barring any last minute changes. Managers of the bond had to extend the auction for the bond after they failed to raise the 6 billion cedis expected. The 7 year bond made the 2.4 billion cedi mark after auctioning closed on Friday [October 27, 2017]. ...

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Banks reduce interest rates on deposits

bank-of-ghana pic

Commercial banks have reduced their interest rates they offer on customer deposits. Latest figures released by the Bank of Ghana have shown that the average interest rate customers get on money deposited at banks reached 10.4 percent in September 2017. According to the Annual Percentage Rates (APR) and Average Interest (AI) report, the figure is down from the 10.8 percent ...

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BoG sanitizes microfinance sector by ‘naming & shaming’

microfinance

The Bank of Ghana’s decision to name and caution the public from doing business with all institutions operating illegally as microfinance companies should culminate in sanitizing the sector. At least this is the optimism by the Ghana Association of Microfinance Companies (GAMC). The Association is also confident the move will restore confidence in the industry. Reports of people losing their investments ...

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Ghana’s exports rise to $ 8.9 billion

Gold

Ghana is benefitting from increased revenue from her exports which is ultimately expected to reduce the country’s burden on imports and correct the Balance of Trade (B0T). The latest figures by the Bank of Ghana indicate that the country received 8.95 billion dollars from her exports in August 2017 compared to the estimated 7 billion dollars it spent on importing ...

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Mixed expectations meet BoG’s policy rate decision

bank-of-ghana pic

There are mixed expectations ahead of the policy rate decision to be announced by the Bank of Ghana on Monday, September 25, 2017. The Monetary Policy Committee (MPC) of the central bank is set to announce a primary rate at which it will lend to commercial banks for onward lending to customers. Already, the rate has been reviewed downwards thrice ...

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First Atlantic Bank gets new investor

First Atlantic Dzorwulu

Advanced Finance & Investment Group, manager of AFIG Fund II is set to commit some investments into the operations of First Atlantic Bank. The move is however subject to regulatory approval. A statement by First Atlantic Bank indicating the finalizing of the agreement between the two institutions said, ‘AFIG Funds’ investment in First Atlantic Bank will strengthen the Bank’s capital ...

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Banks anxious of interest rate cut

Zenith Bank MD, Henry Oroh

Bankers are anticipating a reduction in the policy rate as the Bank of Ghana’s Monetary Policy Committee (MPC) meets to review the strength of Ghana’s economy, Friday September 22, 2017. The meeting will be concluded on Monday September 25, 2017 with a decision on the policy rate for commercial banks to comply with. The MPC is also expected to outline ...

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