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    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

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    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

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    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

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Banks must stop buying T Bills -ISSER

bycitibusinessnews
May 12, 2015
in Banking And Finance, Business, Top Stories
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The Director of the Institute of Statistical, Social and Economic Research (ISSER) Professor Felix Asante, has lashed out at commercial banks in the country for their heavy investments in treasury bills.

[contextly_sidebar id=”A9TBbWS949nt1AWq6cPI0Lzk5qyEL322″]Most of the 28 commercial banks in the country have been spending more than 50% of their investment portfolios on buying Treasury bills due to the high yeilds.

Interest rate on 91 day treasury is at 25% while a 182 day bill is selling at 26%.

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According to the Bank of Ghana, investments in treasury bills as a share of total investment in the banking sector, increased to 62.8 per cent in February 2014, from 49 per cent in February 2013.

Professor Felix Asante laments the banks in the country are not being innovative.

“One thing which I will tell the banks not to be doing is to stop buying treasury bills, i think they should do proper business”, he demanded.

He said savings rate in Ghana is virtually zero and banks must start giving customers good rates to encourage them to save.

Meanwhile the Senior Vice President, Strategic Planning, Research and Corporate Affairs of The Royal Bank, Dr. Kwame Baah Nuakoh, has defended the decision of Banks to invest in Treasury Bills.

“We are not going to stop buying T Bills , so long as government is prepared to pay the amount of money they are prepared to give me on T Bills because i have investors and they are also looking at returns on their capital”, Dr. Baah Nuakoh insisted.

He added that, “if I have a safe asset as government of Ghana T Bills , i should go and chase somebody and give it to him as what…the banks are not father Christmas”.

–
By: Rabiu Alhassan/citifmonline.com/Ghana

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