Author: Edna Agnes Boakye
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16 banks to experience additional losses this year due to DDEP – Research
According to research conducted by Dr. Richmond Atuahene and K.B. Frimpong, approximately 16 banks are expected to experience additional losses this year due to the Domestic Debt Exchange Programme. These uncaptured losses amount to around 17.1 billion and could have a negative impact on the 2023 Audited Financial Statements of these banks, as they failed…
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Registrar of Companies extends deadline for filing annual returns, renewals
The Office of the Registrar of Companies (ORC) has announced an extension of the deadline for filing Annual Returns and Renewals until September 30, 2023. This decision was made to accommodate Companies and Businesses that were unable to complete the filing process due to technical issues with the software application system. The deadline extension applies…
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Gas is the ideal transitional fossil fuel due to its low carbon emissions – Ghana Gas CEO
The Chief Executive Officer (CEO) of the Ghana National Gas Company (Ghana Gas), Dr. Ben K. D. Asante, emphasized the importance of embracing new gas markets in the energy transition discourse during a stakeholder round table discussion held on Tuesday, July 4, 2023. With the theme “Embracing New Gas Markets in the Energy Transition Discourse,…
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CIHRM, other partners, launch HR outlook and benchmark survey
The HR Outlook and Benchmarking Survey was officially launched on Monday, July 3, 2023, accompanied by the signing of a Memorandum of Understanding (MoU). The event marked a significant milestone in the field of human resources in Ghana, with industry leaders expressing their optimism about the survey’s potential impact. Dr. Ebenezer Agbettor, CEO of the…
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GCB Bank unveils comprehensive turnaround plan to revitalize operations after DDEP blow
At the annual general meeting of the Ghana Commercial Bank (GCB), Managing Director Kofi Adomakoh addressed the bank’s financial performance in 2022 and outlined the challenges faced by the bank and the overall operating environment. The bank’s financial performance in 2022 reflected the impact of several factors, including the Domestic Debt Exchange Programme (DDEP) initiated…
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GCB Bank achieved strong performance in 2022 despite DDEP impact – Board Chair
GCB Bank PLC (GCB) has released its full-year (FY) 2022 financial results, demonstrating a robust performance despite the challenges posed by the Domestic Debt Exchange Programme (DDEP). The bank reported a significant growth of 24 percent in Total Operating Revenue, reaching GHS 3.0 billion. This growth was driven by strong performance across all key revenue…
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First National Bank, Fidelity Bank establish special arrangements amid Forex license suspension
Following the temporary suspension of forex licenses by the Bank of Ghana (BoG) due to violations of the Ghana Interbank Forex Market Conduct rules, First National and Fidelity Banks have announced the establishment of special arrangements with partner banks. The forex licenses of Fidelity Bank Ghana Limited and First National Bank Ghana Limited were suspended…
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Bank of Ghana’s operational mechanism ‘very pleasing’ – Prof. Aryeetey
At the launch of Ivor Agyeman-Duah’s comprehensive book on the Bank of Ghana, titled “Central Banking in Ghana and the Governors – Institutional Growth and Economic Development,” Professor Ernest Aryeetey, the Secretary General of the African Research Universities Alliance and former Vice Chancellor of the University of Ghana, praised the Bank’s operational mechanism, stating that…
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Deputy CEO of GIPC stresses IMF’s role in Ghana’s economic recovery
In a recent Financial Economics Seminar held in Accra, Yaw Amoateng Afriyie, the Deputy CEO of the Ghana Investment Promotion Centre (GIPC), expressed his optimism regarding Ghana’s economic prospects despite the ongoing cost of living crisis and inflationary pressures. Afriyie emphasized the importance of leveraging the benefits of the International Monetary Fund (IMF) program to…
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Excessive interest rate hikes negatively affecting trade and industry – Stephen Amoah
Deputy Minister for Trade and Industry, Dr. Stephen Amoah has raised concerns about the potential negative impact of excessive interest rate hikes on trade and industry, particularly in light of the persistent inflationary pressures experienced in the country. Dr. Amoah urged policymakers to exercise caution when adjusting interest rates, as their strategy may inadvertently worsen…