Category: Banking And Finance
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Former Capital Bank CEO Ato Essien jailed 15 years
Former Chief Executive Officer of defunct Capital Bank, Ato Essien has been sentenced to 15 years imprisonment with hard labour. This follows his failure to pay in full an amount of GH¢90 million he agreed to pay the state despite several lifelines given him since December 2022. Ato Essien pleaded guilty to 16 counts of…
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Development Bank Ghana set to diversify financial offerings by introducing equity fund alongside lending activities.
DBG’s Chief Executive Officer, K. Duker, unveiled the bank’s plans for this equity fund, aimed at expanding the range of financial products available to both institutions and borrowers at different stages of development. DBG, established in June 2022, has already disbursed GH¢731 million across various sectors, contributing to Ghana’s economic growth and development. Mr. Duker…
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AfDB, EBID sign loan agreement for $50 million and €50
The African Development Bank Group and the ECOWAS Bank for Investment and Development (BID) have signed an agreement for a dual currency line of credit, comprising $50 million and €50 million to support local agricultural businesses in West Africa. Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID, and Solomon…
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BoG’s viability analysis framework to safeguard financial institutions – Governor
The Bank of Ghana (BOG) is developing a Business Model and Viability Analysis Framework to protect financial institutions from potential shocks resulting from the Domestic Debt Exchange Program according to the governor. BOG Governor, Dr. Ernest Addison, has reaffirmed the Central Bank’s commitment to ensuring the financial stability of banks across the country. Speaking at…
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Restructuring NIB’s balance sheet won’t fix solvency challenges – Banking consultant cautions
Banking consultant, Dr. Richmond Atuahene, has cautioned against proposals for a restructuring of the balance sheet of the National Investment Bank (NIB). NIB is facing significant financial challenges with liabilities exceeding GHS 2 billion. The Minority in Parliament has strongly urged the government to undertake a significant restructuring of the ailing NIB in order to…
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SMEs must incentivize staff to unlock full potential – Access Bank Board Chair
Ama Bawuah, the Board Chair of Access Bank Ghana, has emphasized the importance of Small and Medium Enterprises (SMEs) incentivizing their staff effectively to unlock their full potential, ultimately benefiting their businesses. Addressing the audience at the Vodafone Business Runway event in Accra, which centred around the theme “Good to Great with Vodafone: Innovate, Comply,…
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NIB too important to collapse, govt must restructure balance sheet – Adongo
The Minority in Parliament has strongly urged the government to undertake a significant restructuring of the ailing National Investment Bank (NIB) in order to prevent the bank’s potential liquidation. Recent reports have indicated the possibility of the Agricultural Development Bank (ADB) acquiring NIB, which currently carries liabilities exceeding GHc2 billion. During a press conference held…
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Monetary policy rate held steady at 30%
The Bank of Ghana has maintained the monetary policy rate at 30 per cent after reviewing developments in the economy. This means that the lending rate in the country will remain steady. It is the second time the Central Bank has held the rate in a year after doing the same in May 2023. After…
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Cedi depreciates against the dollar by 22.5%
The Bank of Ghana has pegged the depreciation of the cedi to the American greenback at 22.5 percent as of the September 2023. One will now need GHS 11.07 to exchange a dollar on the interbank market. In the Central Bank’s latest Summary of Economic and Financial Data for September 2023, the cedi has also…
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Financial sector withstood 2022 shocks; positive signs ahead – BoG
The assessment of the country’s financial system has shown strong signs of resilience. Per the Bank of Ghana’s 2022 Financial Stability Review, the financial sector is on the path to recovery with the rebound expected to be sustained further in the short to medium term. The Central Bank in the review maintains that the Domestic…