Category: Banking And Finance
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Improved debt collection reduces banks’ NPLs by 300 million cedis – BoG report
The Non Performing Loans (NPLs) of banks have dropped by 4.2 percent between August 2018 and the same period in 2019. According to data from the Bank of Ghana, the NPLs reduced from 7.21 billion cedis to 6.91 billion cedis. The Bank of Ghana’s report looked at activities of the twenty-three banks as at the…
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Banks profit soar to GH¢2.24 billion after banking reforms
The Bank of Ghana’s latest Banking Sector Report has revealed that commercial banks were able to make in excess of GH¢2.24 billion in the first eight months of 2019. According to the report, the industry recorded an after-tax profit of GH¢2.24 billion, a 38.4 percent growth over profits recorded by the banking sector for the…
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Banks squeeze lending to private sector in favour of government — BoG report
Commercial banks in the country are beginning to favour lending to the public sector rather than the private sector, the Bank of Ghana’s latest Banking Sector Report has revealed. According to the report, the share of private sector credit in total advances made by banks in the eight months of the year declined while loans…
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NIC to develop annuities market to manage pensioners lump-sum payments
The National Insurance Commission says it is working at developing annuities market to manage lump sums for pensioners following the announcement by the Social Security and National Insurance Trust (SSNIT) that workers who turn 60 from January 1, 2020, will no longer receive lump-sum payments. SSNIT’s announcement directed the contributors to turn to the fund…
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GHL Bank delights staff and clients with The Magic of Service
GHL Bank celebrated the 2019 edition of the International Customer Service Week from the 7th of October to the 11th of October. Under the global theme, “The Magic of Service”, the bank’s activities were aimed at boosting staff morale, motivation and teamwork; rewarding frontline reps; and enforcing the bank’s commitment of superior customer service to…
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Microfinance companies seek extension of recapitalisation deadline
Microfinance companies are seeking an extension of the deadline for their recapitalization. Microfinance companies have up to the end of February 2020 to raise 2 million cedis as their new minimum capital requirement. However, the companies say the timing is too short as they are struggling to win investors due to low public confidence in…
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PDS deal cancellation was to protect $3 billion ECG assets — Ofori-Atta
Finance Minister Ken Ofori-Atta has explained that government cancelled the power concession agreement with Power Distribution Services(PDS) to protect the 3 billion dollar assets of the Electricity Company of Ghana(ECG). Mr. Ofori-Atta maintained that there was no need pursuing the matter since some partners in the deal breached some agreements that were fundamental to the…
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BoG will not hesitate to raise policy rate to deal with inflation
The Governor of the Bank of Ghana, Dr. Ernest Addison, has said the central bank will not hesitate to increase its monetary policy rate to deal with any surge in inflation. The central bank’s policy rate which signals the rate at which it lends to commercial banks is currently pegged at 16 percent while inflation…
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GRA closes down metering company over GHS6.8m tax default
The Ghana Revenue Authority (GRA) has closed down a metering company as part of its compliance and enforcement exercise in the Greater Accra region to compel businesses to pay their taxes. A special task force with the authority closed down the private metering company, Intelligent Metering and Solution Limited in East Legon. This exercise follows…
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Ofori-Atta unveils Committee to review take or pay agreements et al
The Minister for Finance has unveiled a committee to take over the consultation process with the independent power producers and gas suppliers as part of efforts to reduce the burden placed on government by several ‘take or pay’ power purchase agreements among other issues in the energy sector. Ken Ofori-Atta inaugurating the government-led Energy…