Category: Banking And Finance
-
FBNBank appoints first Ghanaian Managing Director
FBNBank Ghana, a subsidiary of First Bank of Nigeria, has announced the appointment of Victor Yaw Asante as its new Managing Director following the Bank of Ghana’s approval. Mr. Asante replaces Gbenga Odeyemi, who served in this capacity and has moved on to become the Managing Director of FBNBank Sierra Leone. Victor joins the FBNBank…
-
BoG not in a hurry to collapse Savings and Loans companies — Governor
The Governor of the Bank of Ghana, Dr. Ernest Addison has said the central bank will first explore options of rescuing savings and loans companies that have the potential of surviving in the long run rather than revoke their licenses. After its clean-up of the banking and the microfinance sectors, the central bank served notice…
-
Gov’t injects GHS800m into GAT after failed bond attempt
Ghana has pumped GHS800 million ($150 million) into a special purpose vehicle created to bail out banks that don’t have enough capital, according to four people with knowledge of the matter. Ghana Amalgamated Trust, or GAT, will be getting the funds from the finance ministry after dropping a plan to raise the money through a…
-
Ghana’s economy remains vulnerable despite stability — Dr. Addison
The Governor of the Bank of Ghana, Dr. Ernest Addison has stated that despite the country’s recent macroeconomic stability, the economy remains fragile as non-resident investors continue to hold significant investment in local bonds. Addressing the press at the announcement of the monetary policy rate, the Governor said the actions of these non-resident investors could…
-
Bank of Ghana maintains policy rate at 16 percent for 3rd time running
The Monetary Policy Committee of the Bank of Ghana has voted to maintain the policy rate at 16 percent for the third time running. The central bank’s decision, the Governor explained at a news conference, is due to the risk of inflation jumping beyond the bank’s 8-10 percent medium-term target. Although inflation reduced from 9.6…
-
Ghana’s debt stock hits 200 billion cedis by May
Data released by the Bank of Ghana shows that the country’s total debt stock has hit 200 billion cedis by May 2019. The data shows that the debt stock increased by 2 billion cedis in three months from March to May. The external component of the debt is pegged at 20.5 billion dollars while the…
-
Stock market’s bearish performance may not rebound soon – Databank CEO
The stock market’s bearish performance may not witness any significant turnaround for the remainder of this year considering the seeming low investor confidence in the financial sector. That is the comment from the Group CEO of Databank, Kojo Addae-Mensah. The Ghana Stock Exchange witnessed a negative 0.29 percent growth last year. This is an unfavourable…
-
Economist predicts policy rate will be maintained at 16 percent
Economist Professor Peter Quartey is of view that the Monetary Policy committee is likely to maintain the figure at 16 percent. He argues that the committee will take the decision to help sustain price stability. The Monetary Policy Committee of the Bank of Ghana is on its regular meetings to assess the strength of Ghana’s…
-
BoG reschedules MPC presser to tomorrow
The Monetary Policy Committee of the Bank of Ghana is now scheduled to announce its policy rate tomorrow having brought the date forward from the earlier advertised July 22, 2019 According to a notice sent to journalists, the change has been necessitated by the fact that the Minister of Finance will be presenting its mid-year…
-
Ghana stock market performance reach 21 month low as banking sector clean-up effects bite
Ghana stocks headed for the lowest in 21 months as investors sold shares to free up cash as they contend with the fallout from banking reforms in the West African nation. The Ghana Stock Exchange Composite Index retreated 1.5% as of 12:09 p.m. in Accra Wednesday, heading for the lowest close since October 2017. Ghana’s…