Category: Banking And Finance
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Bank of Ghana confident of bringing down banks’ bad loans to about 10 percent
The Bank of Ghana has announced that it has reached an agreement with universal banks over a debt write-off policy that ensures the high non-performing loans ratio in the country is brought down to about 10 percent. The central bank is hopeful that the move will reduce the impact of high NPLs on the books…
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![[Article] Ghana’s fuel and utility prices set to anchor inflation for the rest of year](https://citibusinessnews.com/wp-content/uploads/2019/06/FNB-Logo.png)
[Article] Ghana’s fuel and utility prices set to anchor inflation for the rest of year
Following Ghana’s release of first-quarter fiscal numbers on June 3 that showed the government missed the budget deficit target, it drew the attention of investors as to whether it represented potential threat to inflation or currency stability. Ghana recorded a budget deficit of 1.6% of gross domestic product in the first three months of the…
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MTN MoMo marks decade of financial inclusion with over 14 million subscribers
The leading mobile financial services operator in Ghana, MTN Mobile Money Limited, has launched its 10th anniversary to celebrate the huge success it has chalked over the past 10 years in driving financial inclusion especially amongst the unbanked population in Ghana. Recounting the MTN Mobile Money journey during the launch of the 10th-anniversary celebrations held…
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#CitiBizFestival: Developing sustainable business plans will attract investors—Wave Africa CEO to startups
The Chief Executive Officer of Wave Africa Hannah Quashie has advised young entrepreneurs and startups to cultivate the habit of developing sustainable business plans to attract the needed investment. Most startups in Ghana face the challenge of attracting investors or raising funds to start their businesses due to high-interest rates. But speaking on the Citi…
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Customers of collapsed microcredit companies to receive funds in 3 months — Liquidator
The office of the Registrar-General has commenced processes to officially take over the 39 microcredit companies that had their operational licenses revoked by the central bank last month. A press release issued by the Registrar-General, Jemima Mamaa Oware, who was appointed Official Liquidator according to the Bodies Corporate (Official Liquidations) Act 1963 (Act 180), said…
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Malicious messages about Rural Banks can hurt financial sector – Dep ARB Apex Bank MD
The Deputy Managing Director of ARB Apex Bank, Alex Awuah has cautioned individuals responsible for spreading false messages about the state of Rural and Community Banks in the country, to desist from their actions, since they can negatively affect that segment of the financial system. His comments follow a recent call by the Bank of…
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Commercial banks need to take advantage of ongoing reforms – Access Bank MD
Universal Banks in the country have been challenged to take advantage of the ongoing clean-up exercises in the non-bank financial sectors such as the Microfinance sector to extend their services to the micro level. According to the Managing Director of Access Bank Olumide Olatunji, the recent reforms by the Bank of Ghana can be viewed…
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Stanchart pays GH¢140 million in dividends for 2018
Shareholders of Standard Chartered bank have voted to approve a dividend per share of 1 cedi 4 pesewas for 2018. This represents 7 percent drop compared to the 1 cedi 12 pesewas dividend per share approved in 2016. The total dividends for last year amounted to 140 million cedis. The Board Chairman of Standard Chartered…
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Disregard messages on social media about Rural and Community Banks – BoG
The Bank of Ghana has called on the public to disregard some malicious messages circulating on social media platforms such as WhatsApp and Facebook. According to a press release from the Central Bank, the messages create the false impression that an intended “clean up” of Rural and Community Banks (RCBs) sub-sector by the Bank of…
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Don’t resort to panic withdrawals—GHAMFIN to microfinance customers
The Ghana Micro Finance Institutions Network (GHAMFIN) has appealed to the public not to resort to panic withdrawals, following the cleanup exercise by the Bank of Ghana. The group in press statement assured that “it is safe to do business with the 137 microfinance and 31 microcredit companies” in good standing. The Bank of Ghana…