Category: Banking And Finance
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GCB Bank to expand to other West African countries
Ray Sowah, Managing Director of GCB Bank, has revealed that the Bank plans to expand its operations into the West Africa sub-region, beginning with the English-speaking countries. A statement from the Bank to the Ghana News Agency noted that the Bank was also exploring with a foreign partner to form a joint venture to provide…
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Cheques usage declines as MoMo grows stronger — Bank of Ghana report
Cheques popularity as a means of payment declined in the first quarter of 2019, data from the Payment Systems Department of the Bank of Ghana has shown. According to the central bank’s data, which excludes in house cheques, the total number of cheques cleared in the first three months of this year stood down by…
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Policy rate: Be measured with expectations of drop in interest rates – Prof. Quartey
Economist with the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey, has maintained that business may have to be measured with their expectation of a drop in interest rates despite the central bank’s decision to keep the policy rate unchanged at 16 percent. The Monetary Policy Committee (MPC) at the end of…
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![[Article] Banking Crises Part 1: The role of Bank of Ghana, Alex Mould writes](https://citibusinessnews.com/wp-content/uploads/2019/05/alex-mould-1.jpg)
[Article] Banking Crises Part 1: The role of Bank of Ghana, Alex Mould writes
The current crisis within Ghana’s banking sector has left us all perplexed; with many unanswered questions. On one hand, we are being asked not to blame the current Governor of BoG since he is only implementing recommendations that he received when he took over from the previous Governor. So, that means the previous administration’s Governor…
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Banks well-positioned to survive sudden exchange rate depreciation — Dr. Addison
Governor of the Bank of Ghana, Dr. Ernest Addison has said that the bank’s latest rigorous assessment of the banking industry’s ability to withstand shocks has revealed that banks have additional capital and liquidity buffers in the event of shocks from exchange rate and interest rate movements. The local currency has depreciated by more than…
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Special court for financial sector will deal with various issues — Ray Sowah
Managing Director of GCB Bank Ray Sowah has stated that the suggestion by the Central Bank for the Chief Justice to establish a special court to deal with financial cases will help settle financial disputes amicably. The Governor of the Bank of Ghana, Dr. Ernest Addison urged the Chief Justice to establish special courts to…
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Bank of Ghana maintains policy rate at 16 percent
The Monetary Policy Committee of the Bank of Ghana has voted to maintain its policy rate for the second time running citing inflationary pressures that must be controlled. Speaking at the MPC press briefing on Monday, Dr. Ernest Addison said the MPC’s decision became necessary to sustain the gains the committee had made over the…
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Ghana adds 21.4 billion cedis to debt stock in three months
Data released by the Bank of Ghana (BoG) has shown that the country’s total debt stock increased by 21. 4 billion cedis in the first quarter of this year. This means that Ghana added 21.4 billion cedis to its debt stock between January and March this year. According to the data, Ghana’s total debt now…
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Tax collection among SMEs must be improved—Zenith Bank MD
The Managing Director (MD) of Zenith Bank Ghana, Henry Oroh has called for more effort to improve tax compliance among Small and Medium Enterprises (SMEs) in the country. He maintained that such a move will help improve domestic revenue mobilization to help government achieve its development agenda. Speaking to Citi Business News after Zenith Bank…
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Banking sector reforms fortified economy — President Akufo-Addo
President Nana Addo Dankwa Akufo-Addo on Wednesday defended government’s decision to reform the banking sector, saying the measure had ensured the stability of the country’s economy. “The measures we took saved the banking industry from a very dire situation,” he said when he opened the new headquarters building of the CalBank situated at 23 Independence…