Category: Banking And Finance
-
BOND Savings and Loans joins in ‘Wear Ghana Month’
BOND Savings and Loans Plc joined in the Wear Ghana Month, where staff of the company across all outlets in Accra, Tema and Kumasi showcased their fashion flare in Ghanaian traditional clothes. The National Commission for Culture declared March, as the month for wearing Ghanaian Made Products. The move is to promote locally manufactured products…
-
Ghana Exim bank initiates stringent measures to recover loans
The Ghana Exim bank says it has instituted stringent application processes to reduce loan defaults. The bank was set up in 2016 to facilitate the country’s international trade by providing financial support to local companies especially SME’s. However, the Bank of Ghana’s Banking sector report for 2018 revealed that local private businesses are the worst…
-
Gov’t must embark on structural change to stabilize cedi—Economist
Economist, Dr. Ebo Tuckson has urged government to as a matter of urgency implement the needed structural changes in the economy to strengthen the Cedi. His comment follows widespread concern from different sections of the public about the performance of the local currency against the US dollar and other international currencies. The Bank of Ghana…
-
BoG must provide guidelines to help sustain local banks–PEF
The Private Enterprise Federation (PEF) is appealing to the Bank of Ghana to provide strategic guidelines with which local banks can become stronger to match up to the standard of the foreign banks. This, they believe will enhance their skills and capabilities in serving the nation. “Most of our financial institutions should be local ownership…
-
BoG’s decision to release more dollars to stabilize cedi good—Economist
Economist Dr. Lord Mensah has described the decision by the Bank of Ghana (BoG) to add a minimum of $800 million to Ghana’s reserves in an attempt to stabilize the Cedi against the dollar as a step in the right direction. The cedi has weakened by 8.6 percent this year (2019). The Bank of Ghana says it…
-
Activity on stock market to rebound in May—Analyst predicts
Some Stock Market analysts are hopeful market activity on the Ghana Stock Exchange will pick up by May after a sluggish start to the year. UMB Stockbroker Kofi Busia Kyei is optimistic companies will be paying dividends to their shareholders around the middle of the second quarter of this year (among other happenings) which should…
-
OmniBank, Sahel Sahara bank complete merger; now OmniBSIC
OmniBank Ghana Limited and Sahel Sahara Bank Ghana limited (BSIC) have merged into a new entity named Omnibsic. The two entities thus will effective today (4th March) operate under the merged name Omnibsic. The merger was necessitated in their bid to meet the meet the Bank of Ghana’s new minimum capital requirement of 400 million…
-
Cedi depreciation tilting towards EIU predictions
As the cedi continues to show some weakness against the dollar, there are calls from observers to halt the rate of depreciation the currency to stabilize prices. The local currency since the beginning of the year has seen over 8.6 percent depreciation, causing currency analysts to question measures put in place to stabilize the cedi.…
-
Importers advocate use of Chinese Yuan to reduce FX pressures
The Business Community is pushing for an immediate introduction of the Chinese Yuan as a major trading currency in Ghana to reduce pressures on the Foreign Exchange (FX) market. This, according to business owners especially importers, will reduce the pressure on the dollar which accounts for the free fall of the cedi. China is Ghana’s…
-
FBN Ghana working with EXIM bank to invest in agric–CEO
FBN Bank Ghana Limited, has disclosed that it is working in close collaboration with the EXIM Bank to support businesses interested in entering the agricultural sector. According to the bank, it will use its experience of supporting such businesses from Nigeria to do same in Ghana. A number of banks in the country have over…