Category: Banking And Finance
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Increasing interest rates in tandem with policy rate not prudent – Banking Consultant
Banking consultant Nana Otuo Acheampong says it is in the interest of banks not to increase their interest rates in tandem with increases in the monetary policy rate of the Bank of Ghana. The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) a few weeks back, increased the Monetary Policy Rate (MPR) by…
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BoG forwards suspected financial crime cases to EOCO for further probe
The Bank of Ghana has forwarded a number of suspected financial crime cases to the Economic and Organised Crime Office (EOCO) for investigations. According to the Central Bank, these include suspicious claims to the Bank of Ghana for the payment of certain large sums of money purportedly remitted to them by foreign counterparties through some…
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$1bn SDR allocation will avoid out-crowding of private sector – Economist
Economist Courage Martey is confident the crowding out of the private sector in accessing funds could be averted if the government opts to draw down from the US$1 billion it received from the International Monetary Fund (IMF), as part of the new Special Drawing Rights (SDRs) allocation to boost the post-COVID economic recovery of member…
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2022 economic outlook positive, but potential risks must be monitored – BoG Governor
Governor of the Bank of Ghana, Dr. Ernest Addison has assured of intensified surveillance of the economy to ensure that the unpredictabilities surrounding food prices, petroleum price adjustments, among others do not exert inflationary pressures on the country’s economic outlook for 2022. Ghana’s inflation rate for 2021 has witnessed an upward trend in recent times.…
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Moves to connect GhIPSS to Pan-African Payment System ongoing – Archie Hesse
The Chief Executive of the Ghana Interbank Payment and Settlement System (GhIPSS), Mr. Archie Hesse, says they are working around the clock to ensure intra-African payments from and to Ghana are smooth once the Pan-African Payment and Settlement System (PAPSS) becomes fully operational. The operational roll-out of the revolutionary continent-wide payment facilitation platform in local…
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Review SSNIT contribution rate to sustain it – ACRR calls on Parliament
The African Centre for Retirement Research (ACRR), a non-profit policy research organisation, has called for an increase in the rate of Social Security and National Insurance Trust (SSNIT) contributions to sustain the operations of the scheme. The centre, which focuses on retirement and pensions, said “the recommended contribution rate (cost rate) necessary to sustain the…
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Government urged to review Rural Banks’ corporate tax rate
The Association of Rural Banks (ARB) has appealed to the government to review downwards the corporate tax rate of Rural and Community Banks (RCBs). Mr Kwame Owusu Sekyere, Acting National President of the Association, who made the appeal, said this would help strengthen the capacities of rural and community banks to live up to the…
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Dr. Bawumia tasks Banks to develop specific E-cedi products to meet consumer tastes
Vice President Dr. Mahamudu Bawumia has tasked the banking community to be proactive in developing specific digital products for different types of customers with the introduction of the e-cedi. Speaking at the 25th National Banking Conference under the theme, “The Digital Economy of Ghana, the Strategic Role of the Banking Industry” Dr. Bawumia said, the…
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Chartered Institute of Bankers urged to introduce digital courses
The Chartered Institute of Bankers, Ghana is being charged to ramp up efforts in offering digital skills training to its members as Ghana moves into a cash-lite economy. This call comes at a time where stakeholders in the banking sector are increasingly instituting digital services in order not to be left out of the digitalization…
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Banks must respond to emerging trends in the sector – FBNBank MD
The Managing Director of FBNBank, Victor Yaw Asante, has indicated that Banks need to respond to the emerging trends in banking, which are driven by changing customer expectations, emerging technologies and the drive for optimal business models. He further indicated that speed and strategy will be vital in achieving a successful response. Speaking at the…