Category: Banking And Finance
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Republic Financial Holdings Limited hosts Asantehene at Emancipation Day celebration in Trinidad & Tobago
Republic Financial Holdings Limited (RFHL), the parent company of Republic Bank (Ghana) PLC hosted Otumfuo Osei Tutu II, the Asantehene at a luncheon held in his honour at the Amara Restaurant in Port of Spain on Thursday, 3rd August 2023. This was during his recent visit to Trinidad and Tobago at the invitation of Dr.…
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Tame inflation, GHS 60billion loss not excuse to shirk policy mandates – IMF tells BoG
The International Monetary Fund (IMF) has cautioned the Bank of Ghana against not fulfilling its policy mandate in the face of the loss it posted for the financial year ending 2022. According to the IMF, the Central Bank must despite the impairment ensure that inflation returns to the target of 8 percent. “The loss the…
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We acted as loss absorber; don’t point to insolvency or bankruptcy – BoG insists
The Bank of Ghana has assured that it is committed to the highest standards of prudent management, governance, and transparent accounting and auditing methods. It stated that because it is a non-commercial bank, its financial results have no impact on its operations. This comes on the back of calls for the resignation of the Governors…
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Construction of $250m new Headquarters justified – BoG
The Bank of Ghana (BoG) has justified the construction of a new headquarters, insisting that its current head office, built in the 1960s, is no longer fit for purpose. The National Democratic Congress (NDC) at a press conference on Tuesday, August 8, accused the Bank of Ghana of building a new head office at an…
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ADB records GHS 371m loss in 2022 but steadily picking up as H1 profit hits GHS 52m
Despite the impact of the Domestic Debt Exchange Programme on the banking sector which has caused the Agricultural Development Bank (ADB) Plc to lose over GHS 370 million in the 2022 financial year, ADB is making strides in its profitability for the first half of 2023. For the first half of 2023, the bank has…
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NDC demands resignation of BOG Governor, deputies within 21 days
The opposition National Democratic Congress (NDC) is calling for the resignation of the Governor of Bank of Ghana (BoG), Dr Ernest Addison and his deputies. The party has threatened to march to the premises of BoG to drag Dr Addison and his deputies from office if they fail to resign within 21 days. The Bank…
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Govt misses T-bills target marginally by 3.6%
The government’s treasury bills target of GHS 2.262 billion fell short of about 3.6 percent. The Bank of Ghana results show that the government secured GHS 2.179 billion as against a target of GHS 2.261 billion. This 3.6 percent decrease in target does not directly impact strong investor demand as interest rates continued to surge…
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Taking haircut saved economy, sent positive signal to external partners – BoG
The Bank of Ghana (BoG) says its decision to take a 50 percent haircut on government’s debt has saved the economy from collapse and sent a positive signal to external partners. “With BoG being the absorber, the external partners are also watching. Remember they also need to go through some debt treatment but before that,…
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BoG should not entirely be blamed for GH¢60.81bn loss – Adu Sarkodie
An economist at the University of Ghana, Dr. Adu Sarkodie has defended management of the Bank of Ghana over the GH¢60.81 billion loss the apex bank incurred in the 2022 fiscal year. Speaking to Bernard Avle on the Citi Breakfast Show on Citi FM, Dr. Sarkodie indicated that for the period under review, the Bank…
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Menzgold to pay customers after completion of validation exercise
Defunct gold trading company, Menzgold has announced that it has successfully completed the transaction validation process assuring to make payments to its customers soon. This was contained in a statement issued by the management of Menzgold dated July 29. “Following the gold trading transactions claims supporting documents collection and vetting exercise initiated; we are happy…