Category: Banking And Finance
-
First National Bank Ghana declares 2021 as the year of home ownership
First National Bank Ghana has declared 2021 as the ‘Year of Home Ownership’ (YOHO2021) to help make home ownership a reality for many Ghanaians. Announcing the initiative in Accra, the bank described this as a catalyst in driving greater interest in property ownership using home loans (mortgages). The bank also noted that, it will be…
-
ADB Managing Director is most visible Banking Sector CEO – 2020 IBNA Report
Managing Director of the Agricultural Development Bank (ADB), Dr. John Kofi Mensah has emerged as the most visible Chief Executive Officer (CEO) in the Ghanaian banking industry. This is according to the Institute of Brands Narrative Analysis (IBNA) Media Analysis 2020 survey report. According to the report, in the year 2020, the ADB Managing Director…
-
BoG’s support for banks may reduce in 2021 – Banking Consultant
The amount of credit from the Bank of Ghana to the 23 universal banks in the country should reduce this year when compared to credit advanced to the banks in 2020. The amount of money advanced to banks from the Central bank throughout the period when the Coronavirus was at its height was about GHS2.6…
-
Central Bank urged to enhance its supervisory role
Stakeholders within the governance sector have charged the Bank of Ghana to improve on its supervisory role to reduce the risk of another financial sector collapse and ensure prudential standards are strictly been followed. According to them, this will enable the Banking and Special Deposit Taking Institutions sectors as well as other banks to remain…
-
COVID-19 continues to be disruptive, but we need to be optimistic – FBNBank MD
Many businesses and industries continue to struggle to manage through the COVID–19 pandemic. The partial lockdown early last year compelled many businesses to stop operating or to significantly cut back on operations, while those that were operating were faced with the challenges of securing inputs, customers attrition and reduction in demand for their products and…
-
Prosecute persons whose actions led to banking crisis – BoG Governor urged
As the Governor of the Bank of Ghana Dr. Ernest Addison prepares to start his second term from April 1, 2021, as leader of the Central Bank, he is being called upon to dedicate time and resources to ensure that all persons behind the collapse of about 9 indigenous banks are prosecuted. Since 2017 banks…
-
Foreign inflows and BoG measures will see cedi depreciate by 4% in 2021 – Economist
Renewed inflow of foreign portfolio investment coupled with some measures by the Bank of Ghana such as the forex forward auctions should see the Cedi depreciate marginally by about 4 percent for all of 2021. That’s according to an economist with Databank Courage Martey. After depreciating by more than 8 percent and 12 percent against…
-
Growth rate of bank loan advances slows in 2020 due to COVID-19
The month of December witnessed the slowest annual growth rate in bank advances seen in all of 2020. That’s according to the latest summary of Macroeconomic and Financial data released by the bank of Ghana. Total amount of loans advanced by banks in the country at the start of 2020, stood at GHS46.5 billion, representing…
-
Reduction in cost of debt critical as figure rises to nearly 75% of GDP – Economist
As Ghana’s debt stock continues to rise, reaching about 75 percent of GDP in the first eleven months of 2020, an economist with Databank, Courage Martey has charged managers of the economy to prioritize reducing the cost of debt going forward. What is noteworthy according to the 2020 mid-year budget statement is the fact that…
-
Don’t invest in Chy Century Heng Yue; it’s a Ponzi scheme – EOCO cautions Ghanaians
The Economic and Organised Crime Office (EOCO) has warned the public against doing business with a Chinese Company called Chy Century Heng Yue Group Limited and Sairuir-Commerce Ghana Limited. In a statement, EOCO said it had been monitoring the company since the middle of 2020 and has concluded it is a Ponzi scheme. “The company…