Category: Banking And Finance
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BoG posts GH¢60.81bn losses in 2022
The Bank of Ghana has posted losses totalling GH¢60.81 billion for the 2022 financial year. This compares to a profit of GH¢1.23 billion recorded in the 2021 financial year. The losses were a result of the government’s domestic debt restructuring activities, and the depreciation of the local currency, among others. The BoG’s audited financial statement…
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Senyo Hosi explains why he resigned as Convener of Individual Bondholders Forum
Finance and Economic Policy Analyst and Entrepreneur Senyo Hosi has disclosed his reasons for resigning from his position as the Convener of the Individual Bondholders Forum. Senyo Hosi resigned as Convener of the Individual Bondholders Forum on Tuesday, July 25, 2023. In a statement signed and issued in Accra on Tuesday, Mr. Hosi said that…
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Standard Chartered posts strong income growth in 2022; affirms commitment to Ghana
Standard Chartered Bank Ghana PLC has held its 53rd Annual General meeting to present the Annual Report and Financial Statements for the year ended 31 December 2022 to its shareholders. The Bank reiterates its ongoing commitment to Ghana, whiles supporting its clients in the market to achieve their ambitions. The Bank’s annual report highlighted a…
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‘It’s a worry to us’ – BoG governor on hoarding of dollars
The governor of the Bank of Ghana (BoG), Dr Ernest Addison, has expressed concern over the practice of individuals keeping large volumes of foreign currencies in their homes. Asked whether the BoG was worried over a report that the immediate past Minister of Sanitation and Water Resources Madam Cecilia Dapaah kept over One million dollars…
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Forex licenses of Fidelity Bank, First National Bank restored – BoG
The Bank of Ghana (BoG) has restored the forex licenses of Fidelity Bank and First National Bank. The Central Bank had temporarily suspended the two financial institutions for breaching some sections of the Ghana Interbank Forex Market Conduct rules, according to the Bank of Ghana (BoG). Fidelity Bank and First National Bank were fined a…
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OmniBSIC Bank continues impressive run, profit soars to GH¢96m in second quarter
Indigenous lender, OmniBSIC Bank has taken its stellar performance to the next level with strong results in the second quarter with superior returns to shareholders and guaranteeing higher value to customers. Profit and liquidity soared, and the balance sheet gained more robustness after all indices registered strong growth in the second quarter of this year.…
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Rising inflation forces monetary policy tightening; rate up by 0.5 to 30 percent
The Bank of Ghana (BoG) has tightened the monetary policy rate by 50 basis points, pushing it up to 30 percent. This was determined following the apex bank’s review of economic trends in the last two months. This means the cost of borrowing at banks has risen by 0.5 percent from the previous rate of…
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Republic Bank Ghana Plc records GHS 108.86 million profits in 2022
Republic Bank Ghana Plc remains resolute to employ various strategies aimed at mitigating risks in its operations. It comes on the back of the bank recording a 20.05 percent year- on- year growth in assets from GHS 4.25 billion in 2021 to GHS 10 billion in 2022. However, the bank also recorded a total comprehensive…
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Cocoa bills debt exchange an indication govt can’t pay its debts – Joe Jackson
The Director of Business Operations at Dalex Finance, Joe Jackson, says COCOBOD’s invitation to holders of its short-term debt securities (cocoa bills) to exchange that for longer-term debt securities is simply an indication of the government’s inability to pay its debt. The financial analyst says the invitation is simply an extension of the recent domestic debt…
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Savings and loans companies receive assurance from BoG to resolve NPLs
Savings and loans companies in the country have received assurances from the central bank that steps will be taken to resolve difficulties with Non-Performing Loans (NPLs) and high interest rates. The Central Bank claims to have seen the difficulties facing the sector’s operators. As the bank continues to work to ensure financial stability, Mr. Osei…