Category: Banking And Finance
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BoG directs banks; other financial institutions to take steps to prevent spread of COVID-19
The Bank of Ghana has directed all financial institutions operating in the country to take adequate steps to help curtail the spread of the coronavirus COVID-19. Ghana has already recorded 6 cases of the disease which has killed over 6,000 people out of nearly 170,000 cases globally. All six of Ghana’s cases have been described…
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Ghanaian banks announce safety measures to combat COVID-19
Banks in the country are deploying safety measures to check against the spread of the novel Coronavirus after two cases were confirmed in Ghana on Thursday, March 12, 2020. Messages sent out to customers by the banks urged their clients to remain calm as they collaborate with relevant health authorities to ensure their safety. With…
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Banks’ deposits grow by 22% to reach GH¢83.46bn
Total deposits of banks increased by 22% as at the end of 2019; according to the latest banking industry report published by the Bank of Ghana. The central bank attributes this to a rebound in confidence in the sector following its reforms which were carried out over the past two years. The banking sector report…
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Customers of defunct fund managers will be paid after verification – SEC assures
The Deputy Director-General of the Securities and Exchange Commission, SEC, Paul Ababio, says investors of the collapsed fund management companies would soon have access to their funds when their claims are successfully validated. This follows renewed concerns over the silence of the capital market regulator which revoked the licenses of some 53 fund management companies…
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Absa Group records slightly improved performance amidst sluggish SA economy
Absa Group Ltd., Absa Bank Ghana parent company on Wednesday, March 11, 2020 reported improving revenue growth for the 2019 financial year, with headline earnings growing slightly. “We delivered a resilient performance against a challenging macroeconomic backdrop. We maintained balance sheet momentum and growth was broad-based across most businesses,” said Daniel Mminele, Absa Group Chief…
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Bank of Africa sponsors West Africa Swimming and Open Water Championship
Ghana hosted the 7th Zone 2 West Africa Swimming and Open Water Championship held at The Trust Emporium, at Bukom in Accra. The competition from Thursday, March 5, to Sunday March 8, 2020, attracted the crème de la crème of swimmers from 22 West and Central African countries, and provided a platform for Ghana to…
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GCB Bank sponsors Mobile Technology for Development Conference
Coming on board as the first bank with a mobile money service in Ghana, GCB Bank has cemented its commitment to drive financial inclusion in Ghana by sponsoring the maiden edition of the Mobile Technology for Development Conference (MT4D) in Accra. The conference which was opened on 10th March at the Kempinski Hotel is a…
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Banks’ fees on retail loans hit 7.75% aside from interest charge – BoG survey
A survey by the Bank of Ghana has shown that for the last quarter of 2019, a retail loan could attract as much as 7.75 percent in fees in addition to the interest to be paid on the loan. A retail loan is given to an individual by a commercial bank, a credit union, or…
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BoG extends minimum capital requirement deadline for providers of payment services to Dec. 2020
The Head of Payment Systems Department at the Bank of Ghana, Dr. Settor Amediku, has announced an extension to the deadline for payment service providers to meet the central bank’s minimum capital requirement. The central bank had initially given Mobile Money Operators a June 2020 deadline to meet the new minimum capital requirement of GH¢20…
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Banks hopeful investments will pick up as depositors receive locked up funds
Some banks say they are anticipating an increase in their investment portfolio with the repayment of some locked up funds to depositors of the collapsed financial institutions. Following the assurance to protect depositor funds, the government, through the Receiver, is making final payments to the affected customers of the savings and loans companies, finance houses…