Category: Banking And Finance
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Seth Terkper writes: Reading IMF “between the lines” on holidays
Introduction The 2020 new year holidays have come and gone and, despite assurances of an “exit” from the Institution a few months back, the most significant market and fiscal developments relate to the International Monetary Fund (IMF) post-Budget Statement. IMF Article IV: based on “headline” scores, the view was bullish in some official and unofficial…
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Bright Simons writes: BoG’s murky explanations on the GH¢100 and GH¢200 notes
The Bank of Ghana (BoG) on November 29th, 2019, released a document justifying the need for the introduction of “higher-value denomination” currency (HVD) notes. The question of whether HVD notes are warranted at any point in time is not a merely conceptual one. It is, in fact, a highly empirical enquiry to be approached from a careful…
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Banks deposits growth slows amidst banking reforms
The growth rate in commercial banks’ deposits has slowed down amidst the reforms undertaken by the central bank to strengthen the sector. The Bank of Ghana in its latest banking sector report stated that deposits, as the main source of funding for the banking industry, grew by 17.1 percent in October 2019, marginally lower than…
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Ofori-Atta to raise over US$3 billion in diasporan bond
The Ministry of Finance is hoping to raise over US$3 billion in a Diasporan bond through the creation of the Diasporan Savings and Investment account. The account which will also be known as the African Sankofa Account will enable people of African descent living outside the continent to lend to the government of Ghana for…
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First Atlantic Bank donates fully equipped classroom block to Cape Coast School for the blind
As part of First Atlantic Bank’s commitment to positively impact communities within its operational areas, it has handed over a fully furnished classroom block to the unit for the Blind at the Cape Coast School for the Deaf. The event on Monday 30th December 2019, was attended by the Chief of Abura, Nana Kwodjo Addai…
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Banks post GHS2.83 billion profit as reforms take effect
The country’s banking sector is churning out more profit following the regulator’s decision to introduce a number of reforms to strengthen the sector. The Bank of Ghana’s latest banking sector report revealed that as of October 2019, banks in the country made a total profit of GHS2.83 billion which was a 45.3 percent increase in…
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EIU predicts reduction in policy rate this year
Individuals and businesses seeking credit from commercial banks this year should be offered some respite as the Economist Intelligence Unit is predicting that the Bank of Ghana will lower its lending rate. The business intelligence advisory firm in its latest country report stated that the Bank of Ghana’s policy rate currently pegged at 16 percent…
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Cedi’s performance worst in 3-years ahead of election 2020
The cedi’s perennial struggles against the US dollar does not seem to go away as this year’s performance is rated as the worst in the three-year-old Akufo-Addo administration. According to data from the Bank of Ghana, the cedi depreciated by about 10.6 percent against the greenback compared to the 8.21 percent depreciation achieved last year.…
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BoG to auction US$715 million in 2020 to fight cedi depreciation
The Bank of Ghana (BoG) is set to auction US$715 million in Forward Foreign Exchange Auctions for the year 2020. Per the schedule released by the Bank of Ghana, the central bank will have the highest auction of 80 million dollars each in January, February and March 2020. According to the Bank of Ghana’s Foreign…
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Ghana determined to join Ivory Coast, others in adoption of ECO currency
The government of Ghana has commended the eight West African countries which have committed to using a common currency, the ECO, from 2020. In a statement from the Presidency, the government said the move will further boost efforts towards integration in the sub-region. “It is a good testimony to the importance that is being attached…