Category: Banking And Finance
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Pension industry exposed to banks to the tune of GH¢863.63 million
The Finance Ministry has revealed that the pensions industry’s exposure to the banking sector is about GH¢900 million; justifying the need for Parliament to approve a GH¢15.6 billion to protect the financial sector from a possible collapse. The Finance Minister, Ken Ofori-Atta in a memo to Parliament, argued that the financial sector is very interconnected…
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Serene Insurance to meet Ghc50 million capital requirement by 2nd quarter of 2020
Serene Insurance says it is set to meet the new minimum capital requirement of 50 million cedis for insurance companies by the end of the second quarter of 2020. Serene Insurance, which is a member of the First Sky Group, was launched in September 2018 after it was licensed in April. The Chief Executive Officer…
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#OperationFeedYourself: Farmers need low interest loans; not just specialized banks – David Korboe
The 2009 National Best Farmer, Davies Korboe, says there is no point in establishing a specialized bank to lend to the agricultural sector if farmers cannot have access to low-interest loans. Mr. Korboe, speaking at the Citi FM’s Operation Feed Yourself agribusiness forum on Saturday argued that people involved in the agricultural value chain need…
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Gov’t committed to strengthening rural banks – ARB APEX Bank
The Deputy Managing Director of ARB APEX Bank, Mr. Alex Kwasi Awuah, has reassured Ghanaians of government’s commitment to strengthening rural and community banks amidst the ongoing financial sector reforms. Mr. Awuah said the Bank of Ghana (BOG) is collaborating with the APEX Bank, the sole regulatory institution of rural banks, to put effective mechanisms…
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Opportunity International supports farmers with over GH¢110m
Opportunity International Savings and Loans (Opportunity), has financed the agricultural sector of the economy by disbursing over GHS 110 million to 112,757 farmers from 2012 to date with impressive recovery rate. So far, it has reserved 15% of its Loan portfolio to support Agriculture and Agro-related businesses in Ghana. Opportunity’s Agric finance model seeks to…
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OmniBSIC bank completes integration process after merger
Executive Director of OmniBSIC Bank, Philip Oti-Mensah, says the bank has been able to seamlessly integrate the operations of the two banks that were merged to form OmniBSIC. After the banking sector cleanup in 2018, the Bank of Ghana approved a merger between OmniBank and Sahel Sahara Bank, to help the new entity meet the…
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BoG moves to ensure banks don’t pass on operational inefficiencies as high lending rates
The Governor of the Bank of Ghana Dr. Ernest Addison has said the bank is putting in place measures to streamline the remuneration of banks’ employees as a way of curtailing inefficiencies in the sector which is passed on to consumers in the form of high lending rates. “Bank of Ghana will work closely with…
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Access Bank Ghana holds Walkathon to fight Fistula
Access Bank Ghana has held a day’s Walkathon across the country in furtherance of its commitment to funding the fight against Fistula in the country. The “Fist against Fistula” campaign, is part of the Bank’s larger objective to support Ghana in meeting the United Nation’s Sustainable Development Goals (SDGs) and in response to the high…
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New Cedi notes won’t increase inflation – Banking Consultant
A Banking Consultant, Nana Otuo Acheampong, does not think the introduction of the 100 and 200 Cedi notes will contribute to any inflation as some have suggested. “We are not changing prices anyway… if anything at all, it [the new notes] should have a positive or at worst a neutral effect on inflation but not…
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New Ghana cedi denominations won’t lead to inflation – Ebo Duncan
An Economist and former Head of Economic Statistics at the Ghana Statistical Service, GSS, Dr. Ebo Duncan, has downplayed suggestions that the newly introduced Ghc200 and Ghc100 notes, as well as the Ghc2 coin by the Bank of Ghana, will increase the prices of goods and lead to inflation. The Governor of the Bank of…