Tag: Bank of Ghana
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Fraud cases in banking sector increase by 5.5 percent in 2019–BoG report
New figures released by the Bank of Ghana show that fraud cases in the banking sector increased to 2,295 from 2,175, representing 5.5 percent in 2019. The marginal increase in the number of fraud cases according to the central bank could partly be attributed to the improved efforts by the Financial Stability Department to identify,…
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Shareholders will enjoy dividends soon – ADB Board Chairman assures
Shareholders of the Agricultural Development Bank (ADB) have been assured of dividends soon as the Bank continues on the path of sustainable growth and profit making. According to the Board Chairman, Lawyer Alex Barnasko, under his leadership the Bank was now making profit and with a well laid out strategy shareholders will soon enjoy dividends…
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We’ve instituted stringent measures to detect distressed banks – BoG Governor
The Governor of the Bank of Ghana, Dr. Ernest Addison, says the central bank has put in place stringent measures to rapidly detect signs of distress exhibited by financial institutions, to immediately step in and protect the funds of depositors. The Governor says the measures include tightening of the bank’s supervisory role to stop the…
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Petroleum Holding Fund for 2020 Q1 drops by $124m as against 2019 Q1
A new report by the Bank of Ghana shows that the country received a total of 310.14 million dollars into Ghana’s Petroleum Holding Fund (PHF) for the first half of 2020. Compared to same period in 2019, the figure dropped by $124. 34 million dollars as the figure for last year was $434.48 million dollars.…
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BoG to build additional reserves to deal with cedi depreciation
The Bank of Ghana says it intends to build additional reserves of up to 300 million cedis to stabilize the country’s currency. This will be a medium-term solution to prevent the free fall of the cedi. The currency has performed marginally well within the first half of the year, compared with other major currencies such…
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Economists react to BoG’s decision to maintain policy rate at 14.5%
Some economists have reacted to the decision by the Bank of Ghana, BoG, to maintain the policy rate at 14.5%. The policy rate, which is the rate at which the central bank lends to commercial banks, and is also used by banks to calculate their base rates, was kept unchanged at 16 percent for at…
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Bank of Ghana to announce Monetary Policy Rate today
The Monetary Policy Committee (MPC) of the Bank of Ghana, is set to announce the policy rate later on Monday, July 27, 2020. The rate is of keen interest to businesses, as it determines the rate at which the BoG lends to commercial banks, and subsequently influences interest rate on loans. The Committee begun its…
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GHS13.6bn spent so far on financial sector clean-up – Finance Minister
Finance Minister, Ken Ofori-Atta, says government has so far spent GHS13.6 billion in sanitizing the financial sector as at 2020 first quarter. He made this known on Thursday July 23, when he delivered the Mid-year budget review statement in Parliament. “As at the end of first quarter 2020, a total amount of GH¢13.6 billion (3.5…
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BoG’s Monetary Policy Committee begins 3-Day meeting today to assess economy
The Monetary Policy Committee of the Bank of Ghana is scheduled to begin it’s regular meetings from Wednesday through to Friday, July, 24. The 95th meeting of the MPC is to review developments in the economy and take certain critical decisions. The meeting will also come out with the Monetary Policy Rate which is of…
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Receiver to pay all depositors of defunct Microfinance & S&Ls firms by end of July
The Receiver of the defunct 347 Micro Finance Companies, 23 Savings and Loans and Finance Houses, Eric Nana Nipah, says customers who have not received their claims, should be able to access them by the end of July this year. According to Mr. Nipah, he has already paid about 96% of customers, and is hopeful…