Tag: Bank of Ghana
-
UBA Ghana appoints Balogun Olalekan as new CEO
The Board of Directors of United Bank for Africa (Ghana) Limited (UBA Ghana), has appointed Mr. Olalekan Balogun as the new Managing Director / Chief Executive Officer of the Bank. His appointment took effect from 08 May, 2020. He has replaced Mr. Isong Udom, who has been the Managing Director / Chief Executive Officer of…
-
Receiver given 10 days to respond to GN Savings’ suit over license revocation
The Receiver of GN Savings and Loans Company, has been given a deadline of May 21, to file a response to the suit challenging the revocation of the company’s license. The deadline was given after the Receiver failed to meet the 10-day period given to it and two other defendants to file their responses. The…
-
Economist urges BoG to further reduce policy rate amid COVID-19 troubles
As the Monetary Policy Committee (MPC) of the Bank of Ghana starts its meetings from today, Monday May 11, 2020, an Economist, Dr. Lord Mensah, is urging the Committee to further reduce the policy rate to bring some more relief to businesses and individuals hit by the impact of the COVID-19 pandemic. He explains that…
-
Receiver to pay outstanding locked up funds after 2nd level validation in May – Gov’t
Government says the receiver of the defunct Microfinance companies and savings and loans firms is set to complete a second level of validation processes to pay all affected customers whose funds were locked up after the Bank of Ghana revoked the licenses of the institutions. This follows an initial validation and payment of some 5…
-
Offer better protection for financial consumers amid COVID-19 – Group urges BoG
A group known as the Alliance for Financial Consumer Protection (AFCOP), has called on the Bank of Ghana to be proactive in protecting financial consumers in the wake of the COVID-19 pandemic. The group says its call is based on the approach adopted by the Bank of Ghana in ensuring that there is adequate relief…
-
COVID-19: BoG hopeful its 5 major decisions will lessen impact on financial sector
The Bank of Ghana says it is hopeful that the proactive measures it has taken so far to protect the financial sector from a possible shock from COVID-19 will yield results. In its latest banking sector report, the central bank says it has taken 5 major decisions that will stabilize the financial sector against any…
-
Investment remains highest share of banks’ assets despite slow growth in February
A new report released by the Bank of Ghana(BoG) on the country’s banking sector performance shows that the largest component of assets of banks, that is investments, recorded a growth of 7.2% as at February 2020. This is lower compared to the 33.3% growth recorded in the same period in 2019. According to the Bank…
-
High Court gives BoG, AG and receiver 10-days to respond to GN Savings’ suit
The Bank of Ghana, the Attorney-General and the Receiver of defunct GN Saving and Loans, have been given ten days by the High Court to file their response to the suit challenging the revocation of the company’s license. The court gave the order following the failure of the three defendants in the matter to file…
-
Halting dividend payments to shareholders necessary to protect banks – Banking consultant
Banking Consultant, Nana Otuo Acheampongm says the Bank of Ghana has the power to undertake periodic assessment of the financial sector to protect depositors’ funds as the country fights the COVID-19 disease. His assertion follows a directive by the central bank to all banks and Specialized Deposit Institutions (SDIs), to desist from declaring and paying…
-
BoG directs banks, SDIs not to declare dividends to shareholders amid COVID-19 troubles
The Bank of Ghana has directed all banks and Specialized Deposit Institutions (SDIs), to desist from declaring and paying any dividends or distributing reserves to shareholders as the country fights the COVID-19 pandemic. By this, shareholders are not expected to receive dividend from banks and SDIs for the 2019/2020 financial year. A press statement issued…