Tag: Bank of Ghana
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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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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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The financial sector reforms and the return of NAM1: A Citi Business News Review of 2019
This year has witnessed a number of interesting events and happenings that have in one way or the other shaped the local economy. These happenings have largely had an impact on the economies of individuals both positive and negative in some cases. The year started on quite a sour note for Heritage and Premium banks.…
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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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IMF warns government against collateralised borrowing
The International Monetary Fund (IMF), is warning the government to avoid collateralized borrowing as a means of reducing the mounting public debt. The Executive Board of the Fund after the conclusion of its Article IV Consultation with Ghana expressed concern about Ghana’s high risk of debt distress and highlighted the need to strengthen the fiscal…
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CBG pays over 400 customers of GN Bank in Western North Region
Over 400 customers of the defunct GN Bank have so far received their locked up funds at the Sefwi- Asawinso branch of the Consolidated Bank Ghana (CBG). Mr. Bretuoba Asafo Akowuah, Sefwi- Asawinso branch Manager of the CBG Bank who confirmed the development said customers received text messages on their phones giving them new account…
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Banking sector clean-up saved 7,000 jobs — Prez. Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has said that the financial sector clean up prevented about 7,000 people from losing their jobs. The financial sector reforms spearheaded by the Bank of Ghana saw 9 banks lose their licenses as well as 23 savings and loans and finance houses. More than 340 microfinance companies spread across the…
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Banks must verify background of employees to curb rising fraud — BoG
The Head of the Financial Integrity Office at the Bank of Ghana, George Nkrumah, is urging financial institutions to ensure strict compliance with employee background checks as a way of minimizing fraud perpetuated by employees. “When you are employing, you have to do Know Your Employee (KYE ). Know the person you are recruiting. Make…