Tag: Bank of Ghana
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Banks increase minimum deposit required to open savings accounts — BoG report
Despite the emergence of mobile money services, banks on the average are demanding more money from customers to open savings accounts, data from the Bank of Ghana has shown. Analysis conducted by Citi Business News on banks’ charges as at December 2014, showed that banks demanded an average of GH¢37.5 as the initial deposit to…
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Mobile money operators to submit data to credit bureaus — BoG
The Financial Stability Department of the Bank of Ghana has revealed that new regulations currently before Parliament when approved will require mobile money companies among others to submit data to the credit reference bureaus. Achieving a robust credit market would require a constant assessment of the creditworthiness of borrowers through the use of effective credit…
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Stop paying facilitation fees to middlemen for wholesale deposits — BoG warns banks
The central bank has directed banks and other specialised deposits institutions to, as a matter of urgency, desist from paying facilitation fees to middlemen or agents that assist in securing wholesale deposits. The Bank of Ghana in a statement issued on Wednesday said it made the observation during the recent banking industry clean up exercise.…
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Gov’t rakes US$434.5m in petroleum revenues in first half of 2019
The Bank of Ghana has revealed that the government made an amount of US$434.5 million from oil sale from its three oil fields as well as in other fees and taxes. The central bank in its publication of the first-half performance of the Ghana Petroleum Funds revealed that oil sale from Tweneboa, Enyenra, Ntomme, Jubilee…
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Customers, workers of distressed financial institutions cry out
Despite government spending as much as GH¢12 billion on the financial sector clean up, the effect of the exercise has not seemed to trickle down to customers who largely complain about their inability to access their deposits. The Bank of Ghana’s clean up exercise started with the banking sector where a total of nine banks…
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EIU backs Bank of Ghana to keep inflation in check for at least 4 years
The Economist Intelligence Unit (EIU) is forecasting that the Bank of Ghana will succeed in keeping inflation within its medium target of between 8-10 percent for at least the next three years. According to the EIU in its latest country report, the consumer price index is not going to go beyond the 10 percent mark.…
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BoG likely to shut down 20 savings and loans companies
The Bank of Ghana’s decision to close down more than half of the 37 licensed savings and loans companies is imminent, a source close to the central bank has told Citi Business News. According to the source, who asked not to be named, about 20 struggling savings and loans companies would have their licenses revoked…
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Bank of Ghana records GH¢793 million loss in 2018
The Bank of Ghana (BoG) last year recorded a loss of GHS793 million resulting from its operations, the bank’s 2018 Annual Report, has shown. The figure represents a more than 50 percent drop from the GHS1.6 billion the bank made in 2017 when the troubles from the banking sector were at their peak. The central…
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Former banks’ employees could face up to 10-year ban
The Bank of Ghana has announced that former employees or shareholders of commercial banks that are found to have flouted the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), could be banned for up to 10-years from working or owning shares in the sector. The central bank on Thursday, July 25, 2019, published its…
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BoG moves to scrutinize appointments of all key staff of banks
The Bank of Ghana has announced it will now assess people appointed by financial institutions into key positions using its new fit and proper persons directive. The directive is the central bank’s latest move to ensure sound corporate governance as a way of instilling confidence in the banking sector. According to the Fit and Proper…