Tag: Bank of Ghana
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Consolidated Bank to publish financial statements by August – CEO
The 2018 full year and 2019 half year financial statements of the Consolidated Bank Ghana (CBG) Limited should be published by the first week in August. It will follow the completion of the review of the documents by the regulator. The Managing Director of Consolidated Bank Ghana Limited, Daniel Addo who disclosed this assured all…
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More DKM Microfinance customers to be paid from next month
The Registrar-General, the Official Liquidator for defunct Diamond Microfinance Limited (DKM), has announced that it will from 1st August, begin the payment process of dividends to depositors who submitted new claims as well as depositors who were unable to validate their claims back in February this year but have since done so. The announcement follows a…
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Ghana’s economy remains vulnerable despite stability — Dr. Addison
The Governor of the Bank of Ghana, Dr. Ernest Addison has stated that despite the country’s recent macroeconomic stability, the economy remains fragile as non-resident investors continue to hold significant investment in local bonds. Addressing the press at the announcement of the monetary policy rate, the Governor said the actions of these non-resident investors could…
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Ghana’s debt stock hits 200 billion cedis by May
Data released by the Bank of Ghana shows that the country’s total debt stock has hit 200 billion cedis by May 2019. The data shows that the debt stock increased by 2 billion cedis in three months from March to May. The external component of the debt is pegged at 20.5 billion dollars while the…
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BoG reschedules MPC presser to tomorrow
The Monetary Policy Committee of the Bank of Ghana is now scheduled to announce its policy rate tomorrow having brought the date forward from the earlier advertised July 22, 2019 According to a notice sent to journalists, the change has been necessitated by the fact that the Minister of Finance will be presenting its mid-year…
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Cedi records worst half year performance since 2015
The local currency has recorded its worst half-year performance since 2015, according to data from the Bank of Ghana interbank exchange market. As at June 29 this year, the cedi has depreciated by 8.2 percent, the worst since the local currency recorded 26.2 percent depreciation in 2015. This year’s performance was characterised by a very…
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Collapsed 347 microfinance companies: Receiver to come out with validated names soon
The Head of the Other Financial Institutions Supervision Department at the Bank of Ghana Mr. Joseph Amoah-Awuah has stated that the receiver of the defunct 347 microfinance companies and the 39 money lending companies is validating claims of customers of the companies. This follows calls from some customers who complained of not hearing from the…
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Banks record GH¢1.1 billion in profits; up 38.9 percent
The 24 banks, currently operating in the country, registered an after-tax profit of GH¢1.1 billion, representing year-on-year growth of 38.9 percent compared with 5.8 percent growth for the same period last year. The profit margin is remarkable growth, after the clean-up of the banking industry. Majority of the profits were recorded largely by the tier-one…
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Bank of Ghana lines up minimum capital requirements for MoMo companies
The Bank of Ghana has indicated that it will soon announce a new minimum capital requirement for institutions that want to enter the business of mobile money operations. The central bank added that existing mobile money companies and other organisations already offering the service will be given some time to meet the new requirement while…
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BoG endorses merger between Access Bank and Diamond Bank, Nigeria
The Bank of Ghana has endorsed a merger between Access Bank and Diamond Bank in Nigeria. By this, Access Bank has penetrated 7 African countries and three continents including Asia, Europe and Africa. The two banks received regulatory approval to merge in April this year. Managing Director of Access Bank, Olumide Olatunji in an interview…