Tag: Bank of Ghana
-
GHS1.4 billion used in the closure of Heritage, Premium banks — BoG reveals
Governor of the Bank of Ghana, Dr. Ernest Addison, has revealed that an amount of GHS1.4 billion was used in the resolution of Heritage and Premium banks, following the revocation of their banking licences early this year. Speaking at Monday’s Monetary Policy Committee press conference, the governor stated that the amount was the shortfall realised…
-
![[Article] Banking Crises Part 1: The role of Bank of Ghana, Alex Mould writes](https://citibusinessnews.com/wp-content/uploads/2019/05/alex-mould-1.jpg)
[Article] Banking Crises Part 1: The role of Bank of Ghana, Alex Mould writes
The current crisis within Ghana’s banking sector has left us all perplexed; with many unanswered questions. On one hand, we are being asked not to blame the current Governor of BoG since he is only implementing recommendations that he received when he took over from the previous Governor. So, that means the previous administration’s Governor…
-
Banks well-positioned to survive sudden exchange rate depreciation — Dr. Addison
Governor of the Bank of Ghana, Dr. Ernest Addison has said that the bank’s latest rigorous assessment of the banking industry’s ability to withstand shocks has revealed that banks have additional capital and liquidity buffers in the event of shocks from exchange rate and interest rate movements. The local currency has depreciated by more than…
-
Special court for financial sector will deal with various issues — Ray Sowah
Managing Director of GCB Bank Ray Sowah has stated that the suggestion by the Central Bank for the Chief Justice to establish a special court to deal with financial cases will help settle financial disputes amicably. The Governor of the Bank of Ghana, Dr. Ernest Addison urged the Chief Justice to establish special courts to…
-
Bank of Ghana maintains policy rate at 16 percent
The Monetary Policy Committee of the Bank of Ghana has voted to maintain its policy rate for the second time running citing inflationary pressures that must be controlled. Speaking at the MPC press briefing on Monday, Dr. Ernest Addison said the MPC’s decision became necessary to sustain the gains the committee had made over the…
-
Ghana adds 21.4 billion cedis to debt stock in three months
Data released by the Bank of Ghana (BoG) has shown that the country’s total debt stock increased by 21. 4 billion cedis in the first quarter of this year. This means that Ghana added 21.4 billion cedis to its debt stock between January and March this year. According to the data, Ghana’s total debt now…
-
Total public debt stock nearly GHS200 billion
The Bank of Ghana latest economic data published has shown that the country’s total public debt is just GHS2 billion shy of hitting GHS200 billion. While the nominal debt figure continues to rise, when measured as a percentage of GDP, the debt is 57.5 percent of GDP, as of March 2019. The data published Friday…
-
Banks collapse: Only GHS731 million out of GHS10.1 billion loans recovered — Governor
Governor of the Bank of Ghana, Dr. Ernest Addison, has revealed that out of the GHS10.1 billion loans taken on by the receivers of the nine banks, only GHS731 million has so far been recovered. Dr. Addison said the receivership process has been painstakingly slow with other loan defaulters and shareholders of the defunct banks…
-
First Atlantic Bank writes to Labour Department over redundancy concerns
The Management of First Atlantic Bank has clarified that it is ready to meet all demands to be inquired of the bank by the Labour Department in respect of the redundancy exercise at the bank. A response from the bank to the Chief Labour Officer and sighted by Citi Business News said that it is…
-
Bank of Ghana could have handled the banking reforms better — Mahama
Former President John Dramani Mahama has stated that the current government could have handled the banking sector crisis in a much better way. He believes setting a minimum capital for all banks to meet was not the best solution especially as all banks play various roles in the economy. A total of nine banks lost…