Tag: Bank of Ghana
-
President meets local banks over extension of recapitalization date
Citi Business News understands that the President, Nana Addo Dankwa Akufo Addo, has met some Managing Directors and Chief Executive Officers of local banks in the country to discuss the request for an extension in the deadline date of the minimum capital requirement for indigenous banks. The local banks are appealing for an extension of…
-
Deposits still major source of funds for banks – BoG report
Customer deposits still remain a major source of funding for commercial banks. As a result, commercial banks also bear greater responsibility to their customers in earning interests on such deposits. The latest banking sector report by the Bank of Ghana shows that deposits accounted for 62.5 percent of the banking industry’s assets as at December 2017.…
-
BoG puts reference rate for April at 16.82%
The Bank of Ghana has pegged the Ghana Reference Rate for April 2018 at 16.82%. This means that all commercial banks will determine their interest rates on their loans with the figure as their reference. The new system also follows the central bank’s decision to review the previous Base Rate model which adopted a minimum…
-
Local businesses worst loan defaulters in 2017 – BoG report
Local private businesses were the worst culprits in repaying loans taken from commercial banks for 2017. According to the Bank of Ghana, the businesses constituted 80.6 percent of loan default attributable to the private sector for last year compared to the estimated 7.9 percent of loan default attributable to the private sector, recorded by foreign…
-
32 banks fail to comply with financial statement publication rules (Article)
If there’s one thing I’ve learned over the years, it’s that little/small things matter. When I moved out of Ghana to US and Canada, one thing that I have seen separate Ghana from those two countries is that the little things matter. Sometimes we blame other people for the state of affairs of our country,…
-
BoG stops unwarranted loans to ‘cronies’ with new corporate rules
Directors of banks and other specialized deposit taking institutions cannot operate without disclosing their interests in their places of work. Also, the central bank has directed the full disclosure of conflict of interest guidelines by such institutions to tame adverse impacts of delayed loan repayments. The rules are part of new corporate governance directives issued…
-
CAL Bank records GH¢145m profit in 2017
CAL bank has posted a profit after tax of 145.2 million cedis for 2017. This is a significant improvement over the previous year’s figure of 7.2 million cedis. Despite this, the bank still acknowledges the impact of the legacy debts in the energy sector on its loan books. In the first of Citi Business News’…
-
Unibank takeover: Analyst urges audit of banks’ risks to loan default
Some economists are advocating an immediate audit into the risks faced by commercial banks in retrieving loans given to their customers to avert a collapse of the financial industry. The suggestions follow the Bank of Ghana’s decision to allow KPMG takeover the management of uniBank over their low capital levels. It is unclear what sanctions…
-
Three banks to begin their own version of mobile money
At least three banks are set to commence the issuing of electronic money which will allow customers transfer money on a virtual platform. According to the Bank of Ghana, the development forms part of efforts to reduce the use of cash and switch to a more cashlite economy. Citi Business News understands that this development…
-
Banks struggle to meet capital requirement as deadline approaches (Audio)
With just nine months left for banks to meet the minimum capital requirement set by the Bank of Ghana, some banks have confirmed to Citi Business News they are in a good position to meet the requirement, while others appear to be struggling to meet the deadline. The Central Bank increased the minimum capital requirement…