Tag: Bank of Ghana
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adb, uniBank saga: Shareholders chose profits over devt – Toma Imirhe
Financial Analyst, Toma Imirhe has suggested that the decision to increase the profits of adb could have influenced the pledging of shares by some shareholders of the bank to uniBank. According to him, the continuous existence of government’s ownership in adb and the likelihood for the government to influence resource allocation, could have impacted the…
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BoG clamps down on illegal microfinance companies
The Bank of Ghana (BoG) is to outline new reforms to sanitise Ghana’s microfinance industry. The reforms are expected to among others provide a comprehensive plan by the central bank to improve activities in the microfinance industry. It also comes on the back of reports of customers losing their investments to some microfinance institutions when…
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Local cryptocurrency operators seek BoG intervention
Operators of digital currencies in Ghana have impressed upon the Bank of Ghana to expedite processes of completing new regulations on electronic financial payments to legalise their operations. They argue that the impact of digital currencies across the globe should warrant its operation in Ghana. The Bank of Ghana has cautioned the public against transacting…
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Ghana’s imports drop marginally in 2017
Ghana’s imports have dropped marginally between 2016 and 2017, figures from the Bank of Ghana have shown. The country’s imports declined from 12.9 billion dollars in 2016 to 12.7 billion dollars in 2017. This translates into a drop of 1.7 percent within the one year period. Total exports also reached 13.7 billion dollars from 11…
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Digital currencies not licensed in Ghana – BoG
The Bank of Ghana has cautioned the public against transacting business with digital currencies such as Bitcoin, in Ghana. According to the Central Bank, it has not licensed the activities in digital currency under the Payments System Act 2003. “The Bank of Ghana wishes to notify the general public that these activities in digital currency…
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Banks maintain average interest on loans for 3rd time
The average interest rate at which commercial banks lend to their customers remained unchanged at 25.7% in December 2017. This is the third consecutive time that the base rates have been kept unchanged at 25.7 percent. The base rate is the lowest rate at which a bank would lend to its customers. According to the…
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Banks base rates stay at 26.6% in September
The average base rate among commercial banks remained at 26.6 percent in September 2017 as recorded in August 2017. The base rate is the lowest rate at which a bank would lend to its customers. According to the Bank of Ghana’s Annual Percentage and Average Interest report, of the thirty-one banks that were surveyed, Unibank still…
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BoG warns of doing business with ‘Oboanipa’
The Bank of Ghana is cautioning the general public to refrain from making deposits with Oboanipa Ventures Limited. According to the BoG, it has not granted the company any licence to operate in deposit taking thus anyone who does so does it at his or her own peril. The warning was contained in a statement…
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Interest rates on auto loans rise to 32.9%
The average interest rate for vehicle loans among commercial banks for August increased to 32.9 percent as against the 31.1 percent recorded in July 2017, the Bank of Ghana’s latest Annual Percentage Rates (APR) and Average Interest (AI) report has revealed. The APR and AI report shows that Unibank still offers the highest rate on…
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What to know about UT Bank’s collapse (Audio)
The Bank of Ghana on Monday, August 14, 2017 granted permission to GCB Bank to purchase UT Bank in a purchase and assumption agreement. The Central bank explained that the move has become apparent due to efforts to consolidate the country’s financial sector. But what reasons led to the collapse of the indigenous bank? The…