Tag: Bank of Ghana
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Non-Performing Loans increase by 36% in February 2017
The latest Banking Sector Stability Report by the Bank of Ghana has shown that Non-Performing Loans (NPLs) of banks increased by 36.17 % between February 2016 and the same period this year. The figure increased from 4.7 to 6.4 billion cedis within the twelve months’ period. The report also revealed that commerce and finance accounted for…
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We have arrested falling cedi – Bawumia
The Vice President Dr. Mahamudu Bawumia says the government has been able to arrest the free fall of the cedi in its first hundred days in office. According to him, the interventions embarked on by the NPP administration have helped to restore value in the cedi compared to what was bequeathed to them by the…
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Average interest on car loans hits 35%
The average interest on vehicle loans offered by commercial banks has reached 35 percent as at the end of February this year; the latest Annual Percentage Rate (APR) report by the Bank of Ghana has shown. This represents 2 percent increase compared to the 34.3% recorded as at the end of January 2017. The Annual…
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Stanchart offers lowest interest on customers’ deposits – BoG report
Standard Chartered Bank has been named as the bank with the lowest interest on customer deposits. According to the Bank of Ghana’s latest Annual Percentage Rates (APR) and Average Interest (AI) report, Standard Chartered Bank offered 4.3 percent on deposits of its customers as at end of January 2017. The report which contained the rates…
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Investors begin ditching TBills as rates hit low levels
Investors have begun ditching treasury bills and now exploring other investment instruments in the country over the continuous significant decline in TBill rates in the country. The Treasury Bill rates for the 91 and 182 days started 2016 at 22 and 23 percent respectively. But the figures however reduced to 18 percent by the end…
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Lack of data dragging payments for Tier 2 pension claims
Some practitioners in the pensions industry have blamed the lack of accurate data for the increased controversies surrounding the management of tier two pension schemes among public sector workers. In their view, the absence of credible employee data hampers effective disbursements of the contributions currently with the Temporary Pension Fund Account at the Bank of…
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ADB IPO takes off, pegs price at 2 cedis 65 pesewas
The Agricultural Development Bank (ADB), has re-launched its Initial Public Offer (IPO) after failing to successfully complete the process a number of times. The offer which was re-launched today [November 24, 2016], seeks to raise about 380 million cedis. Managing Director of ADB, Daniel Asiedu who confirmed the re-launch in an exclusive interview with Citi…
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Fidelity Bank is 10; eyes acquisition of ‘smaller’ banks
Indigenous bank, Fidelity, has disclosed plans that it will consider acquiring smaller banks as the Bank of Ghana reviews its minimum capital requirement for commercial banks in the country. According to Fidelity, the decision is largely influenced by the bank’s robust performances over the last decade. “We are growing organically but then if there are…
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BoG to release new guidelines on mobile financial services
The Bank of Ghana is to soon come out with revised regulations on Ghana’s mobile financial service sector. It follows what the central bank views as the significant contribution of the current Electronic Money Issuers Guidelines passed in 2015. According to the Second Deputy Governor of the Bank of Ghana, Dr. Johnson Asiamah, the revised…
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Banking consultant bashes BoG for high lending rate
Banking consultant, Nana Otuo Acheampong, has criticized the Bank of Ghana over the country’s high average lending rate which is hovering around 33 percent. According to him, it is imperative for the central bank to roll out measures to help ease pressures on the economy and businesses. Speaking to Citi Business News, , Nana Otuo…