Tag: Banking sector
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Mahama to restore licences of unjustly collapsed banks
Former President John Dramani Mahama has stated that the next National Democratic Congress (NDC) administration will restore the licences of banks whose authorizations were “unjustly” revoked as part of the government’s financial sector reforms. This, he claims, is one of the rafts of measures aimed at revitalizing the banking industry and boosting financial confidence. “”We…
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Banks will lose 60% revenue under Debt Exchange programme – Alex Mould
A former Executive Director of Standard Chartered Bank, Mr. Alexander Kofi-Mensah Mould, popularly called Alex Mould, has warned that the Akufo-Addo government’s debt exchange programme will have dire implications on the Ghanaian economy. According to him, if the debt exchange programme is carried out in its current form, it would result in many banks losing…
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Prof. Quartey cautions against a return to ‘dark days of banking’ in Ghana
Economist and Director at the Institute of Statistical, Social and Economic Research (ISSER), Prof. Peter Quartey has cautioned against a return to the dark days of the banking industry in Ghana. According to him, the new board of the Bank of Ghana should among other things continuously assess the soundness of the industry to ensure…
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Banks see strong growth in their asset base in 1st half of 2021
Data from the financial statements of about 60% of banks in the country for the first half of the year 2021, shows steady growth in their total assets. While banks like UBA Bank and OmniBSIC Bank saw their asset base grow by almost 40 percent at the end of the first half of 2021, when…
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ADB leads in profit growth rate as banks remain profitable in 2021
Data from the financial statements of about 60% of banks in the country for the first half of the year 2021, shows promising increases in profits for some and some slowdown in profit growth for others. This can be gleaned from the Summary Statements of Comprehensive Incomes of 13 of Ghana’s top banks covering January…
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We’re hoping for survival of Ghana’s new Development Bank – AGI
President of the Association of Ghana Industries (AGI), Dr Yaw Adu Gyamfi has expressed confidence in the sustainability of Ghana’s development bank. According to him, the development bank will serve as a panacea for addressing long term financing challenges experienced by local industries. The Government of Ghana in partnership with the European Investment Bank, and…
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Be prudent in risk assessment – Economist to local banks
Banking consultant, Dr Richmond Atuahene, has urged local banks in the country to be prudent in their risk assessment to improve on their non-performing loans. His call follows the comparably better performance of foreign-owned banks to local banks between the years 2019 and 2020. Data from the financial statements of some leading banks in the…
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We’ve put in stringent measures to minimize fraud – Ghana Assoc. of Bankers
The President of the Ghana Association of Bankers, Alhassan Andani, has assured the general public of safety within the banking sector despite the increase in fraud cases. This follows new figures released by the Bank of Ghana earlier this year which show that cases of fraud in the banking sector increased to 2,295 in 2020,…
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Vulnerabilities in digital systems reason for increase in banking sector fraud – E-crime Bureau
The latest report released by the Bank of Ghana on cyber fraud indicates that the banking industry, in 2019, reported a total of 2,295 fraud cases as compared to 2,175 fraud cases reported in 2018. Giving reasons for the increase in the number of fraud cases in the sector, the central bank stated that the…
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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…