Tag: banks
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16 banks to experience additional losses this year due to DDEP – Research
According to research conducted by Dr. Richmond Atuahene and K.B. Frimpong, approximately 16 banks are expected to experience additional losses this year due to the Domestic Debt Exchange Programme. These uncaptured losses amount to around 17.1 billion and could have a negative impact on the 2023 Audited Financial Statements of these banks, as they failed…
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IMF proposes acquisition, mergers of banks to mitigate financial sector instability
The International Monetary Fund (IMF) is asking government to consider a possible acquisition and mergers of banks and other non-bank financial instructions as part of moves to mitigate the country’s financial sector shocks. Under its risk assessment matrix, the IMF in its latest country report in Ghana in said these proposals if adopted will among…
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Strengthen Financial Stability Fund to support struggling banks – Dr. Atuahene
Banking and finance consultant, Dr. Richard Atuahene, has urged the Bank of Ghana and the government to strengthen the Ghana Financial Stability Fund to ensure the survival of struggling indigenous banks. During an appearance on The Big Issue on Citi TV and Citi FM, Dr. Atuahene emphasized that, in the wake of the domestic debt…
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DDEP: Banks posted losses of GH¢ 6.6bn in 2022 – BoG
Banks in Ghana recorded after-taxes losses amounting to GH 6.6 billion in 2022, according to Dr. Ernest Addison, Govenor of the Bank of Ghana. This was largely due to negative impact of the Domestic Debt Exchange Programme (DDEP). 23 banks operating in the country participated in the exercise. Addressing the 112th Monetary Policy Committee (MPC)…
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Banks to experience GH¢6.1bn in losses over DDEP – Banking specialists
Further examination of the Domestic Debt Restructuring reveals that 23 banks operating in the country are projected to suffer an additional loss of GH¢6.1 billion. This loss is due to the reduction in coupon rate and an extension of the maturity period from five to 15 years, a report by Banking Consultant, Dr. Richmond Atuahene…
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Digital analyst reiterates calls for banks to safeguard data of customers
Maximus Ametorgoh, a Digital Marketing Strategist, has emphasized the importance of banks giving priority to the data security of their online banking customers. This, he believes, will help to reduce the number of cyber-attacks that occur. He points out that a weak online banking platform has the potential to disrupt the economic growth of individual…
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DDE: Banks secure 5% coupon for 2023; other revisions
The government has revised some terms of its Domestic Debt Exchange Programme (DDEP) following discussions with the Ghana Association of Banks. Hitherto, the new bonds under the programs were not to accrue any interest until 2024, starting at 0% coupon in 2023 which steps up to 5% in 2024 and 10% from 2025. But after…
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Bank of Ghana raises Monetary Policy Rate to 14.5%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate by 100 basis points to 14.5% percent. This is the first time the Central Bank has increased the key rate since May this year, after being maintained at 13.5% for two consecutive times. The rate, which is of keen…
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Bank of Ghana issues new directives on handling of captured ATM cards
Regulated Financial Institutions have been directed by the Bank of Ghana to among other things ensure that the replacement of ATM cards captured by Automated Teller Machines, due to technical issues among others, is done for free. This was contained in a document issued by the central bank on how payment cards captured in Automated…
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BoG must sanction banks that flout new directives on fees and charges – Banking Consultant
A Banking consultant, Dr. Akwasi Atuahene, has called on the Bank of Ghana to take action against financial institutions that fail to implement its new directives to stop deducting some charges and fees on the accounts of customers. The Central Bank in a statement on Friday, June 18, 2021, directed banks and Specialized Deposit-Taking institutions…