Tag: banks
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BoG abolishes bank charges on savings account and other ‘unfair’ fees
The Bank of Ghana has directed banks and Specialized Deposit-Taking institutions to desist from charging some fees and charges, as well engaging in some practices it describes as unfair to the banking populace. The fees and charges, and practices identified by the central bank as unfair include, Credit Insurance Premium Overcharges, Maintenance Fees on Savings…
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Profit of banks on GSE up by 13%; but valuation of stocks down by 17%
Despite registering strong profits across board for the first three quarters of 2020, listed banks on the Ghana Stock Exchange continue to see a drop in their valuation. The Ghana Stock Exchange Composite Index (GSE-CI), which is primarily driven by financial and consumer stocks, has experienced losses for the past three years, with the current…
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Twenty out of 24 banks in Ghana paid GRA GHS1.6 billion as corporate tax in 2019
Twenty (20) out of the twenty (24) banks licensed in Ghana by Bank of Ghana in 2019, paid a total direct tax of GHS1.6 billion, which also include the five per cent national fiscal stabilization levy to Ghana Revenue Authority (GRA), the agency mandated by law to assess collect and account for tax revenue on…
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Low interest rates will empower local banks to fund cocoa purchasing – BoG Governor
The Governor of the Bank of Ghana, Dr. Ernest Addison, has said reduced domestic interest rates will empower local banks to participate in the cocoa syndicated loan. COCOBOD is seeking to raise 1.3 billion dollars to finance the 2020/2021 crop season. But some financial analysts have maintained that the funds used in purchasing cocoa beans…
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Get banks to reduce interest rate on loans over COVID-19 impact – GUTA to Gov’t
The Ghana Union of Traders Association, GUTA, is appealing to government to get banks to reduce interest rates on loans given to businesses or defer interest payment due to the economic impact of the COVID-19 pandemic. According to the Association, it is unreasonable for banks to still maintain high interest rate on loans in such…
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AGI urges more support from banks to businesses as COVID-19 hits hard
The Association of Ghana Industries (AGI), has urged banks in the country to emulate the gesture of Republic Bank Ghana, by implementing measures that will support local businesses in the wake of the novel Coronavirus pandemic. This follows Republic Bank Ghana’s gesture of offering a Loan Repayment Deferment for its customers and staff for a…
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Banks well-positioned to survive sudden exchange rate depreciation — Dr. Addison
Governor of the Bank of Ghana, Dr. Ernest Addison has said that the bank’s latest rigorous assessment of the banking industry’s ability to withstand shocks has revealed that banks have additional capital and liquidity buffers in the event of shocks from exchange rate and interest rate movements. The local currency has depreciated by more than…
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Average mortgage rate stays at 33.1%; Bank of Africa offers highest
The average interest rate for mortgage loans among commercial banks remained at 33.1% as previously recorded in June. According to the Bank of Ghana’s Annual Percentage Rate (APR)and Average Interest (AI) report, Bank of Africa still offers the highest interest on mortgages at 36.6 percent. Bank of Baroda however offers the lowest interest on mortgage…
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8 banks on the verge of collapse – Bawumia
A former deputy Governor of the Bank of Ghana and the running mate of the NPP Dr. Mahamudu Bawumia has warned that eight banks in Ghana risk collapse due to the continuous hikes of bad loans on their books. “The asset quality review of banks, conducted in 2015, shows significant vulnerability of banks to current…