Tag: BoG
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GCB Bank’s profit drops by 29% in 2017
The profit of GCB Bank dropped by about 29 percent in 2017. The bank’s profit declined from 299 million cedis to an estimated 213 million cedis between 2016 and 2017. Meanwhile for the first three months of this year, GCB Bank’s financial report shows another drop in profits. The financial statement released by GCB Bank…
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Ghana’s debt hits 145 billion cedis
Ghana’s total public debt stock has reached 145 billion cedis. Official figures released by the Bank of Ghana show that this is the level of the country’s debt as at February 2018. The figure also represents a debt to GDP ratio of 60 percent. The external component of the debt is at 17.4 billion dollars…
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Banks, BDCs to shave off GH¢800m from GH¢1.6bn debt
It appears the woes of commercial banks regarding their exposure to Non Performing Loans (NPLs) may not be ending anytime soon with the latest development from the Bulk Oil Distributors regarding their indebtedness to some banks. Information available to Citi Business News indicates that banks that are owed by the Bulk Oil Distributors (BDCs) are…
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Barclays bank shareholders approve name change to ABSA
Shareholders of Barclays Africa Group Limited have approved that the bank changes its name to Absa Group. Today’s approval is expected to set in motion, the start of one of the largest re-brand projects in Africa. A statement from Barclays Bank to Citi Business News on the matter said that the name change is expected…
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BoG reduces Ghana reference rate to 16.74% in May
The Bank of Ghana’s new Ghana Reference Rate for May 2018 is 16.74 percent. The rate is the reference by which commercial banks will set their interests on loans granted to customers at least for this month. The figure is lower compared to that quoted for April which stood at 16.82 percent. Introduced in April…
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BoG sanitises industry with new borrowers & lenders law
Customers of commercial banks would be restricted in their borrowings from any bank in the coming months if he/she does not have a credible loan repayment track record. This will follow the strict enforcement of the new Borrowers and Lenders Act, by commercial banks in the country. The Bank of Ghana has served notice it…
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Minimum capital: BoG issues guidelines on mergers & acquisitions
The Bank of Ghana has disclosed that it is working on guidelines for potential mergers and acquisitions that may emerge following the recapitalization of banks in the country. The central bank explains that this also forms part of a series of new reforms aimed at building a strong financial sector. Commercial banks are expected to…
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Severance packages for former workers of UT, Capital banks to delay
Perhaps former workers of defunct UT and Capital banks seeking their severance packages may have to wait a bit longer as the receiver of the agreement, continues its work. The workers argue that the development has affected them negatively and therefore want a swift action on their requests. But information from the receivers indicates that…
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uniBank takeover : BoG rules out new negotiation with bank
The Bank of Ghana has ruled out any plans to negotiate with the old management of uniBank, to hand over the bank, before KPMG completes its six months’ mandate. The BOG, believes the old management of uniBank was given enough opportunities to turn the fortunes of the bank around but failed. The Bank of Ghana…
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Mixed reactions meet BoG’s cut in policy rate
There are mixed reactions to the Bank of Ghana’s new policy rate of 18%. The central bank on Monday, March 26, 2018 announced that it has reduced the policy rate by 200 basis points after concluding its Monetary Policy Committee (MPC) meetings for the quarter. The Governor of the Bank of Ghana, Dr. Ernest Addison…