Tag: BoG
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BoG reduces policy rate to 18%
The Bank of Ghana has reduced the policy rate to 18 percent. This represents a 200 basis points reduction in the policy rate which was at 20 percent. Today’s announcement of a reduction is the first after the rate was maintained earlier in the year. The policy rate is the rate at which the central…
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Bankers, businesses urge BoG to reduce policy rate
Banking industry players are anticipating nothing but a reduction in the policy rate by the Bank of Ghana. It follows what they cite as favourable conditions that warrant a further reduction in the rate at which the central bank lends to commercial banks for onward lending to customers. The Monetary Policy Committee (MPC) of the…
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Ghana’s debt hits GH¢142.5bn, reaches 69.8% of GDP
New figures released by the Bank of Ghana (BoG) after its Monetary Policy Committee (MPC) meeting show that Ghana’s public debt reached 142.5 billion cedis as at December 2017, representing 69.8 percent of GDP. This is a reduction from the 73.3 percent recorded in December 2016. The total debt stock in 2016 was at 122.6…
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Guaranty Trust Bank gets new MD
Guaranty Trust Bank (Ghana) Limited has appointed Mr. Thomas Attah John as its new Managing Director effective Friday, March 16, 2018. He replaces Mr. Lekan Sanusi who takes up a new position as Managing Director of Guaranty Trust Bank Uganda Limited. Mr. Thomas Attah John, an astute banker, is also a Certified Brewer and Chemist…
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Distressed microfinance companies owe GH¢1000 per client – BoG
About 741 million cedis is estimated to be locked up in over two hundred microfinance companies as well as rural and community banks, making it difficult for customers to have access to their investments. This is the revelation from the latest state of the banking sector report released by the Bank of Ghana. According to…
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BoG takes over management of uniBank
The Bank of Ghana has announced that it has appointed audit firm, KPMG as administrator for uniBank. This means that the central bank has taken over the assets and management of uniBank. The Governor of the Bank of Ghana, Dr. Ernest Addison says uniBank is currently insolvent. Addressing a press conference in Accra, Dr. Ernest…
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Cashless economy: New Payment Bill before cabinet
Cabinet is currently considering the new Payment Systems and Services Bill for onward submission to Parliament for passage soon. The eventual passage of the law should address all outstanding concerns that have emerged following the rise in the use of digital technology. The Head of the Payment Systems Department of the Bank of Ghana, Dr.…
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adb, uniBank saga: SIC-FSL did not pledge shares
Citi Business News is learning that SIC Financial Services Limited (SIC-FSL) has not pledged its shares in adb to uniBank in fulfilment of an earlier financial commitment. This is contrary to earlier reports suggesting that the company, SIC FSL is part of a consortium of shareholders of adb who have pledged their shares to indigenous…
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Banks to lose hold on interest rates
The Bank of Ghana is hoping that banks will soon reduce their interest rates on loans to reflect the continuous drop in the policy rate. The central bank believes that the development should also help correct the balance sheets of banks by reducing the Non-Performing Loans. This was among the key issues raised at a…
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New 2nd Deputy Governor’s appointment apt – Economist
Economist Adu Sarkodie has described the appointment of the new Second Deputy Governor of the Bank of Ghana, Mrs. Elsie Awadzie as strategic. According to him, her experience as a senior counsel of the IMF’s Legal Department will help the country become financially disciplined. Mrs. Elsie Awadzie replaces Dr. Johnson Asiamah who resigned on January…