Tag: BoG
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BoG to enforce International Financial Reporting Standards this year
The Bank of Ghana (BoG) has stressed that it will enforce the implementation of the International Financial Reporting Standards (IFRS 9) among banks in the country, this year. The IFRS is a tool which requires all financial institutions to comply with a common financial reporting standard which will among others reduce their exposures to Non-Performing…
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Average interest rate on deposits stays at 10.4%
The average interest rate on customer deposits among commercial banks, remained unchanged at 10.4 percent in December 2017. According to the Bank of Ghana’s Annual Percentage Rate (APR) and Average Interest (AI) report, of the thirty-one banks that were surveyed, Bank of Africa offers the highest interest rates on customer deposits at 16.1 percent. Standard Chartered Bank…
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![Are bank customers in Ghana well informed about cost of credit? [Article]](https://citibusinessnews.com/wp-content/uploads/2016/05/bog-1.jpg)
Are bank customers in Ghana well informed about cost of credit? [Article]
In a series of articles, I will be sharing my views on how to educate bank customers in Ghana about the cost of credit in Ghana; ways banks can reduce non-performing loans, increase customer experience and proposals to reduce the cost of credit. These series of articles will be captured in six different articles as…
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Mixed reactions meet GH¢6 to $ 1 prediction
There are mixed reactions to the prediction that the cedi will depreciate to 6 cedis to a dollar by 2022. The Economist Intelligence Unit (EIU) based in the UK, has predicted that the local currency will perform poorly against the dollar within the next four years due to some external pressures and political uncertainties. But…
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BoG probes Alpha Capital over locked up cash
The Bank of Ghana (BoG) has moved in to assist customers of Alpha Capital Savings and Loans, retrieve their locked up investments. The move comes after numerous complaints by the customers over their failure to get their monies despite reaching the maturity dates as scheduled. Citi Business News understands that the Central Bank’s intervention follows…
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Banks’ average base rates remain at 25.7%
The interest rate at which commercial banks lend to their customers remained unchanged at 25.7% in November 2017. The same figure was recorded in the month of October 2017. The base rate is the lowest rate at which a bank would lend to its customers. According to the Bank of Ghana’s Annual Percentage Rates (APR)…
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BoG targets lower interests with GH¢400m capital
Governor of the Bank of Ghana, Dr. Ernest Addison has assured that the increased minimum capital requirement will result in reducing the lending rates by banks. Dr. Addison argues that the requirements will create stronger banks which will lead to bigger banks and lower unit cost. “Lending rates are still high but the explanations are…
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Cedi stabilises amidst festive season blues
Checks by Citi Business News have shown that the cedi has experienced relative stability against some major trading currencies for the past two weeks. The cedi which normally depreciates at a fast rate around the festive season has since the 23rd of November remained at 4 cedis 41 pesewas on the interbank foreign exchange market…
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EOCO probes AGT Microfinance Company
The Economic and Organised Crime Office (EOCO) has taken over a case involving AGT Microfinance over the company’s inability to pay customers whose investments are due. Citi Business News understands the management has since been compelled to make some commitments in settling the affected customers. Citi Business News’ checks at the central bank show that…
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Sanction Menzgold if found culpable – Nana Otuo
The Bank of Ghana must invoke its power to sanction Menzgold if it views its activities as flouting provisions of the Banks and Specialized Deposit-Taking Institutions Act (Act 930). According to Banking Consultant, Nana Otuo Acheampong, failure to punish the company over possible grounds of breaching the law may result in a repetition of the…