Tag: BoG
-
GHL Bank eyes top 5 banks’ slot by 2020
GHL Bank has stressed that its strategy will dwell on providing competitive banking services to meet clients’ needs. The former mortgage company is seeking to assume a slot among the top 5 banks within the next five years. GHL bank becomes the 35th bank in Ghana. The Board Chairman for GHL Bank, Albert Essien gave…
-
Cedi depreciates by 5% in 2017
Some currency analysts have predicted that the cedi’s depreciation is expected to continue, at least to the end of 2017. Citi Business News’ analysis shows a continuous streak of the local currency for a greater part of this year. For this year alone, the cedi has depreciated by about 5 percent on the interbank foreign…
-
![4 key highlights of BoG’s economic data [Article]](https://citibusinessnews.com/wp-content/uploads/2016/05/bog-1.jpg)
4 key highlights of BoG’s economic data [Article]
Bank of Ghana (BoG) just released its November 2017 economic and financial data. I found 4 key highlights from the BoG report. NPL increasing: Non-Performing Loans (NPL) are still increasing for Banks – September 2017 it was 22.2% and in October 2017, it was 21.6% compared to 19% in October 2016. Why is it increasing? We…
-
BoG reduces policy rate again to 20%
The Bank of Ghana (BoG) has reduced the policy rate by 100 basis points from 21 percent to 20 percent. This was announced after the Monetary Policy Committee (MPC) finished its 79th meeting which is the final for 2017. This is the fourth reduction for this year by the Central Bank. By this, the policy…
-
Industry targets a drop in BoG’s policy rate today
Businesses are seeking that the Bank of Ghana (BoG) will reduce its lending rate again as it announces a policy rate today, Monday, November 27, 2017. They believe that the development should trickle down on interest rates paid on loans they contract from their banks going forward. The expectations are ahead of the Monetary Policy…
-
BoG offers incentives for sustainable banking
The Bank of Ghana (BoG) has announced that it will commence giving incentives to banks that lend toward environmentally friendly projects. Some of the incentives Citi Business News has gathered include a reduction in the cost of lending rates for the banks from the Central Bank. According to the Bank of Ghana it will on…
-
Banks’ lending rates drop marginally
Citi Business News’ checks have revealed that the Annual Percentage Rates and Average Interest Rates recorded in October have dropped marginally as compared to that of September 2017. Between September and October this year, all but one of the nine categories of the Bank of Ghana’s Annual Percentage and Average Interest rate report, witnessed a marginal…
-
Lending rates to drop further – BoG
The Bank of Ghana (BoG) has assured the business community of its commitment to reduce its lending rates for commercial banks in the country. This is also expected to prompt a further drop in the lending rates of commercial banks to their customers. The Central bank is hopeful that the move will also reduce the…
-
Interest rates on deposits remain at 10.4 %
The average interest rate among commercial banks remained unchanged at 10.4 percent in October 2017. According to the Bank of Ghana’s Annual Percentage Rate (APR) and Average Interest (AI) report, Bank of Africa and Bank of Baroda offer the highest interest rates on customer deposits at 16.1 percent. At the second position is Omni Bank…
-
Energy bond auction ends today
Government is expected to conclude the auctioning of the energy bond Friday, November 3, 2017; barring any last minute changes. Managers of the bond had to extend the auction for the bond after they failed to raise the 6 billion cedis expected. The 7 year bond made the 2.4 billion cedi mark after auctioning closed…