Tag: BoG
-
Average interest on banks’ deposits drops to 11.2 %
The average interest offered by banks on customer deposits dropped marginally between April and May this year. According to the latest Annual Percentage Rates (APR) and Average Interest (AI) report by the BoG, the figure declined from 11.3 percent as at the end of April 2017 to 11.2 percent as at end of May. Out…
-
High NPLs to tighten credit to the private sector
Financial sector analysts are predicting a further contraction in credit to the private sector following their high contribution to the Non Performing Loans (NPL) of banks. They argue that the development which threatens the banking industry is also likely to freeze the growth of Ghana’s banking sector. According to the Executive Director of the Policy…
-
Private sector accounts for 98% of banks’ NPLs – BoG report
The banking industry’s stock of Non-Performing Loans (NPLs), increased by 24.5 percent between April 2016 and April 2017, the Bank of Ghana’s latest banking sector report has shown. The industry’s NPL went up from 5.74 billion cedis in April 2016 to 7.15 billion cedis in April 2017. According to the report, the private sector accounted…
-
Response to energy bond to determine investor confidence – Economist
Economist, Dr. Lord Mensah has suggested that the response to government’s 15 year energy sector bond will determine the investor confidence in the Ghanaian economy. In his view, the interest to be charged by the investors would demonstrate the assurance that their investments will yield positive results. Government is currently seeking a transaction advisor for…
-
Govt seeks transaction advisor for $ 2.5bn energy bond
Government through the Finance Ministry, is seeking transaction advisors for its 2.5 billion dollars (10 billion cedis) energy bond to repay legacy debts in the energy sector. According to government, the move is to put the energy sector back on a strong financial footing as part of comprehensive steps to resolve the sector’s challenges in…
-
Govt to issue 3 year domestic bond
Government has announced it will issue a three year domestic bond. It is unclear how much government intends to raise and what it intends to use the proceeds for. The bond will be issued via the book building format and opened to resident and non-resident investors. According to the statement from the Bank of Ghana,…
-
Lower production cost to result in single digit inflation
The Bank of Ghana (BoG)’s medium term inflation target could be attained should government tackle challenges facing the supply of critical services in the country. This is the position of Economist, Adu Owusu Sarkodie. “If the supply side of inflation is addressed together with the demand side which mainly borders on money supply, then I…
-
ADB to save GH¢24m annually from acquiring head office
The Agricultural Development Bank (ADB) has disclosed that its plan to secure where it is currently headquartered, will ultimately save the bank about 24 million cedis annually. ADB’s earlier decision to pay an annual rent of 5 million dollars at its current headquarters in 2015, generated a lot of controversy between the staff and the…
-
Stable economy to push down interest rates – PEF
The Private Enterprise Federation has lauded the move by the Bank of Ghana to reduce the MPC rate by 100 basis points although they admit that a further reduction would have had a greater impact on their businesses. The new figure (22.5%), was announced by the Governor, Dr. Ernest Addison after supervising his maiden Monetary…
-
We will save Ghana money with interoperability – GhIPSS
The Ghana Interbank Payment and Settlement Systems (GhIPSS), has given indication that it will cost the country relatively cheaper with the provision of mobile money interoperability. According to GhIPSS, its mandate to provide the platform should save the country huge sums of money. The CEO of GhIPSS, Archie Hesse made the remarks when he addressed…