Tag: BoG
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Extending IMF deal: Ghana, IMF to decide next month
Government’s decision on a possible extension of the IMF deal is likely to be concluded next month. This is the indication from the Chairman of Parliament’s Finance Committee, Dr. Mark Assibey Yeboah. His comments come at a time that discussions on a possible extension of the deal have been on top of the agenda between…
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NPLs reduce Access Bank’s 2016 profits
Access Bank Ghana, a subsidiary of Access Bank Plc in Nigeria, made a profit of 41.93 million cedis in 2016. This was down by about 48 percent compared to the profits made in 2015 which was 80.41 million cedis. In 2016, Access Bank’s total income amounted to 272.62 million cedis from the 267.12 million cedis…
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GCB Bank’s profits rise to GH¢299m
GCB Bank has posted a 22 percent rise in profit in 2016 compared to the profit recorded in 2015. The bank’s profit for the period increased from 244.7 million cedis to 299 million cedis between 2015 and 2016. The rise in GCB Bank’s profits for 2016 comes after recording a drop the previous year. In…
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Banks could meet increased capital requirement – Institute of Bankers
The Chartered Institute of Bankers (CIB) is highly confident of the industry’s ability to meet the proposed increase in the minimum capital requirement for banks. The Institute contends that the changing phase of banking requires huge investments hence an increase should position its members to meet the challenge. Citi Business News has learnt that the…
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HFC Bank’s loss decreases marginally to GH¢38.6m in 2016
HFC Bank has posted an operating loss for the second year in a row though the figure has dropped marginally. The Bank’s 2016 financial statement showed that the loss for 2016 recorded 38.6 million cedis from the 39.2 million cedis in 2015. The bank’s losses were also accounted for by the projects to clean the…
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Banks to merge over projected GH¢260m capital review – Zenith Bank MD
The Bank of Ghana’s decision to peg the new minimum capital requirement for commercial banks at an estimated 260 million cedis should culminate in mergers and deepen the financial sector. This is the position of the Managing Director of Zenith Bank, Henry Oroh. He explains to Citi Business News banks should also be able to…
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Implement findings of AQR exercise – BoG orders banks
The Bank of Ghana (BoG) has directed all banks to strictly comply with its recommendations from a recent Asset Quality Review (AQR) exercise conducted by the bank. The findings which have been dispatched to the banks pointed out specific risk exposure of all banks and measures that must be employed to minimize their effect on…
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AG’s report already contained 2015 bauxite proceeds – BoG
The Bank of Ghana has clarified that the US$41.05 million proceeds from bauxite had already been accounted for in the Auditor General’s 2015 Statements of Foreign Exchange Receipts and Payments report. Documents cited by Citi Business News indicate that financial proceeds of the mineral were accounted for but in a separate column as the means of…
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BoG backs laws to demand data on gold exports
The Bank of Ghana (BoG) has backed moves for laws to compel the Minerals Commission to submit data on export proceeds from gold to guide the tracking of export receipts. The central bank believes this will prevent possible instances of under-invoicing by some gold exporters. The comment also follows concerns raised by some members of…
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Stopping dollar auction: Currency analysts demand stable FX market
Currency analysts are impressing on the Bank of Ghana to intensify its efforts to stabilize the forex market and help forecasting in the market. It follows the central bank’s decision to halt the auction of dollars to banks in a bid to address the depreciation of the cedi. Governor of the Bank of Ghana Dr.…