Tag: BoG
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Use of electronic payment channels sees 81% growth in 2020 1st quarter – GhIPSS
The volume of transactions done electronically through the Ghana Interbank Payment and Settlement Systems (GhIPSS) platform has increased by 81 percent in the first quarter of this year compared to the same period last year. This is according to latest figures from the Ghana Interbank Payment and Settlement Systems (GhIPSS). The latest figure shows that…
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Banks to readjust interest rates to reflect drop in policy rate
Some commercial banks operating in the country say they are yet to finalize processes to determine the level of readjustment of their interest rates to reflect the drop in the policy rate. The Monetary Policy Committee of the Bank of Ghana earlier this month reduced the rate at which it lends to commercial banks by…
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Banks and other financial institutions will remain opened during partial lock-down – BoG
The Bank of Ghana has clarified that all banks and financial institutions will remain opened to the public during the two-week partial lock-down of parts of Accra and Kumasi from Monday, March 30, 2020. This follows the announcement by President Nana Akufo- Addo indicating that some essential service providers such as banks and other financial…
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Banks’ deposits grow by 22% to reach GH¢83.46bn
Total deposits of banks increased by 22% as at the end of 2019; according to the latest banking industry report published by the Bank of Ghana. The central bank attributes this to a rebound in confidence in the sector following its reforms which were carried out over the past two years. The banking sector report…
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Banks’ fees on retail loans hit 7.75% aside from interest charge – BoG survey
A survey by the Bank of Ghana has shown that for the last quarter of 2019, a retail loan could attract as much as 7.75 percent in fees in addition to the interest to be paid on the loan. A retail loan is given to an individual by a commercial bank, a credit union, or…
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Payment for customers of collapsed Microfinance and S&Ls delays again
Checks by Citi Business News at a number of Consolidated Bank Ghana branches on Monday, February 24, 2020, did not indicate that payment for customers of defunct microcredit, microfinance and savings and loans companies, was taking place as expected. Following President Akufo-Addo’s assurance of payment from 24th February, during the state of the nation address,…
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Customers of collapsed Fund Managers accuse gov’t of neglecting them
Customers of defunct fund management companies have expressed worry about government’s seeming lack of concern in the recovery of their locked up funds. President Akufo-Addo in the State of the Nation Address last week assured customers of defunct Savings and Loans and Microfinance Companies including DKM customers, that they will be paid their funds in…
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FX forward sale: BoG accepts $40 million in bids for February auction
The Bank of Ghana accepted forty million dollars’ worth of bids in its latest auction of forex, which is the same as the amount it accepted two weeks ago, on January 28, 2020. The forward auction sales started in October 2019. Under the move, foreign exchange dealers are able to make advance purchases of foreign…
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T-bills, bonds dominate income sources of banks – BoG report
It is emerging that banks are still accruing a large percentage of their income from their investments in various securities. The latest banking sector report released by the Bank of Ghana disclosed that this component of income increased to 44.8 percent in October 2019 from 42.9 percent in October 2018. The Bank of Ghana’s industry…
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BoG urges retail outlets to accept new GHC100, GHS200 notes after a shop rejected it
The Bank of Ghana has encouraged the general public particularly retail outlets, to accept the new GHS 100 and GHS 200 currency notes as they remain legal tender. The advice follows a viral video where a customer was allegedly turned away at a Game shop when he issued a 200 cedi note to pay for…