Tag: BoG
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Cedi depreciates by 11% against the dollar over one year period
The cedi has depreciated by 11 percent between January 2018 and the same period this year [2019]. The local currency is now trading at 4 cedis 91 pesewas to a dollar on the interbank foreign exchange market. This is also remarkable as some currency analysts have predicted that the cedi could hit 5 cedis to…
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Menzgold customers do not need compensation – Dr. Lord Mensah
Economist, Dr. Lord Mensah has kicked against any form of compensation for embattled customers of gold dealership company, Menzgold. He explains that such a support is likely to encourage other forms of financial activities that breach the country’s financial laws. Dr. Lord Mensah’s comments come in the wake of recent calls by customers of Menzgold to…
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Energy Commercial bank, First Atlantic Bank to merge for GH¢400m capital
Energy bank and First Atlantic bank have begun merger talks in order to raise the 400 million cedis minimum capital requirement for banks. Citi Business News understands that a Memorandum of Understanding (MoU) has been signed awaiting further action from the two sides. Per the MoU, Energy Commercial Bank and First Atlantic Bank will join…
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Plans to recapitalize ADB threatens merger with NIB
It is emerging that the proposed merger between ADB and NIB may not come off following a recapitalization plan outlined by ADB. The Finance Minister, Ken Ofori Atta has stated of plans to establish a National Development Bank with the merger. The latest comes with about three weeks to the deadline for the minimum capital…
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BoG sets new rules on related-party lending by banks
The Bank of Ghana has disclosed the full implementation of the directive on financial holding companies, next year [2019]. The Governor of the central bank, Dr. Ernest Addison maintains that it will solidify the regulator’s efforts to sustain the gains so far made in the financial sector. Addressing the Annual Dinner of the Chartered Institute of…
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1.2 billion cedis NPLs write off to end in December
The Bank of Ghana has shifted its projection of a drop in the Non Performing Loans of banks, by two more months. Governor of the Bank of Ghana, Dr. Ernest Addison says he expects the reflection by the end of year. Some industry watchers are also confident the move should afford banks the ability to…
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Cedi records poorest performance in November 2018
The local currency, the cedi, witnessed its weakest performance in November 2018 compared to the same period in 2017; a Bank of Ghana report has shown. The cedi, in relation to the dollar, recorded a depreciation of 7.82 percent as at Thursday, November 22, 2018. This was after a two month downward performance of the…
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Ghana’s debt increases to 170.8 billion cedis – BoG
Ghana’s total debt stock has reached 170.8 billion cedis as at September 2018. A summary of economic figures released by the Bank of Ghana shows that between July and August 2018, the country added 11.4 billion cedis to its debt stock. But calculating this as a percentage of GDP, Ghana’s debt represents 57.2 percent. The…
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Savings & Loans companies back BoG’s reforms
The Association of Savings and Loans Companies has backed an intended action by the Bank of Ghana to reform the industry. The Association is confident the move will restore confidence and stabilize the financial sector. “Whatever happens, there are certain effects such that it is going to make sure that financial institutions are better positioned…
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BoG to save cedi’s free fall with $650mn of cocoa syndicated loan
About 650 million dollars from the cocoa syndicated loan is to hit the Bank of Ghana’s account today. This is because the COCOBOD will make the first draw down from the loan to be lodged at the central bank’s account. The figure represents fifty percent of the 1.3 billion dollars that the Ghana COCOBOD secured…