Tag: BoG
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Bank of Ghana’s warning ‘unfortunate’ – Menzgold
The management of trading company Menzgold Ghana Company Limited has expressed grave concerns over the Bank of Ghana’s (BoG) threat of taking punitive actions against them. The company said the BoG’s warning was ‘unfortunate.’ The central bank had indicated that it was moving against Menzgold. According to the regulator, Menzgold, which is known as a…
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Barclays bank meets GH¢400m minimum capital
Barclays Bank Ghana Limited has stated that it has met the 400 million cedis minimum capital requirement. The Board Chairman of Barclays Bank Ghana, Charles Cofie disclosed this in a statement on Absa Group’s first half results for this year [2018]. According to him, Barclays was among the first banks to meet the target without…
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Money laundering: BoG places GH¢60,000 fine on banks, others
Banks and Specialised Deposit Taking Institutions (SDIs) that fail to comply with the central bank’s Anti-Money Laundering regulations risk paying as much as sixty thousand cedis (GH¢60,000) in fine beginning this month. This follows the implementation of the Bank of Ghana’s laws on Anti-Money Laundering (AML). The document also comes days after a foiled cyber…
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BoG merges Beige, Unibank and 3 other struggling banks
The Bank of Ghana has consolidated five banks into what it calls the Consolidated Bank Ghana limited. The banks are Beige bank, Construction bank, Royal bank, Unibank and Sovereign Bank. Per this decision, the central bank has merged all the banks into a bigger entity. According to the Governor of the Bank of Ghana, Dr.…
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Private sector dominates banks’ NPLs – BoG report
Ghana’s private sector still dominates with its share of non-performing loans in the banking sector. The latest banking sector report released by the Bank of Ghana shows that the private sector made up as much as 90 percent of all NPLs for the banking sector as at April this year. The Bank of Ghana says…
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Cedi depreciates by 5.83% in July – BoG
Latest data from the Bank of Ghana dubbed the Summary of Economic and Financial Data has shown that the cedi depreciated by 5.83% by July this year compared to the same period last year. The cedi until recently saw a sharp depreciation against the dollar, creating some uncertainty among business associations, calling for the free…
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16 banks left to their fate over minimum capital
The sixteen (16) banks yet to meet the minimum capital requirement will have to expedite processes to tap into available options before the December 31 deadline hits them in the face. That is the advice from Banking Consultant, Nana Otuo Acheampong. He explains that since such major decisions will require time, it will be appropriate…
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15 banks set to meet GH¢400m minimum capital – BoG
Fifteen banks are to meet the new minimum capital requirement by December this year. This is the information available to Citi Business News from the Bank of Ghana. This means that at least nineteen (19) banks will have to resort to various options available to them to meet the minimum capital by the set deadline.…
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BoG keeps policy rate at 17%
The Bank of Ghana has maintained the policy rate at 17%. The decision was arrived at after the central bank’s Monetary Policy Committee meeting on Monday, July 23, 2018. This is the first time the rate has been maintained after it was reduced by 300 basis points early this year. In March, the policy rate…
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BoG committee assesses Ghana’s economy from today
The Monetary Policy Committee (MPC) of the Bank of Ghana will today (Wednesday) start its quarterly meetings to review the health of the economy. The committee will also assess the impact of major economic policies introduced by the central bank to stabilize the economy. On top of the agenda are likely to be the depreciation…