Tag: Nana Otuo Acheampong
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Ghana’s free market structure prohibits regulation of cryptocurrencies – Banking Consultant
Banking consultant Nana Otuo Acheampong has blamed Ghana’s free-market economy for the Bank of Ghana’s inability to institute punitive measures to prevent persons from introducing and operating cryptocurrency schemes in the country. The remarks follow recent press releases by the Bank of Ghana (BoG) warning the public against patronizing cryptocurrencies such as Bitcoin and the…
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Reversal of COVID-19 era reliefs to banks will mop up excess liquidity – Nana Otuo
Banking consultant Nana Otuo Acheampong is confident that the reversal of the COVID-19 era reliefs given to Universal Banks, will help in mopping up excess liquidity within the banking system. According to him, instead of lending to the private sector, banks in the country continue to use the excess liquidity they have to buy treasury…
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Hike in policy rate will affect lending rates – Banking Consultant
The recent hike in the monetary policy rate by 250 basis points to 17% by the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG), will inevitably lead to an upward adjustment in average lending rates to businesses and individuals. The Monetary Policy Rate, which is of keen interest to businesses, signals the rate…
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Increasing interest rates in tandem with policy rate not prudent – Banking Consultant
Banking consultant Nana Otuo Acheampong says it is in the interest of banks not to increase their interest rates in tandem with increases in the monetary policy rate of the Bank of Ghana. The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) a few weeks back, increased the Monetary Policy Rate (MPR) by…
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Inaccurate data could hamper Ghana’s Credit Reporting System – Banking Consultant
Banking consultant Nana Otuo Acheampong has charged the Bank of Ghana and institutions participating in the Credit Reporting System (CRS) to ensure accuracy in the data they collect. According to him, poorly kept records could lead to innocent borrowers being rated unfairly by lenders. The remarks come on the back of the announcement of the…
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Interest rates to drop in ‘two to three months’ following policy rate reduction – Consultant
Interest rates on loans for businesses and individuals should begin dropping in response to the lowering of the monetary policy rate by 100 basis points to 13.5% in May, 2021. The Monetary Policy Committee (MPC) of the Bank of Ghana, for the first time since March 2020, reduced the policy rate to 13.5% after it…
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Companies urged to abide by unclaimed dividend provisions in new Companies Act
Companies who are expected to pay dividends to their shareholders are being cautioned against flouting Sections 73 and 74 of the new Companies Act, Act 992. According to the Act, all unclaimed dividends are to be handled in a standardized manner which will ensure the dividends are kept for a period of up to 8…
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NPLs likely to reduce following improvement in economy – Banking consultant
A banking consultant, Nana Otuo Acheampong is confident that the recent rise in the percentage of non-performing loans in the banking industry will be a temporary phenomenon. According to the Banking Sector Development report for March by the Bank of Ghana, the end-February 2021 NPL ratio of 15.3 percent was marginally higher than the year-end…
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Banks urged to meet BoG criteria for dividend payment to shareholders
Banking Consultant, Nana Otuo Acheampong has urged banks to work assiduously to satisfy the six minimum criteria set by the Bank of Ghana as preconditions for the payment of dividends to their shareholders. The Central Bank in a new notice to Banks and Special Deposit Taking Institutions (SDI’s), urged the institutions to desist from declaring…
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BoG’s support for banks may reduce in 2021 – Banking Consultant
The amount of credit from the Bank of Ghana to the 23 universal banks in the country should reduce this year when compared to credit advanced to the banks in 2020. The amount of money advanced to banks from the Central bank throughout the period when the Coronavirus was at its height was about GHS2.6…