Tag: Nana Otuo Acheampong
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Prosecute persons whose actions led to banking crisis – BoG Governor urged
As the Governor of the Bank of Ghana Dr. Ernest Addison prepares to start his second term from April 1, 2021, as leader of the Central Bank, he is being called upon to dedicate time and resources to ensure that all persons behind the collapse of about 9 indigenous banks are prosecuted. Since 2017 banks…
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Growth rate of bank loan advances slows in 2020 due to COVID-19
The month of December witnessed the slowest annual growth rate in bank advances seen in all of 2020. That’s according to the latest summary of Macroeconomic and Financial data released by the bank of Ghana. Total amount of loans advanced by banks in the country at the start of 2020, stood at GHS46.5 billion, representing…
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Continue with bold financial sector reforms – Nana Otuo Acheampong urges BoG Governor
Banking Consultant, Nana Otuo Acheampong has welcomed the expected renewal of the tenure of office of the Governor of the Bank of Ghana Dr. Ernest Addison by President Akufo-Addo for another 4 years. The President back in 2017, forwarded Mr. Addison’s name to the Council of State for consideration and approval as the Governor of…
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NPLs should drop to single digits in 2021 and beyond – Banking consultant
Banking consultant Nana Otuo Acheampong has expressed confidence in seeing the percentage of non-performing loans in Ghana’s banking sector, drop to single digits beyond 2020. His comment follows the announcement by credit rating agency, Fitch Ratings that, despite non-performing loans falling to 14 percent in 2019, from 22 percent two years prior, they will remain…
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Volume and value of MoMo transactions will keep rising – Banking Consultant
A Banking consultant, Nana Otuo Acheampong, says the significant surge in the volume and value of mobile money transactions in the first 8 months of the year, should continue unabated in the last quarter of 2020. The volume and value of mobile money transactions from January to August of 2020, increased by 41 percent and…
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Interest rate disparity limits capacity of local banks to take up cocoa syndicated loan – Banking Consultant
Banking Consultant, Nana Otuo Acheampong, has cast doubt on the ability of local banks to take over the annual syndicated loan arrangement for the purchasing of cocoa beans from farmers by COCOBOD. His comment follows recent calls by the Board Chairman of COCOBOD, Hackman Owusu-Agyemang, for local banks to build their capacity play a critical…
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BoG clean up responsible for banks’ resilience to COVID-19 shocks – Consultant
A banking consultant, Nana Otuo Acheampong has said the financial sector cleanup carried out by the Bank of Ghana, is responsible for the resilience of banks amidst the COVID-19 pandemic. A new report by the Bank of Ghana has established that even though banks have been resilient to shocks amidst the COVID-19 pandemic, the same…
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New Cedi notes won’t increase inflation – Banking Consultant
A Banking Consultant, Nana Otuo Acheampong, does not think the introduction of the 100 and 200 Cedi notes will contribute to any inflation as some have suggested. “We are not changing prices anyway… if anything at all, it [the new notes] should have a positive or at worst a neutral effect on inflation but not…
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NDB won’t duplicate functions of existing state-owned banks – Otuo Acheampong
Banking Consultant, Nana Otuo Acheampong, has dismissed assertions that the impending National Development Bank is not needed because it will only perform the functions of other existing state-owned banks. Presenting the 2020 budget in Parliament on Wednesday, the Finance Minister, Ken Ofori-Atta, explained that the bank, which is expected to start operations next year, will…
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Gov’t looking for money to clean-up Savings and Loans sector next – Nana Otuo Acheampong
Following the recent clean-up exercise in Ghana’s microfinance sector, Citi business News is learning that government is preparing to make money available for the Bank of Ghana to start cleaning the Savings and Loans Sector. Last week the Bank of Ghana announced the revocation of the licences of 192 insolvent microfinance companies. In addition, licenses…