Daily Archives - October 28, 2020
28Oct

11,545 cyber-crime reports made between January to August 2020 – Ursula Owusu

A total of 11,545 reports have been made through government’s National Cyber Security Centre’s (NCSC) Incident Reporting Point of Contact (POC) between January and August 2020. According to the Communications Minister, Ursula Owusu-Ekuful a significant number of people have also contacted the NCSC through the POC seeking for guidance and direction in resolving cyber-crime related incidents. This was revealed in a speech read...

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28Oct

Economy to recover earlier than expected – First Deputy Governor of BoG

First Deputy Governor of the Bank of Ghana Dr Maxwell Opoku-Afari has said contrary to fears that the economy will take some time before getting back on track, data available to the Central Bank suggests that the economy is on its way to recovery. According to him, even though the country experienced a contraction in economic activities in the second...

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28Oct

Cheque usage to decline in favour of Near Real Time payment

The use of cheques to make payment could witness further decline in volume, following the addition of the Automated Clearing House Direct Credit, Near Real Time payment channel. This is because the Near Real Time (NRT) payment channel offers a better and quicker alternative to cheques. The NRT payment allows corporate institutions or organisations to make single or batched payments by...

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28Oct

BoG Governor justifies conversion of bonds to cash to pay defunct MFIs, S&Ls’ customers

The Governor of the Bank of Ghana, Dr. Ernest Addison has justified the recent decision by government to release an amount of GHS3.56 billion in cash, to fully settle claims of depositors of defunct Microfinance companies, Savings and Loans firms and Finance Houses, instead of sticking to the original plan to pay that amount using bonds. Customers had raised concerns...

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28Oct

Local banks must fully fund cocoa syndicated loan in future – Hackman Owusu-Agyemang

Board Chairman of COCOBOD, Hackman Owusu-Agyemang, has urged local banks and financial institutions to strategically position themselves, so they are able to fully provide the loan COCOBOD needs to purchase cocoa beans in the not too distant future. Since the 1992/1993 cocoa crop season Ghana’s cocoa sector regulator, has been signing syndicated loan facilities with the participation of a mix...

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28Oct

NewsLicense Ghanaian banks to provide Islamic products – Gatsi tells BoG«

Commercial banks in Ghana that are interested in rolling out Islamic products should be given the license by the Bank of Ghana (BoG) to do so, Professor John Gatsi, Dean of the Business School at the University of Cape Coast (UCC), has said.Islamic banking is banking or financing activity that complies with sharia (Islamic law) and its practical application through the...

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28Oct

Air Force to airlift money to banks – BoG Governor

Governor of the Bank of Ghana Dr Ernest Addison has announced that the central bank has reached an agreement with the Ghana Air Force to use its fleet, comprising helicopters and aircraft, to airlift money for banks and other financial institutions across the country. According to the governor, the agreement forms part of efforts by the central bank to reduce...

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28Oct

NPLs fall marginally-BoG

Non-Performing Loans ratio of the banking industry went down by 0.2 percent from June 2020 to 15.5 percent in August 2020, the latest Bank of Ghana’s Summary of Macroeconomic and Financial Data has revealed. Whilst some banks have registered very low NPLs, others have recorded NPLs of more than 20%. According to the July 2020 Banking Sector Development Report, the banking...

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28Oct

63 years of BoG’s existence too long to have only two women as Deputy Governors – Elsie Awadzi

Second Deputy Governor of the Bank of Ghana(BoG), Elsie Awadzi, has expressed optimism that in the not too distant future more women will be allowed to serve as Deputy Governors of the central bank. She revealed that since the BoG was established some 63 years ago, only two women, herself and Nana Oye Mansah Yeboah who is on retirement, have had...

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