Data from the Bank of Ghana made available to Citi Business News shows that the flow of remittances into the country went up marginally within the first half of the year, compared to the same period in 2019 despite the impact of COVID-19 on jobs both home and abroad. The remittances for the first half of the year stands at...
Banks wrote-off ¢1.01 billion for the first half of this year, about 25% more than the same period last year. According to the Domestic Money Banks Income Statement Highlights, the bad debt was classified as loan losses, depreciation, amongst others. However, the general size of loans and advances went up. The industry’s stock of gross loans and advances (excluding the loans under...
A corporate governance and banking consultant, Dr. Richmond Atuahene says employees in the banking sector who are found culpable of fraudulent activities should be banned from practising in the sector This comes days after reports emerged that the Bank of Ghana is currently in consultation with stakeholders to fine-tune a new code of conduct to guide the conduct of bankers and other employees...
Following the successful implementation of Mobile Money Payment Interoperability by the Akufo-Addo government, about 15 million Ghanaians essentially have bank accounts, Vice President Dr. Mahamudu Bawumia has said Addressing youth wing of the governing New Patriotic Party in Accra on Wednesday, August 12, 2020, Vice President Bawumia explained that with the triangular feature which mobile money...
To reduce the alarming cases of staff-orchestrated fraud in banks, the regulator – Bank of Ghana – has ordered banks to take a raft of measures, which include taking staff through police vetting to determine whether they have any criminal history, before employing them. This comes after the Banking Industry Fraud Report published by the Bank of Ghana revealed that the industry’s reported fraud...
The Ghana Association of Bankers has estimated that about GH¢102 million has been forfeited by commercial banks in the country through various measures they have introduced to give relief to customers due to the impact of Coronavirus pandemic on the country. According to the association, all 23 universal banks in the country in one way or another have restructured, re-profiled...
Managing Director (MD) of Consolidated Bank Ghana, Daniel Wilson Addo has given a rare insight into how banks have supported to revive Ghana’s economy amidst the mitigating impact of the coronavirus pandemic. Speaking at Ghana’s Most Respected CEOs breakfast series under the theme: Bringing the economy back to life: the role of the banking sector, he noted that “Covid-19 has...
Shareholders of the Agric Development Bank (ADB) will not be paid dividend for the 2019 financial year. Though the bank recorded a profit of ¢14.8 million in 2019, compared to ¢5.9 million in 2018, it declined to pay dividend, as a result of a negative income surplus on its balance sheet. Board Chairman of the bank, Alex Bernasko, revealed this at...
Bank customers have started running to foreign currency deposits as a safe haven after the cedi consistently lost value against its major trading currencies, especially the US dollar in the second quarter of 2020, the Statistical Bulletin report has shown. From the May-2020 Statistical Bulletin, the data show that in April and May foreign currency deposits increased to GH¢22.6 billion...
Credit to the private sector declined by ¢1.24 billion in May 2020, according to the latest Bank of Ghana (BoG)’s Statistical Bulletin. This occurred during the peak of the coronavirus pandemic when the government partially lockdown the economy for three weeks, beginning March 31, 2020. According to the data, the banks and other financial institutions loaned ¢17.09 billion, ¢15.59 billion and...
