Monthly Archives - December 2020
14Dec

Remain compliant, learn from clean-up exercise – SEC to credit unions

Director-General of the Securities and Exchange Commission (SEC), Daniel Ogbarmey Tetteh, has admonished credit unions to remain compliant and pick-up lessons from the financial sector clean-up exercise. According to him, this would enable credit unions operating in the country to avoid falling prey to a reoccurrence of the clean-up exercise that affected various financial institutions. Speaking at the biennial conference of...

By News0 Comments 0Read more...
14Dec

Moody’s sees further loan quality decline among Ghanaian banks

Credit rating agency Moody’s Investors Service is projecting a reversal of the improving trend in Ghanaian banks’ financial metrics, with loan quality to be hit hardest, resulting from the impact of the coronavirus-induced economic disruption. In its latest 2021 outlook for banks in Africa, Moody’s is anticipating nonperforming loans (NPLs) to potentially double from 2019 levels as payment holidays expire,...

By News0 Comments 0Read more...
14Dec

Armed robbers attack rural bank, bolt with GH¢93,445

Masked armed robbers numbering five on Sunday dawn attacked the Ahantaman Rural Bank Limited in Abura, in the Abura-Asebu-Kwamankese District of the Central Region. Police investigators confirm to MyNewsGh.com that two of the robbers armed with pump-action guns first attacked the colleague Security men at their security post. They tied their hands, legs and mouth with a sellotape and woolen strings...

By News0 Comments 0Read more...
14Dec

BoG, Monetary Authority of Singapore sign MoU to support SMEs

The Bank of Ghana (BOG) has signed a Memorandum of Understanding (MOU) with the Monetary Authority of Singapore (MAS) to collaborate in promoting Small and Medium-sized Enterprises (SMEs) through the use of technology. This is a follow up to earlier engagements between the Governments of Ghana and Singapore, which culminated in an understanding between the two countries to work together...

By News0 Comments 0Read more...
14Dec

Inflation drops to 9.8%; lowest rate since outbreak of COVID-19

Ghana has for the first time since the outbreak of the novel Coronavirus pandemic in the country recorded a drop in inflation below 10%. The year-on-year inflation rate for November which is 9.8% percent, is lower than the revised inflation target of about 11 percent announced in the 2020 mid-year budget statement. The figure also falls within the medium-term inflation target...

By News0 Comments 0Read more...
14Dec

Emulate example of outgoing Stanbic Bank CEO – BoG Governor to financial leaders

The Governor of the Bank of Ghana, Ernest Addison has charged all leaders in the financial sector to emulate the example of the outgoing Chief Executive Officer of Stanbic Bank Ghana, Alhassan Andani to ensure that the Ghanaian financial sector thrives in the medium to long term. Mr. Andani is credited for transforming Stanbic Bank Ghana, a bank that had...

By News0 Comments 0Read more...
14Dec

BoG addresses digital payment needs of SMEs

The Bank of Ghana (BoG) has established a new merchant payment system that will introduce a tiered account structure to ensure that small and medium enterprises (SMEs) are able to access merchant accounts tailored to their needs. According to the central bank, the tiered account structure will ensure that different customer types are able to sign on to electronic money accounts suitable...

By News0 Comments 0Read more...
14Dec

Value of mobile money transactions shoot up

The value of mobile money transactions more than doubled from January to October this year compared to the same period last year, the Governor of the Bank of Ghana (BoG), Dr Ernest Addison has said. He said the value of mobile money transactions increased to GH¢58 billion from January to October relative to the GH¢28.4 billion recorded in the same...

By News0 Comments 0Read more...
11Dec

AGI calls for establishment of Industrial Bank

The Association of Ghana Industries is calling on government to speed up processes for the establishment of an industrial bank. According to the AGI this would help address the challenges of access to funding its members face. Speaking to Citi Business News, Director of Business Development Services, Johnson Opoku-Boateng, said government ought to come through with its request, so they can be...

By News0 Comments 0Read more...
11Dec

NPLs of Ghanaian banks may rise after COVID-19 pandemic – BoG Governor

Governor of the Bank of Ghana Dr. Ernest Addison says he is mindful of the fact that in the aftermath of the Coronavirus pandemic, non-performing loans in the country may rise beyond the current stable levels. An analysis of the Summary of Macroeconomic and Financial Data from the Bank of Ghana released in November shows that the percentage of Non-performing...

By News0 Comments 0Read more...