The Bank of Ghana is likely to announce a stay of the Monetary Policy Rate for a 6th consecutive time later today, Monday, March 22, 2021. This assertion was made by some economists who have been sharing their view on Ghana’s economic outlook with Citi Business News. The rate which is of keen interest to businesses does not only signal the rate...
The Receiver of the collapsed microfinance companies and savings and loans firms, Eric Nana Nipah, is reminding the public of the ongoing bidding process for the acquisition of landed properties of the defunct financial institutions. Interested persons or companies have up to March 26, 2021, to put in their bids for some 24 lands and buildings across the country that...
Ghana has yet to roll out an Islamic Finance system but the sooner that is done the better for financial inclusion and poverty alleviation in general.This is the view of Professor Binta Tijani Jibril, a Nigerian academic and Director of the International Institute of Islamic Banking and Finance of the Bayero University, Kano. IIIBF-BUK.She made her submissions during a...
Although the financial sector clean-up and the refund of monies to depositors have restored investor confidence and protected the hard-earned savings of millions of Ghanaians, it came at “a huge cost of over GH¢21.0 billion to the government”, Caretaker Finance Minister Osei Kyei-Mensah-Bonsu has said. As a result, he told Parliament when he presented the 2021 budget and economic statement...
Government is working to complete the bailout of the asset management industry through the provision of a package for investors of the failed Asset Management Companies (AMCs). “I am happy to announce that, the resolution of the banking industry has been completed.” Minister for Parliamentary Affairs and Caretaker Finance Minister, Mr Osei Kyei-Mensah-Bonsu, presenting the 2021 Budget in Parliament on Friday,...
The Bank of Ghana says it will ban customers caught issuing dud cheques for three consecutive times, from accessing new credit facilities from the banking system for a period of up to three (3) years. This was contained in a notice from the Central Bank to Banks, Specialised Deposit-Taking Institutions (SDIs) and the Public, communicating its revised sanctions relating to...
Government has commenced the processes for the 2021 International Capital Market (ICM) Funding Programme. Government is expected to raise up to $5 billion and the funds will be used to support growth-oriented expenditures in the 2021 Budget as well as conduct liability management of both Eurobonds and Domestic Bonds. According to a statement from the Finance Ministry, Bank of America, Citi...
Properties belonging to the collapsed 347 Microfinance Companies (“MFIs”) and the 23 Savings & Loans and Finance House Companies will from Monday, March 8 be auctioned the Receiver of the collapsed financial institution, Eric Nana Nipah has disclosed. This is the latest move in the effort to recover a major part of the value of assets owned by the...
Deputy Chief Executive Officer of Absa Group Limited and Chief Executive responsible for Absa Regional Operations, Peter Matlare has passed on after succumbing to COVID-19 related complications. A statement issued by the Group stated that, the Deputy Group Chief Executive who had been with the bank since 2016, died on 7th March 2021. It also noted that Peter Matlare joined the...
Governor of the Bank of Ghana, Dr. Ernest Addison has charged banks in the country to continuously stress-test their institutions under different scenarios to ensure they are ready when unforeseen risks occur. Unlike other sectors that suffered considerable losses, the financial sector has remained relatively stable in the face of the pandemic. While touting the positive impact of some of the...
