The Bank of Ghana has introduced a domestic gold purchase programme which is aimed at diversifying the traditional means by which the country builds its foreign exchange reserves, governor of the Bank of Ghana, Dr. Ernest Addison has announced. The domestic gold purchase programme, according to the governor, will pave the way for the central bank to grow its foreign...
The Ghana Association of Bankers, GAB, says it is saddened by Monday’s bullion van robbery incident at James town in Accra that led to the death of a police officer and a trader. In the wake of the incident, the IGP has served notice that the Police Service will withdraw escort services to sub-standard bullion vans if the banks do...
The ARB Apex Bank has received approval from shareholders to purchase 12 armoured cash transport vehicles, commonly known as bullion vans, at GH¢32 million. This is to curb recent armed robbery attacks targeted at cash-carrying vehicles belonging to rural banks across the country. At the 19th Annual General Meeting (AGM) of the bank last Saturday, the Managing Director, Mr Kojo Mattah,...
The Bank of Ghana has issued a warning to those buying or selling foreign currency from or to an unlicensed person or entity, saying it is prohibited by law.It is, therefore, urging all and sundry to report such illegal activities to the Financial Stability Department of the Bank of Ghana. In a release as part of its financial literacy education...
The fall in the Monetary Policy Rate of the Bank of Ghana appears to have interestingly boosted demand in short term securities, particularly Treasury bills and bonds though the rate cut is expected to rather stimulate lending. Interestingly, banks that are largely the biggest investors in T-Bills are shifting their investments in the short term securities, though they are expected...
The Joint Receiver of the collapse banks and microfinance institutions has revealed that some customers are yet to receive their monies. According to Mr Eric Nipa, some customers sent in their claims late while others had no information to validate their claims because their institutions had already collapsed before the revocation of licence. Hence, when the government released GH₵6.5billion, it was...
Sale of Treasury bills, an important instrument that aids government domestic borrowing shot up marginally by 14.8%. This is a turnaround from the recent mixed developments in the auction of the short term instruments. According to auctioning by the Bank of Ghana, the government secured GH¢1.34 billion as against a target of GH¢1.17 billion. However, majority of the sale came from the...
The Ghana Association of Bankers is set to hold an emergency meeting to discuss the issue and other developments relating to the carting of currencies in and around the country. This follows an attack on a bullion van yesterday around Korle Bu in Accra, in which two persons including a policeman providing escort were killed. The Inspector General of Police, James...
Despite the ravages of COVID-19, the Association of Rural Banks (ARB) Apex Bank Limited, has recorded the highest profit before tax (PBT) of GH₵5.9 million. This is an increase of 482 per cent over the previous year, the highest PBT in more than 10 years. The Bank’s total operating income also grew from GH₵65 million in 2019 to GH₵75.3 million, a...
The Joint Receiver of the collapse banks and microfinance institutions has promised to clear all outstanding claims of the remaining depositors latest by 24 months. According to Mr Eric Nana Nipa, there is currently an excess of over GH₵1 billion that needs to be paid to depositors who submitted their claims after the deadline on July 4th 2020. He explained that...
