Consolidated Bank Ghana (CBG) is the country’s fifth-largest bank by assets, according to Business24’s review of banking sector performance for the 2020 financial year. The bank, which was created by the state in 2018 through a consolidation of seven problem banks within the industry, held GH¢9.96bn of assets on its books in 2020, which represented an increase of 43.5 percent from GH¢6.94bn...
The Accra High Court will on July 8, this year, rule on a submission of “no case” filed by the Founder of the defunct Capital Bank, William Ato Essien, and three others accused of stealing depositors’ funds leading to the collapse of the bank. The other accused persons are the then Managing Director of the bank, Fitzgerald Odonkor, and Tettey...
The Ghana Stock Exchange recorded its highest monthly trading value so far this year, as value of shares traded hit GH¢72 million cedis in May 2021. This represented a month-on-month increase of 134%. The month of May 2021 also recorded its second highest monthly volume of trading of 58.9 million shares changing hands. The volume and value traded represented an increase of...
Government is being urged to collaborate with the rural and community banks for a successful implementation of the new Development Bank of Ghana. That’s according to Dr Tony Aubynn, the Board Chairman of the ARB Apex Bank which the mini-central bank for the rural and community banks. Government this month signed €170 million agreement with the European Investment bank to establish...
Accra, June 5, GNA -The African Development Bank Group and the Securities and Exchange Commission (SEC) have signed a $400,000 grant agreement to develop a risk-based supervisory solution for the Ghana capital market. The grant, from the African Development Bank’s Capital Markets Development Trust Fund, will finance the provision of technical assistance and capacity building for the SEC,...
Governor of the central bank, Dr. Ernest Addison, has provided assurance to all stakeholders that his outfit will not sit down for the new Development Bank Ghana – which is set to be operational next month – to suffer the same ill-fate as previous ones did; saying this time, things will be different. Concerns have been expressed by the public...
…as BoG cuts key interest rate to support economic rebound Lending rates demanded by commercial banks in Ghana will begin to be cut this week in response to the Bank of Ghana’s announcement, a week ago, of a 100 basis points cut in its key Monetary Policy Rate, bringing it down to 13.5 percent in a move that many had...
More consumers are ditching the use of cheque for banking transactions as mobile money transactions far outstripped that of cheque transactions by GH¢232 billion in the first four months of this year, data from the Bank of Ghana has stated. If the trend continues, the total value of mobile money transactions will surpass cheque transactions by far more than the...
The Chief Executive Officer of the Ghana Interbank Payment and Settlement Systems (GhIPSS), Archie Hesse, believes Ghana is in a position to be recognised as one of the countries at the forefront of being a cashless society. “If I look at the journey 14 years on, as we speak, we have enough products and services than any other country I...
The banking sector – like the rest of the economy – has come out of a very difficult year. What is your assessment of how the Covid-19 shock impacted the sector, and what explains banks’ apparent resilience to the crisis? Every sector and industry in the world has had to bear the carnage of COVID-19, and both Ghana and its...
