The Ghana cedi has depreciated by 1.7% to the US dollar in the first nine months which will end next Thursday September 30th, 2021, according to data from the Bank of Ghana (BoG). The Central Bank pegged the rate of the cedi to the dollar at ¢5.86, though it is trading above ¢6.10 on the interbank forex market. However, the rate...
Despite concerns that the cost of loans is very high, average lending rate fell by 0.11% from June 2021 to 20.51% in August 2021. This is equivalent to 1.71% interest on loans per month. As always, the average lending rate varies among the banks and the risk associated in lending to the respective sectors. For example, some banks will offer loans as...
The MD of Bank of Africa, Kobby Andah, has said the implementation of a common currency and digitalizing trade will go a long way to make the African Continental Free Trade Area (AfCFTA) a success. Speaking at the 5th Ghana International Trade and Finance Conference under the theme, “Facilitating Trade and Trade-Finance in AfCFTA; The Role of the Financial Services...
The Second Deputy Governor of the Bank of Ghana (BoG), Mrs Elsie Addo Awadzi, has reaffirmed the bank’s commitment to initiating and promoting policies that will ensure inclusive growth for all citizens and actors in the economy. Mrs Awadzi said the bank was particularly interested in ensuring that women and youth were equally empowered and motivated to contribute their quota...
Economist and Director at the Institute of Statistical, Social and Economic Research (ISSER), Prof. Peter Quartey has been re-elected to the nine-member Board of Directors of the Agricultural Development Bank (ADB), for a second term. This was announced during the inauguration ceremony for the board in Accra. The board of ADB also has three new members; Kwahuhene and President of the...
LeapFrog Investments, the Profit with Purpose investment firm, has acquired a 16.94% stake in Ghana’s largest privately-owned bank, Fidelity Bank Ghana Limited from Amethis, an investment fund manager dedicated to the African continent, and Edmond de Rothschild Equity Strategies (ERES), a mid-cap growth and buy-out franchise affiliated with the Edmond de Rothschild Group, with a global investment mandate. It is...
People and institutions saved more money with banks in the first six months of the year than they did in 2020, but not much of bank funds were used to support businesses as loans. A Bank of Ghana (BoG) report has shown that while deposits with banks rose by almost a quarter to GH¢110.4 billion in the first half, loans...
With financial systems across the continent set for increased integration under the African Continental Free Trade Area (AfCFTA), domestic industry watchdog the Bank of Ghana will heighten its monitoring of developments in the trade area and put measures in place to ensure local financial institutions are insulated from external shocks. This, said Head of Banking Supervision Osei Gyasi, will ensure that the...
Emerging Financial Technology (FinTech), Regulatory Technology (RegTech) tools as well as the national identity (Ghana) card will serve to remedy the age-old problem of access to finance by Small and Medium-sized Enterprises (SMEs), as they will aid financial institutions – particularly banks – in their Know-Your-Customer and risk assessment checks, Chief Executive Officer of Universal Merchant Bank (UMB), Nana...
Remittances to African countries are expected to decrease by 5.4 percent from $44 billion in 2020 to a projected total of $41 billion in 2021, due to the effects of Covid 19 pandemic, according to findings of Continental Migration Report 2021. The report titled, “African regional review of implementation of the Global Compact for Safe, Orderly and Regular Migration,” was...
