The National Insurance Commission (NIC) in June 2019 announced a new capital requirement for insurance companies operating in the country after a series of consultations and discussions between the industry players and the regulator. The new capital regime saw the stated capital for life and non-life insurance companies move from GH¢15 million to GH¢50 million, with that of reinsurance companies...
…as maiden Banking Consumer Satisfaction Index report launched The Chartered Institute of Marketing Ghana (CIMG) has carried out the country’s maiden Consumer Satisfaction Index (CSI) report, focusing on the banking sector for the pilot study. The index seeks to measure service quality, customer satisfaction and customer loyalty, as well as establish a standard customer satisfaction index for the banking industry, and...
Following more than a year of implementing Rule 30, the Ghana Stock Exchange has revealed that it is reviewing impacts of the amended guideline for further action to be taken. The Exchange in June 2020 alerted the stock market of intended implementation of its amended trading rules on price movement for the Exchange. Rule 30 – new trading rules – was...
Atuahene calls on gov’t to pay debt owed sector A new report by the Bank of Ghana has shown a worrying trend of growing non-performing loans in the assets of commercial banks, a situation banking consultant Dr. Richmond Atuahene blames on challenging economic conditions and government debt owed the private sector. The summary of Economic and Financial data (September 2021) has...
-GhIPSS boss tells shop owners Businesses are being encouraged to find innovative ways to get their customers to choose electronic payment channels over cash. This is to enable such businesses to have less cash on them and reduce their exposure to robbery and pilfering. There are concerns of robberies on the highways, in shops and other places and in most instances...
Bank of Ghana is seeking to significantly reduce Automatic Teller Machine (ATM) and cyber-related fraud with the setting up of a Financial Industry Security Operating Centre, to ensure a safer cyberspace for the banking sector in Ghana. The assurance follows a rise in the number and value of ATM fraud cases and other types of fraud, as captured in the...
The Bank of Ghana (BoG) has so far purchased 280 kilogrammes of gold under its Domestic Gold Purchase programme to help shore up the country’s foreign exchange reserves. The quantity so far purchased represent more than half of the 540 kilogrammes, the BoG projected to buy this year. The BoG in June this year launched the Domestic Gold Purchase programme to...
The Ghana cedi slipped one place to the 9th position out of 15th top African currencies. According to Joy Business tracking of the performance of African currencies so far this year, the local currency has not fared badly at all. In August, the cedi was ranked 8th among Africa’s top currencies with a depreciation of 1.30% to the US dollar. This was after...
The Bank of Ghana registered a profit of ¢1.57 billion last year, its 2020 Annual Report has revealed. This is compared to the ¢1.80 billion recorded in 2019. The directors of the Central Bank however did not recommend dividend to be paid to the shareholder (government). In 2019, it also did not pay dividend. The report said “the directors have assessed the...
others to come on board as 2022 targetted for full operationalisation The Security Information and Events Management (SIEM) system and Security Operation Centre (SOC) of the Agricultural Development Bank (ADB) have been earmarked for the trial phase of the Bank of Ghana’s (BoG) impending Financial Industry Command Security Operation Centre (FICSOC), which will boost monitoring of cyber vulnerabilities. This was disclosed...
