The Bank of Ghana has reiterated that universal banks and foreign exchange bureaux, are the only institutions licenced to trade in foreign currencies in Ghana. This move is expected to bolster the stability of the cedi. In its financial literacy on foreign exchange bureaux, the Central Bank said the “Black Market” foreign exchange operator does not have a valid license from...
The Ghana Association of Banks is optimistic lending rates will come down before the end of 2022. This is line with the Bank of Ghana’s forecast that inflation which is one of the key determinants of interest rates will dip in the next couple of months. Inflation surged to 23.6% in April 2022, forcing the Bank of Ghana to adjust its...
If you are an Absa Bank customer with a penchant for using the bank’s ATM, a new feature on the machine will make your life simpler and more convenient than before. For the first time in Ghana, customers can now withdraw money from any of Absa’s ATMs with the luxury of a digital QR code, using their mobile phones. The functionality,...
The Ghana Incentive-based Risk Sharing for Agricultural Lending (GIRSAL) has announced its collaboration with the newly established Development Bank Ghana (DBG) which is aimed at improving the funding and capacity-building opportunities for agriculture-based businesses (agribusiness) and agriculture generally in Ghana. As a non-bank financial institution, GIRSAL has been at the forefront of de-risking agricultural financing by financing institutions, through the...
The Standard Chartered Bank PLC posted a strong performance in the 2021 financial year despite the difficult macroeconomic environment brought about by the COVID-19 pandemic. Profit before tax of the SCB in 2021 rose to GH¢695 million from GH¢675 in 2020, representing a three-per cent growth. However, profit after tax of the company declined to by 9 per cent from GH¢478...
Head of Finance Department at the Valley View University, Dr. Williams Peprah, has urged Ghanaians to take advantage of the rising interest rates to save for the future. According to him, this is the best time to invest and make money. Interest rates have surpassed 22% due to the rising inflation, and it’s unclear when it will come down. Dr. Peprah tells...
The Reverend Dr Samuel Worlanyo Mensah, an Economist with the Center for Greater Impact Africa, has called for a strategic policy to strengthen the Bank of Ghana (BoG) to fight against the use of foreign currencies in the country. He explained that BoG needed to be resilient in stabilising the Ghana Cedi to compete with other currencies in the global...
Senior Advisor to the Vice President, Professor Kwaku Appiah-Adu, says full implementation of the e-Cedi will diversify digital payment and ensure a secure and robust payment infrastructure in the country. As a result, he called on players within the financial services industry to invest in technology and innovation to ensure smooth implementation of the e-Cedi, which is expected to...
