The Ghana cedi lost 40.05% in value to the US dollar in nine months of 2022, ranking it as the second worst performing currency in the world in the 147th position, according to Bloomberg. This decline in the local currency against the American currency is the worst in over three decades. The performance of the cedi also ranked it as the...
A former President of the Association of Banks, Alhanssan Andani is of the view that it is time for the Bank of Ghana (BoG) to take a second look at the Monetary Policy Committee’s decisions to increase the policy rate in recent times. Mr. Andani argued that the recent rate hikes have not yielded the targetted results of bringing inflation...
The Bank of Ghana says the resilience of the banking industry remained robust to extreme loan impairment in 2021. This was supported by a strong capital position resulting from increasing profitability and Covid-19 relief measures. Again, the Loan Concentration Model stress test further showed that the banking industry was robust to credit concentration shocks According to the 2022 Financial Stability Review, the...
In what could mark the beginning of a new epoch in the nation’s digital finance journey, the banking sector regulator – the Bank of Ghana (BoG) – has given the clearest indication yet that it is open to dialogue with cryptocurrency stakeholders on a comprehensive regulatory framework for the asset class. The BoG’s stance was conveyed in remarks delivered by...
The Bank of Ghana (BoG) is warning individuals who have acquired loans through Mobile Money platforms, but have deliberately refused to register their SIM cards with the intention of avoiding repayment of the loans to rescind the decision and clear the debt. A statement from the BoG stressed that, “failure to repay such loans will attract negative repercussions on borrowers’...
The amount involved in the full bailout scheme of Liquidated Fund Management Companies increased to ₵3.65 billion, from ₵1.38 billion, the 2022 Financial Stability Review of the Bank of Ghana has revealed. Out of this, payout to investors increased to ₵1.56 billion in 2021 from ₵622.66 million in 2020. The number of claims paid was 8,955 out of the 11,915 sign...
Insurance industries in developing countries must deploy technology to enhance coverage and improve their services, Dr Mohamed Ibn Chambas, Former Special Representative of the Secretary-General and Head of the United Nations Office for West Africa and Sahel, has said. He stressed that insurance companies should examine “how cutting-edge technological innovations such as big data and scientific studies” could help them...
The Bank of Ghana is urging commercial banks to implement a strong risk management systems in their operations to avoid external shocks that may disrupt the banking industry. Speaking at the 39th Annual General Meeting of the Ghana Association of Banks in Accra, Head of Banking Supervision at the Bank of Ghana, Osei Gyasi said although the industry is resilient, there...
Amid the imminent restructuring of the nation’s public debt, bankers in the country are entreating managers of the economy to be circumspect in their decision-making so as not to destabilise the budding financial sector and erode recent gains made; especially as it pertains to investor confidence. At the 39th Annual General Meeting (AGM) of the Ghana Association Bankers (GAB), there...
Commercial Banks have thrown their weight behind the Bank of Ghana to deny individuals access to future credit for deliberately refusing to register their SIM cards in the ongoing national SIM Card registration exercise, with the intention of dodging loan repayments through their Mobile Money platforms. The Central Bank in a statement indicated that data of all Mobile Money loan...
