New loans advanced by banks in the first six months of 2022 amounted to ¢24.6 billion, an increase of 54.0% over new advances recorded in the same comparative period last year (growth of 1.0%). According to the Banking Sector Development Report by the Bank of Ghana, the year-on-year increase in gross loans and advances recorded in June 2022 reflected mainly...
As a result of the recent attacks on bullion vans and killings of security personnel, the ARB Apex Bank is seeking a concessionary loan from the Bank of Ghana (BoG) for the procurement of customised armoured bullion vans to ensure the security of personnel and our cash-in-transit (CIT) management. Taking the lead in that direction, the bank has purchased three...
The Ghana card is helping to establish a credit-scoring system in the country that will require that high-risk borrowers pay higher interest rates than low-risk borrowers, Vice-President Mahamudu Bawumia has said. Speaking at the 2022 Civil Service Awards ceremony in Accra, at which he justified his earlier comment that he would prefer the Ghana card to a 1,000 interchanges, since,...
Financial sector stocks remain on course to redeem the stock market from what has turned out to be an especially challenging year, a new report by Databank suggests. The equities market has seen a reversal of fortunes, following a stellar 2021 campaign, when it ended the period as the second best-performing bourse on the continent, gaining 43.66% and reversing a trend of three consecutive...
Bank customers have been advised to report any financial institution that charges fees that have not been sanctioned by the Bank of Ghana (BoG) the industry regulator. The Western Region Manager of BoG, Kofi Assan, gave the advice at the bank’s financial literacy and sensitisation programme for officers of the Western Regional officers of the Ghana Immigration Service (GIS). On banking...
Quarterly Fraud Report by the Bank of Ghana indicates that Identity theft is one of the most prevalent fraudulent acts on the market in recent times. Identity theft enables fraudsters to hack into their victim’s emails and confidential details and issue instructions to their banks for money transfers. Head of Conduct Supervision Unit of Bank of Ghana, Augustine Donkor, gave the caution when...
As part of moves to enhance security in the banking sector and reduce cases of fraud, Clari5, a leading global financial fraud management company has over the last two years partnered with CWG Ghana Limited to prevent crimes in the sector. The partnership is coming at a time the Bank of Ghana (BoG) recently announced that GH¢61 million was lost...
The ARB Apex Bank PLC, a mini central bank that offers support services to the rural and community banks in Ghana, has recorded satisfactory growth in almost all the financial indicators in the 2021 year under review. The bank recorded improvements in some of the indicators though other major performance indicators of the bank for the year 2021 declined. Total...
The Pan African Payment and Settlement System (PAPSS) offers an opportunity for countries in the ECOWAS region to expedite the long-awaited goal of a single currency within the West Africa Monetary Zone, Head of Mission, Afrexim Bank, Eric Monchu Intong, has said. Mr. Intong, who was speaking on the theme: ‘Trade Finance and Pan African Payment Systems’ at the UPSA...
Success rate at 10%Analyst warns e-criminals becoming more efficient The total value of attempted fraud initiated against banks, Specialised Deposit-Taking Institutions (SDIs) and electronic money issuers (EMIs) between 2017 and 2021 has approached the GH¢2billion mark; however, the success rate of such attacks is just over 10 percent, analysis by cybersecurity consultancy – e-Crime Bureau – has shown. A perusal of...
