Average lending rate of commercial banks shot up by 2.66% between April and June 2022 to 24.27%. This is equivalent to 2% interest rate on loans per month. According to the Summary of Economic and Financial Data by the Bank of Ghana, average cost of borrowing has been going up from 20.1% in January this year to 24.2%. This is as a...
Some financial institutions are still facing serious difficulties five years after the government spent GH¢21 billion in a massive clean-up exercise to restore the industry back on track. This time, the government requires between GH¢7 billion and GH¢8 billion to deal with the latest development which the central bank describes as a headache since last year. This new development reared its...
The Executive Director of Association of Rural Banks, Ghana, Mrs. Comfort Owusu has advised CEOs of rural banks to use their office to massively support small and medium enterprises, particularly in their communities, to reduce poverty and improve the lives of rural folk. She has reminded rural bank CEOs of their organisations’ mandate to be innovative in product development tailored...
The banking sector recorded ¢4.4 billion in profit before tax in first-half of 2022, data from the Bank of Ghana has revealed. This represented 21.6 per cent growth, compared with 32.1 per cent in the previous year. According to the Bank of Ghana, growth in net interest income was slower than the previous. However, net fees and commissions shot up significantly,...
With technology fast evolving, many are those who are using the new way of life to undertake negative and nefarious activities. At the last insurance week celebration, it emerged that the rate at which some individuals are forging documents to make fake claims in the industry is rising. Many insurance companies, in the quest to expedite action on claims made by...
During the prestigious Euromoney Awards, Ecobank won the coveted titles of ‘Africa’s Best Bank,’ ‘Africa’s Best Bank for SMEs,’ and ‘Africa’s Best Digital Bank.’ The Euromoney Awards for Excellence, which have been running for 30 years, are highly regarded by the global banking industry. Ade Ayeyemi, Chief Executive Officer of Ecobank Group, said, “I am very honoured by this recognition as...
The formation and inauguration of the Association of Rural and Community Banks (RCBs) Chief Executive Officers (CEOs) has been widely lauded, and the platform urged to be used to contribute to building a more formidable rural banking industry. The Executive Director of the Association of Rural Banks, Ghana (ARB), Mrs. Comfort Owusu, while recognising the existence of existing associations within...
The United Bank for Africa (UBA), Africa’s global bank, has extended its operations to the United Arab Emirates with the official launch of its new branch at the Dubai International Financial Centre (DIFC). The UBA Group, having been in operation for over seven decades, is currently present in 20 African countries, the United Kingdom, the United States of America and France. United Bank...
Communications and Digitalisation Minister, Ursula Owusu-Ekuful, has called for the development of robust cybersecurity infrastructure, warning that lack of it will brutally derail the country’s digitalisation efforts. “We cannot sustain our digitalisation efforts without cybersecurity. Cyber-attacks could undermine our gains in digitalisation as well as our social and economic well-being and consequently, impact on our national security,” she said. Mrs. Owusu-Ekuful,...
Mr. Benjamin Dzoboku has officially assumed post as the Managing Director(MD) of Republic Bank (Ghana) PLC on Friday, 15th July, 2022. This follows the Bank of Ghana’s approval of his appointment to succeed Mr. Farid Antar, who officially retired from the service of the Bank effective Thursday, 14th July, 2022. Prior to his new appointment, Mr. Dzoboku was the Chief...
