The country’s inflation rate rose to a 19-year high in June at 29.8 per cent from 27.6 per cent in May, data from the Ghana Statistical Services (GSS) has revealed. Relative to May 2022, year-on-year inflation increased by 2.2 percentage points in June 2022 and a month-on-month inflation dropped by 0.9 percentage points over the same period, while month-on-month inflation...
The Ghana Stock Exchange (GSE) ended the first-half of 2021 with a negative year-to-date return of 24.13 per cent in dollar terms. This placed the country 12th out of the 15 top stock exchanges on the African continent. In cedi terms, the Accra Bourse lost 8.7 per cent return in the first six months of 2022. This position is two places better...
The Bank of Ghana will sell a total of $150 million to authorised dealers in the third quarter of this year in a Foreign Exchange Forex Auction. This will be far lower than the $350 million sold in the second quarter of 2022. Fifty million dollars each will be sold in July 2022, August 2022 and September 2022 respectively. In accordance with...
Indigenous lender, OmniBSIC Bank, has recapitalised to about GH¢516 million – above the regulatory requirement of GH¢400 million. The large capital gives comfort to customers and the general public, strengthens the bank’s buffers and its balance sheet as well as enhances its capacity to fund big-ticket transactions in an economy where businesses are recovering from the global twin challenges. The bank...
Total cash-in values of mobile money increased by 64.5% to ¢164.80 billion in 2021, from ¢100.17 billion in 2020. According to the Bank of Ghana’s Payment Systems Oversight Annual Report has revealed, this resulted in a 29.1% increase in average cash-in value to ¢264 in 2021, from ¢204 in 2020. Cash-in values constituted 12.1% of total transaction volumes in 2021, compared...
The Bank of Ghana has issued a total number of 176 products and services in the payment system ecosystem between 2016 and 2021. Remittance Services (55), Mobile Banking Services (40) and Card Issuance (20) constitute the larger number of payment products and services. Agency Banking (17) and Mobile Money Services (11) followed suit. The year 2017 recorded the highest number of...
The Chartered Institute of Marketing (CIMG) has urged banks to tighten up on all the areas where their performances fell short of the expectations of their customers in the first Ghana Customer Satisfaction Index (CIMG-CSI, 2021). According to its President, Dr. Daniel Kasser-Tee, CIMG is available to provide support to all banks to improve its quality of standards. Speaking at the...
Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi, has disclosed that the savings and loans sub-sector contributed 35.1 percent of the total assets of the specialized deposit-taking institutions sector in the first quarter of 2022. While commending the savings and loans sector for their significant role in the economy at the 12th Annual General Meeting of the...
Former Managing Director of Ecobank Ghana, Samuel Ashitey Adjei has been appointed Board Chairman of Ecobank Ghana PLC, effective June 11, 2022. He replaces Terence Ronald Darko. Mr. Adjei is an accomplished banker with over 29 years of banking experience, 25 years of which were in executive positions spanning various areas of banking within the Ecobank Group. Mr. Adjei has a proven...
The Ghana Association of Banks has advised against using legislation to force banks to lend to the Agriculture sector. This comes on the back of recent remarks by the Minister of Food and Agriculture, to the effect that the banking sector has not been lending enough to the country’s agriculture sector to support its transformation. According to the Bank of Ghana’s...
