The Bank of Ghana (BoG) has purchased 3,500 ounces of gold from Newmont Ghana Gold Limited under its domestic gold purchasing programme meant to shore up its gold reserves. The mining company sold the gold to the central bank last month as part of a commitment to help make the programme a success. In an update to its Board of Directors,...
Currency outside banks grew consecutively in the first four months of this year, despite the policy rate increment in March 2022 to control inflation. According to data from the Bank of Ghana, money in circulation grew by 16.3% in April 2022, from 14.3% in March 2022, a period where money supply should have reduced to positively influence the Central Bank’s...
Inflation rate in May 2022 recorded 27.6% from the 23.6% recorded in April 2022, the Ghana Statistical Service (GS) has announced. The Government Statistician, Professor Kobina Annim, explained at a press conference in Accra on Wednesday June 8 that the rate of inflations for Transport (39.0%), Household Equipment and Maintenance (33.8%), Housing, Water, Gas and Electricity(32.3%) and Food and Non-Alcoholic Beverages (30.1.6%)...
More than nine banks will partner government to roll out the “commercial module” of the YouStart programme. According to the President of the Ghana Bankers Association, John Awuah, the banks include; GCB Bank, Access Bank, Absa Bank, Consolidated Bank Ghana (CBG), Fidelity Bank, etc. Under this module, the banks will partner government to provide support for existing youth-led businesses with between...
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...
