Former Chief Executive Officer (CEO) of Stanbic Bank Ghana Limited, Alhassan Andani has stated that foreign banks may have various reasons for packing from the African continent. First, he explained that technology and the ability to access client base could be a major factor for the banks’ decision to exit the continent. The other factor is aggregate risk, he said. Aggregate risk...
New data shows that Ghana presently has the highest interest rates among top 11 African countries. According to Databank Weekly Fixed Income Update, the country’s 18.23% and 19.26% rates for the 91-day and 182-day Treasury bills respectively are the highest on the continent. The Treasury bill rates in the country are however lower than the inflation rate of 23.6%. Indeed, the relentless...
The Bank of Ghana (BoG) has told commercial banks that it is a legal requirement to provide Annualize Percentage Rate (APR) to customers who are seeking facilities from the financial institutions. APR is the yearly interest generated by a sum that’s charged to borrowers or paid to investors. The central bank also urged customers to demand from their financial institutions the...
Mobile Money transactions recorded 9.99% year-on-year growth to ¢331.2 billion in the first four months of 2022. However, in the first four months of 2021, Mobile Money transactions stood at ¢301.1 billion. According to data from the Bank of Ghana, transactions via Mobile Money grew consecutively until April 2022 when it dipped slightly. The Electronic Transaction Levy (E-levy) was implemented from May...
As part of efforts to foster market integration in the West African sub-region and facilitate cooperation among Capital Markets, the Securities and Exchange Commission (SEC) and the West Africa Securities Regulators Association is set to hold the second edition of the biennial West Africa Capital Market Conference (WACMaC). The West Africa Capital Market Conference is a biennial event that seeks...
The Monetary Policy Committee of the Bank of Ghana has for the second consecutive time increased the Policy Rate – the rate at which it lends to commercial banks by 200 basis points to 19%. This was announced by the Governor, Dr. Ernest Addison at a press briefing today, May 23, 2022. The increase in the Central Bank’s monetary policy...
Average lending rate of commercial banks rose to 21.6% in April 2022, from 20.57% in March 2022, the Bank of Ghana has disclosed. This is equivalent to 1.8% interest on loans per month. However, the average lending rate varies among the banks and the respective sectors. For instance, some banks will offer loans as low as 17% per annum, whilst others will...
Many Ghanaians have faced lots of challenges with claiming their insurance packages after the unfortunate thing happens or their insurance matures. The bitter experiences of Ghanaians in their engagement with public and private insurance companies have caused many of them to lose their confidence in insurance companies and vow not to indulge their services any longer. However, the Commissioner of the...
Banking Consultant, Nana Otuo Acheampong, has bemoaned the continuous charging of some fees by some banks in the country contrary to directives from the Bank of Ghana. In June 2021, the Central Bank warned commercial banks and Specialised Deposit-Taking Institutions in Ghana to abolish some unfair charges in the banking sector. The directive was reiterated recently by the Bank of Ghana...
The Governor of the Bank of Ghana, Dr. Ernest Addison, has described the rising inflation rate of nearly 24% as a complicated matter that will be dealt with decisively in the ongoing Monetary Policy Committee (MPC) meeting that began today, May 18th, 2022. In most scenarios, the Policy Rate – the rate at which commercial banks borrow from the Bank...
