In the ever-evolving landscape of the financial industry, banks around the world are embracing cutting-edge technologies to enhance customer experience and meet the diverse needs of their clients. Creditably, banks in Ghana are welcoming this transformation. At the forefront of this digital transformation is Artificial Intelligence (AI), a revolutionary tool that is driving a new era of personalised banking...
… Core values and significance in institutions In today’s world, professionalism has emerged as a cornerstone of organisational culture, reflected in the core values of numerous institutions across various industries. This article aims to explore the meaning of professionalism, its key components, and the reasons why institutions include it as a fundamental part of their core values. Understanding professionalism is...
The Agricultural Development Bank (ADB) Plc loan support to agricultural sector continues to record steady growth. As of September 2020, ADB Plc loan to the agriculture sector had increased to GH¢993.50 million from GH¢453.20 million in December 2016. A statement issued by the ADB Plc to congratulate farmers, fishers on the 38th Farmers’ Day celebration, said “We believe in agribusiness for wealth creation...
The Governor of the Bank of Ghana, Dr. Ernest Addison, has expressed hope that the proposed debt exchange programme to restructure the country’s debt will bring some confidence into the economy as well as enhance the ongoing monetary policy to control inflation. According to him, this has become necessary due to the economic challenges, which many banks are being affected. This...
The Bank of Ghana is advising consumers of mobile money loans to repay their loans and maintain a good credit history. According to the Central Bank, failure to repay loans will have a negative effect on their credit report and also adversely affect their chances of obtaining loan facilities from financial institutions and credit providers in future. In a financial literacy...
The banking sector recorded a profit-after-tax of ¢4.4 billion for the first ten months of 2022. This represents an increase of 17.2%, compared with 10.0% growth during the same period last year. According to the Bank of Ghana, the banking sector recorded strong asset growth and improved profitability over the review period, but there are strong signs of emerging spillover effects...
Ghana maintained its position as the 2nd largest recipient of remittances in Africa, recording $4.7 billion inflows in 2022. This is 4.4% more than the previous year. According to the latest World Bank Migration and Development Brief, Ghana received the second-largest remittance inflow in dollar terms and the ninth-largest level in relation to Gross Domestic Product in Africa. Indeed, it constituted 6.1% of...
SEVERAL sub-Saharan African central banks are exploring or in the pilot phase of a digital currency, following Nigeria’s October introduction of e-Naira. Nigeria was the second country after the Bahamas to roll out a Central Bank Digital Currency (CBDC). CBDCs are digital versions of cash that are more secure and less volatile than crypto assets because they are issued and...
The government will on Monday launch the Debt Exchange programme announced in the 2023 budget. This is after series of engagements with key stakeholders. The Ghana Debt Exchange (GDX) programme has been informed by a Debt Sustainability Analysis that revealed public debt, excluding overdraft, state owned enterprises (SOEs) and special purpose vehicles (SPVs) as a ratio of Gross Domestic Product (GDP)...
The Bank of Ghana has increased its policy rate by 2.5 percentage points to 27%, citing risks to inflation and exchange rate concerns as reasons. This means cost of borrowing is expected to go up further, but will depend on the risk profile of the customer. Customers who are credit worthy may enjoy a slightly better rate than first time...
