Author - Daniel Asamoah

19Jan

Credit card, romance fraud remain most prevalent cybercrime in Ghana – 2023 Fintech Report

Cyber fraud, such as credit card fraud, identity fraud, or romance fraud, remains the most prevalent form of cybercrime in Ghana, the 2023 Ghana Fintech Report has revealed. According to the report, perpetrators typically create fake online profiles or websites to deceive victims into sharing their money or personal information. Significantly, it said the financial sector has become a particularly attractive...

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19Jan

Mansa Nettey hands over to new GAB President Kofi Adomakoh

After serving a successful three-year term in office from January 2021 as President of the Ghana Association of Banks (GAB), Mrs. Mansa Nettey, the Chief Executive Officer (CEO) of Standard Chartered Bank Ghana Plc, has handed over to Mr. John Kofi Adomakoh, the Managing Director of GCB Bank Plc effective January 2024 for the next three years In a similar...

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19Jan

BoG affirms commitment to launch e-Cedi before 2026

Bank of Ghana Governor Dr. Ernest Addison has reassured the public that the launch of the much-anticipated e-Cedi, the country’s digital currency, will take place before the end of 2026. The Governor acknowledged progress made in the e-Cedi’s development, but attributed the delay in its launch to economic dislocation caused by the events of 2022. “Probably, it could be earlier than...

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19Jan

DBG injects GHS623m into the private sector in 2023

Development Bank Ghana (DBG) has partnered with its Participating Financial Institutions (PFIs) to disburse GHS 623 million into the private sector. This capital injection has contributed to the creation of jobs, expansion of businesses, increased revenue, and generation of foreign exchange.  DBG’s key highlights in 2023 are captured in a year-end wrapped video on its key media channels- YouTube, Linked-In,...

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19Jan

Credit risk remains elevated, slows down new lending by banks – BoG

Credit risk remained elevated during the third quarter of 2023, reflecting the sharp increase in the stock of non-performing loans in the banking industry, which translated into a higher NPL ratio. According to the Bank of Ghana’s November 2023 Monetary Policy Report, the stock of gross loans and advances (domestic and foreign) contracted between October 2022 and October 2023, reflecting...

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19Jan

Banking industry: Shareholders’ funds contract by 4.2% to ¢25.4bn – BoG

Shareholders’ funds in the banking industry contracted by 4.2% to ¢25.4 billion in October 2023, the Bank of Ghana has revealed. This is compared to a growth of 11.9% in October 2022. According to the Bank of Ghana, this reflects losses from the Domestic Debt Exchange Programme which impacted the reserves of banks. The decline in shareholders’ funds, it added, is also...

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19Jan

Investments constituted largest component of total assets of banks as of October 2023; hit ¢103.7bn – BoG

Investments constituted the largest component of the total assets of banks as of October 2023. According to the Bank of Ghana’s November 2023 Monetary Policy Report, it was up by 22.0% year-on-year to ¢103.7 billion in October 2023, compared to 1.9% in October 2022. However, banks’ holdings of long-term investments (securities) contracted by 25.5% in October 2023 from 20.9% growth in...

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25Jul

Banks record considerable growth in profits after losses in 2022 – BoG

Banks’ half-year performance in 2023 shows considerable growth in profits, following significant losses posted in 2022 on account of the Domestic Debt Exchange Programme (DDEP), Governor of the Bank of Ghana Dr Ernest Addion has said. Dr Addison stated that If this trend continues, the country will expect banks to rebuild capital buffers quickly in addition to equity capital injections...

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25Jul

BoG hikes policy rate by 50 basis points to 30%

The Monetary Policy Committee of the Bank of Ghana has increased its Policy Rate by 50 basis points to 30%. This increment is targeted at stemming the rising inflation. Since November 2021, the Central Bank’s key lending rate has gone up by 15.5%. Despite the increase in the policy rate, lending rates are not expected to go up. This is because the...

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25Jul

Average lending rate fall by 4.3% in six months to 31.5% in June 2023

Average lending rate fell to 31.5% in June 2023, from a high of 35.8% in January 2023. This is equivalent to an average of 2.625% per month on loans charged by the banks. According to data from the Bank of Ghana, the average lending rate began easing in April 2023, as it dropped to 31.6%. This is surprising because inflation remains high...

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