The Bank of Ghana recorded a profit of ¢1.23 billion in 2021, lower than ¢1.57 billion was recorded in 2020, its 2021 Audited Financial Statement has revealed. Out of the income, ¢981.4 million has been set aside to purchase gold and other foreign assets. The statement further said an amount of ¢372.11 million (2020: ¢403.37million) has also been set aside as...
The year-on-year producer price inflation for March 2022 has increased to 29.3% from the 21.4% recorded in February 2022, the Ghana Statistical Service (GSS) has said. This rate represents a 7.9 percentage point increase in producer inflation. The month-on-month change in the producer price index between February 2022 and March 2022 was 6.8%. PPI measures the average change over time in the prices received by domestic producers...
The Ghana Association of Savings and Loans Companies is optimistic the Bank of Ghana (BoG) will soon grant license to new Savings and Loans companies, following a rebound of activities after the financial sector cleanup. In 2020, the Central Bank revoked the licenses of 23 insolvent Savings and Loans companies. Speaking to Joy Business , the Executive Secretary of the Ghana...
Banking Consultant, Dr. Richmond Atuahene has said that the recent directive by the Bank of Ghana to banks and other financial institutions to expressly capture their rights of enforcement under the Borrowers and Lenders Act will empower the lenders to dispose off defaulting customers’ collaterals without hassling to repay their loans, whilst helping to reduce Non-Performing Loans. Welcoming the directive...
John Awauh, the executive secretary of the Ghana Bankers Association (GAB) has said the judicial system in the country is fraught with inefficiencies that do not allow banks to recover loans effectively. Speaking to Nana Oye Ankrah on Tuesday (19 April), Awuah said: “We have serious challenges with the judicial system. It’s not just the courts, it’s the whole system;...
The Ghana Statistical Service (GSS) has announced on Wednesday April 13 that inflation rate for March 2022 was 19.4%. This means that in the month of March 2022 the general price level was 19.4% higher than in March 2021, the Government Statistician Professor Samuel Annim said at a press conference in Accra. “Year-on-Year change in food inflation (five percentage points) between February 2022...
Investments including government securities such as treasury bills and bonds remained the largest component of banks’ income as of February 2022, although its share moderated to 48.5%, from 51.1% during the same period a year ago According to the Bank of Ghana, interest income from loans constituted the second largest source of banks’ income, bringing in a lower share of...
The Ghana Association of Banks says its members have invested heavily in infrastructure to help prevent and detect fraudulent activities in their systems. President of the Association, John Awuah stated that “The good thing is as a community of banks the level of investment that we have undertaken to be able to stop these fraudsters from becoming successful and where...
Banks wrote off ¢349.36 million as bad debt in the February 2022, the Domestic Money Banks Income Statement has revealed. This is lower than the ¢364.46 million recorded in February 2021. The total provisioning comprising loan losses, depreciation, among others contracted in growth by 4.1% in February 2022, after increasing sharply by 62.2% in February 2021. According to the Bank of Ghana,...
The Bank of Ghana (BoG) has served notice that it will continue to tackle illegal foreign exchange operations in the country. The central bank said in a statement that offenders shall be dealt with in accordance with the law. “Bank of Ghana in collaboration with National Security and law enforcement agencies will continue to clamp down on illegal foreign exchange operations. All...
