The Director-General of the Securities and Exchange Commission (SEC), Rev Daniel Ogbarmey Tetteh says 4 out the 47 fund management firms that had claims filed against them following the 2017 financial sector cleanup still have pending liquidation orders. In the 2017 financial sector cleanup, 50 fund management firms had their licenses revoked, out of which 47 of them had had...
Banks operating in Ghana wrote off ¢2.086 billion as bad debt in 2021, a 4.7% decline over the previous year, the Domestic Money Bank’s Income Statement by the Bank of Ghana has revealed. In 2020, the provision for bad debt was ¢2.183 billion. The provision for the bad debt was as a result of loan losses, depreciation, amongst others. According to the...
The Bank of Ghana (BoG) will significantly hike its interest rate should the upside risks to the economy intensify, Fitch Solutions has said in its February 2022 West Africa Monitor Report. It pointed out that risks to the outlook are tilted towards a larger interest rate hike by the Central Bank than its current forecast indicates. Again, the Central Bank will...
The local currency has crossed the ¢7 to one dollar mark on the retail market with less than two months into 2022. Joy Business checks at some forex bureaus and commercial banks indicate that a dollar is being sold at a little above ¢7 cedis. Whilst, some forex bureaus and banks are buying a dollar between ¢6.85-¢7, they are selling one...
The National Insurance Commission (NIC) is engaging insurance companies who failed to meet the new minimum capital requirement to find an amicable solution, sources close to the regulator have told the Graphic Business. The engagements have become necessary to protect the image of the industry, protect policy holders, and save jobs. It has emerged that some insurance companies in the country...
The Managing Director-Agricultural Development Bank PLC (ADB), Dr. John Kofi Mensah, has noted that with the agribusiness sector’s fast-growing nature, it has become essential to increase support for the industry. Given this reality, he said, the ADB will this year focus on building up resources to meet the sectors’ financial needs. “The bank is now very strong, but being a bank...
The Ghana Stock Exchange will soon finalise the process to establish an investor credit rating agency for players on the stock market. The move is to enhance credibility of the market and open up activities of investors to all stakeholders. Head of Fixed Income Bond Market, Augustine Simons, explained that this is critical to the growth of the market. “To help us...
Mrs. Elsie Addo Awadzi has been reappointed as the second Deputy Governor for a second term with effect from Monday. Mrs. Addo Awadzi has over 25 years of professional experience working in various capacities in Ghana and internationally – in law, finance, policy and regulatory reforms, financial sector regulation, sustainable development and public financial management among others. Mrs. Awadzi was first...
Total market capitalisation of the Ghana Stock Exchange (GSE) at the end of January this year rose to GHC64.5 million. This represents an increase of 16.56 per cent of the GHC55.3 million recorded in the same period last year. The summary of the January 2020 market activities issued by the GSE and copied to the Ghanaian Times said the market witnessed...
The Data Protection Commission of Ghana has compiled a list of non-compliant Data Controllers to be forwarded to the Attorney General’s Department to commence legal proceedings. This follows refusal by some Data Controllers to register with the Data Protection Commission as mandated by law under Section 46(3) of the Data Protection Act 2021 (Act 843). The Executive Director of the Data...
