The national year-on-year inflation rate for January 2022 has increased to 13.9%, which is 1.3 percentage points higher than the 12.6% recorded in December 2021. Professor Samuel Kobina Anim, the Government Statistician who announced this explained, that this is the highest figure recorded since the rebasing of the economy was done in August 2019. Month-on-month inflation between December 2021 and January 2022 was...
Insurance companies that fail to meet the new minimum capital requirement by May this year may have to sell off their companies or merge with others. This is according to the Commissioner of Insurance for the National Insurance Commission (NIC), Justice Ofori. The move follows a decision by the NIC to see to the recapitalisation of insurance companies in the country. Insurance penetration...
Economist and lecturer at the University of Ghana Business School (UGBS), Dr. Patrick Opoku Asuming is confident the Bank of Ghana will soon increase its Monetary Policy Rate above the current 14.5%. This, according to him, is due to the rising inflation in the country and developments on the global scene especially the likelihood of the United States Federal Reserve...
The Agricultural Development Bank (ADB) plans to increase its network locations from 86 to 100 nationwide.It means the 14 new branches will be located in communities which are predominantly involved in agriculture. The Managing Director (MD) of ADB, Dr John Kofi Mensah, announced this at the ADB’s ‘Customer Appreciation Dinner’ held in Accra recently.The event offered management the opportunity to...
Data published by the Bank of Ghana have shown that consumers’ appetite for Internet banking has started slowing down. An analysis of the Summary of Economic and Financial data (January 2022) indicates that the growth rate of Internet banking – both in terms of value and volume – slowed in December, compared to the previous two months in the last...
THE PERFORMANCE of Ghana’s banking sector in 2021 pointed to sustained growth in assets, deposits, and investments alongside improvements in the financial soundness indicators. In the year, total assets grew by 20.4 percent to GH¢179.8 billion as at December 2021. Asset quality, however, continued to reflect the general pandemic-induced repayment challenges as well as some bank-specific loan recovery challenges. According to the...
The Central Bank’s latest confidence survey conducted in December 2021 showed that consumer confidence weakened due to recent increases in ex-pump petroleum prices and the announcement of new tax measures in the 2022 budget. Business sentiments, however improved at the same period as a result of the achievement of short-term company targets and optimism about companies’ growth prospects.Additionally, Ghana Purchasing...
The GHANA Cedi weakened further against the dollar this week, depreciating to 6.282 from 6.280 at last Friday’s close as supply of foreign exchange lagged demand. AZA Finance, Africa’s largest non-bank currency broker by trading volume at over $1 billion annually, which disclosed this in its recent newsletter, stated that in the “shorter term, we expect the Cedi to continue trading...
The Ghana Association of Bankers, says it is confident banks will be willing to give out more loans after the Ghana Card becomes the only card accepted for all financial transactions. The Bank of Ghana has directed all licensed and regulated financial institutions under the central bank, to accept only the Ghana Card for transactions from July 1, 2022. Data from...
Credit performance improved marginally, consistent with the gradual recovery in the real sector, the Governor of the Bank of Ghana (BoG) Dr Ernest Addison has said. Annual nominal growth in private sector credit increased to 11.2 percent in December 2021 compared with 10.6 percent, in the corresponding period of 2020, he added. However, he said, sustained price pressures weighed on real private sector...
