Chief Executive Officer of FBN Bank Ghana, Victor Yaw Asante, has called on the Bank of Ghana (BoG) to extend its directive on using the Ghana Card as the only identification card in undertaking financial transactions from July 1 to December this year. His call comes on the back of some concerns raised by a number of bank customers who...
The Governor of the Bank of Ghana, Dr Ernest Addison has said increasingly, the banking sector has witnessed the increased usage of online banking as customers resort to branchless banking for transactions. Banks, he said, have also been compelled to increase investments and upgrades of digital platforms to remain competitive. These positive developments to broaden the scope of financial services, digitisation and the...
The Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has urged the Republic Bank to use its entrance into Ghana as a platform to enter other international markets. Ghana, he said, currently housed the headquarters of the Africa Continental Free Trade Area (AfCFTA) and it provided good opportunity to see the Republic Bank venture into other countries on...
Former Managing Director of Fidelity Bank, Asia, Kwamina Bentsi Enchill Duker has been appointed as the first Chief Executive Officer of the Development Bank Ghana (DBG). Kwamina Bentsi Enchill Duker brings to DBG, over 30 years of experience in finance and investment across different geographies including the UK, Asia and Ghana. A statement issued by the Ministry of Finance and sight Kwamina...
The performance of the banking sector in 2021 was strong with sustained growth in assets, deposits, and investments, the Bank of Ghana (BoG) has said. It said the banking industry recorded improvements in the financial soundness indicators as Capital Adequacy Ratio (CAR) and Non-Performing Loans (NPLs). “In the year, total assets grew by 20.4 percent to GH¢179.8 billion as at December...
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has maintained the policy rate at 14.5% percent. This is the second time the Central Bank has maintained the rate after increasing it by 100 basis points in November 2021. The rate, which is of keen interest to businesses, does not only signal the rate at which the Central Bank...
The value of mobile money transactions in Ghana witnessed a significant dip in its rate of increase in 2021 when compared to the rate of increase in 2020. This is according to data from the Bank of Ghana. Whereas the value of mobile money transactions increased by over 100% from December 2019 to December 2020, the increase between December 2020 and...
The Financial Intelligence Centre (FIC) has assured investors and the business community that the country is safe from the activities of Money Laundering (ML) and Terrorist Financing (TF). The Chief Executive Officer of the centre, Mr Kwaku Dua, told the Daily Graphic that adequate measures had been put in place to ensure that criminals did not use Ghana as a conduit to either launder...
The board has been tasked to establish DBG’s international pedigree rapidly and to scale up its resource envelope to drive the Ghanaian private sector The government, using an open and competitive selection process co-ordinated by PwC (Ghana), has appointed a seven-member board of directors to oversee the affairs of Development Bank Ghana (DBG). The board members are Yaw Ansu, Stephan Leudesdorff, Charles Boamah, Rosemary Yeboah, Mary Boakye, Yaw Nsarkoh and Nora Bannerman-Abbott. They...
Commercial banks are making a last-minute appeal for the tax on electronic transactions to be reduced marginally to not more than 1%. Speaking on PM Express Business Edition, Chief Executive of the Ghana Association of Bankers John Awuah noted that the current 1.75 per cent may erode some gains made so far in the banking sector and financial inclusion. “As an...
