Average lending rate continued to remain in the 20% bracket though it fell marginally to 20.04% in November, 2021, from 20.17% in October 2021, the Summary of Economic and Financial Data released by the Bank of Ghana has revealed. According to the data, the average lending rate has fallen from 20.97% since January 2021 to 20.04% in November 2021, the...
The Office of the Special Prosecutor (OSP) says it has commenced investigations into the financial sector crisis which led to the collapse of some banks in the country. The investigations, according to the office, will target alleged corruption and corruption-related offences perpetrated by officials of the Bank of Ghana, banks, specialised deposit-taking institutions and financial holding companies. These were contained in a statement signed by...
The Institute of Economics Affairs (IEA) has advised the Bank of Ghana (BoG) to engage and seek a comprehensive approach in dealing with inflation. The research institute highlighted the need for the Central Bank to adopt a collaborative approach with stakeholders to consider other frameworks, in addition to the demand-focused inflation Targeting (IT) framework to manage persistent inflation that...
The National Insurance Commission (NIC) has said it has not approved any ‘Akwabaa Insurance’ for international travellers arriving in the country. It has therefore called on the general public to ignore reports of a purported compulsory ‘Akwabaa Insurance.’ There were reports that all international travellers who arrive at the Kotoka International Airport will have to sign up for an insurance cover...
The Data Protection Commission (DPC) is set to begin the prosecution of companies, institutions and organisations classified as Data Controllers that have refused to register with the Commission or renew their data protection licences. Executive Director of the Commission, Patricia Adusei-Poku, made this announcement on Wednesday, January 26, 2022 at a press conference as part of the Data Protection Commission...
Ghana Reinsurance Company Limited (Ghana Re), has announced a change in its name from Ghana Reinsurance Company Limited to Ghana Reinsurance PLC. According to a press statement signed by the Managing Director of Ghana Reinsurance PLC, Mr George Mensah, the development followed a resolution passed by its shareholders at the company’s Annual General Meeting held in June last year. “We wish...
The Africa Continental Free Trade Area’s (AfCFTA) advent will enable local insurance companies to become competitive and progressive, Chief Executive Officer, Africa Sureties and Insurance Advisory Company, Solomon Lartey, has said. According to him, many gains will be made – especially at a time when the insurance regulator, National Insurance Authority (NIC), has asked its members to recapitalise to the...
Customers of Bank of Ghana regulated financial institutions are to update their records with their respective financial institutions with the Ghana Card, the Bank of Ghana has said in a statement on Wednesday January 19. This comes after the central banks said banks shall only accept the Ghana Card as a form of identification starting July 1. The regulator said “In furtherance...
The Producer Price Inflation for the month of December has declined by 0.8 percentage points lower than the rate recorded in November 2021 which stood at 13.6% as it closed the year 2021, with 12.8%. The Monthly Producer Price Inflation between November 2021 and December 2021 was -0.2%. The Year-on-Year Producer Price Inflation for the sub-sectors for December 2021in Manufacturing subsector...
The Bank of Ghana (BOG) in the first half of 2021 has facilitated the payment of about GHC 2.14 million to customers who filed complainants with the central bank. A breakdown of the amount shows that a total of GH¢396,000, £20,414.37 and US$250,000.00 were paid by some regulated institutions as compensation or refunds to customers with issues that have merits...
