Inflation ended the year 2021 with a double digit rate, as December 2021 inflation hit 12.6 percent. This is 0.4% higher than the November 2021 rate of inflation. It’s also higher than the Bank of Ghana’s inflation target of 8+/-2% and most research institutions and analysts’ estimates for 2021. According to the Ghana Statistical Service (GSS), the surge in inflation was...
Alex Kwasi Awuah has been appointed Managing Director of ARB Apex Bank Plc. The appointment followed a recommendation from the Board of Directors of the Bank after a competitive and thorough interview and a no-objection letter issued by the Bank of Ghana (BoG). The Managing Director’s role of the ‘mini’ Central Bank of the 145 Rural and Community Banks (RCBs) in...
GCB Bank Limited has issued a statement to officially inform the general public and stakeholders that its corporate name has been changed from GCB Bank Limited to GCB Bank PLC, as per a resolution passed by the shareholders of the Bank at its Annual General Meeting on 25 March 2021 and subsequent publication of the new name on the...
The Bank of Ghana (BOG) will on Tuesday begin the multiple-price foreign exchange (FX) forward auction for the first quarter of 2022 with a proposed amount of $75 million. The auctioning, which will be opened for only authorised foreign exchange dealing banks, is the first of six auctioning events to be held within the first quarter of 2022. This is in...
The Bank of Ghana (BoG) has been admitted as a plenary member of the Central Banks and Supervisors Network for Greening the Financial System (NGFS) with effect from 14 December 2021. The NGFS is a group of central banks and financial sector supervisors from around the world established in 2017 to help strengthen the global response required to meet the...
The Ghana Stock Exchange could be closing the year as the best performing equity market in Africa this year with a Year-To-Date return in local term of about 44% for investor, its November 2021 Monthly Performance Report has revealed. At the same time, the bond or debt market continued its outstanding performance with barely two weeks to end the year. The...
The Bank of Ghana has forwarded a number of suspected financial crime cases to the Economic and Organised Crime Office (EOCO) for investigations. According to the Central Bank, these include suspicious claims to the Bank of Ghana for the payment certain large sums of money purportedly remitted to them by foreign counterparties through some financial institutions. A statement issued by the...
The International Monetary Fund (IMF) has urged policymakers around the globe to be patient with their central banks as they work to bring back inflation to the levels they were during the pre-pandemic era. The Bretton Woods institution also urged central banks to communicate clearly inflation expectations. “When prices and people expectations go differently, that is de-anchoring and when that happens inflation can...
25% of Boards of listed companies are occupied by women, the Board Diversity Index has stated. This is an increase of 3% from 2020. At the same time, 27% of non-executive director seats of listed companies are occupied by women, an increase of 3% from the previous year. The report said almost one-third or about 29% of Ghana’s listed companies have boards...
Rural and Community Banks (RCBs) and Microfinance Institutions must flag and report transactions that are unusual and suspicious to the Financial Intelligence Centre (FIC), the Head of Financial Stability Department of BoG, Dr Joseph France, has said. That, he said, would help combat Money Laundering (ML) and Terrorist Financing (TF) in the country. Speaking at the two-day sensitisation workshop for RCBs...
