The Ghana Association of Bankers is confident banks in the country will lend more to the private sector once the Development Bank Ghana begins operations. The failure of commercial banks to lend to the private sector has remained a problem in the industry for many years. According to the Central Bank, while credit to the private sector has seen a marginal...
Governor of the Bank of Ghana (BoG), Dr Ernest Addison has said that rapid changes in payments technology has made the use of technology in financial services has become a necessity rather than a choice, driven by consumer demand for convenience, efficiency, and lower cost of transactions. Currently, he said, digital payments have been on an uptrend and various Governments’ have...
Governor of the Bank of Ghana (BoG) Dr Ernest Addison has said that recent economic indicators show a steady turnaround. First, he said, the impact of the pandemic pushed inflation outside the medium-term target band to 11.4 percent in July 2020. Since then, inflation has fallen steadily and stayed around the central path of the target band of 8 percent. More recently,...
The Chartered Institute of Marketing, Ghana (CIMG), has released its maiden Customer Satisfaction Index (CSI) report, with 11 banks being rated 5-star for their service quality. Out of the 11 banks, only three of them were local banks. Ten other banks also earned 4-star status. With service quality as the main tool used for establishing the CIMG-CSI, the accepted cut-off point...
Stanbic Bank maintained its position as the bank with the biggest investments on the Ghana Stock Exchange Fixed Income Market in the month of October 2021, despite its controlling stake reducing by almost 2% to 20.66%. Though it traded more volumes than Standard Chartered Bank, GCB Bank kept its 3rd position with a share of 11.86%, whilst Standard Chartered Bank...
The Bank of Ghana says inflation will remain within the medium-term target band (8%+\-2), barring any unforeseen shocks. This is coming after the World Bank projected that Ghana’s inflation rate will end this year at 9.8% and gradually decrease to 6.8% in 2023. However, the rate of inflation for September 2021 surged to 10.6%, as a result of increase in the...
With a rise of a tech-savvy generation, the Deputy Managing Director of the Ghana Stock Exchange (GSE), Abena Amoah, has assured investors of additional digital trading platforms that will allow easy access to the stock market by the end of this year. In an interview with B&FT ahead of the Ghana Economic Forum (GEF), dubbed ‘Strengthening Homegrown Policies to Underpin...
The Bank of Ghana has cautioned the general public against participating in a fraudulent promotion said to be on the bank’s 64th anniversary. According to a notice from the central bank, it has observed the fake promotion on social media, hence the disclaimer. The bank however says it is not running a 64th-anniversary promotion of any kind. The central bank also advised the...
The Bank of Ghana is cautioning the general public against the patronage of a money-doubling scheme operating in Ghana under the pseudo name “Worldremit”. According to the Central Bank, “this fraudulent scheme is distinct from the globally renowned Fintech, “WorldRemit” which is in the business of international fund transfers”. The central bank explained that the fraudulent “scheme encourages customers to select preferred...
The ARB Apex Bank Limited, which serves as a “mini” central bank for Rural & Community Banks (RCBs) says its members are taking the necessary steps to ensure that the movement of money to and from rural and community banks is done safely. Following the bullion van attack at Adedenkpo-Jamestown in June this year, the Bank of Ghana and the...
