The Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has said that measures have been put in place by the central bank to ensure safer cyber space in the financial sector of the local economy. He explained that the more financial institutions resort to the use of technology, the more likely they are to be exposed to cyber frauds hence,...
The profit before tax (PBT) of the banking industry shot up by 27.4% to ¢4.9 billion in the first eight months of this year, signaling a recovery in economic activity. According to the Bank of Ghana, this is higher than the growth of 19.2% registered a year ago. Over the same comparative period, net interest income grew by 17.9% to ¢8.3...
Latest stress tests conducted on the banking sector by the Bank of Ghana show that banks remained resilient under mild to moderate stress conditions supported by the strong capital and liquidity buffers and the regulatory reliefs introduced during the Covid-19 pandemic. In addition, results from the latest Credit Conditions Survey point to a potential increase in demand for credit over...
The Bank of Ghana spent ¢337.5 million last year in printing currency notes, its 2020 Annual Report has revealed. This is compared with ¢306.2 million the previous year. According to the report, the Central Bank also spent ¢7.9 million in 2020 on other currency management operations, as against ¢3.9 million in 2019. This put the total currency issue expense in 2020 at...
The Ghana cedi has depreciated by 1.7% to the US dollar in the first nine months which will end next Thursday September 30th, 2021, according to data from the Bank of Ghana (BoG). The Central Bank pegged the rate of the cedi to the dollar at ¢5.86, though it is trading above ¢6.10 on the interbank forex market. However, the rate...
Despite concerns that the cost of loans is very high, average lending rate fell by 0.11% from June 2021 to 20.51% in August 2021. This is equivalent to 1.71% interest on loans per month. As always, the average lending rate varies among the banks and the risk associated in lending to the respective sectors. For example, some banks will offer loans as...
The MD of Bank of Africa, Kobby Andah, has said the implementation of a common currency and digitalizing trade will go a long way to make the African Continental Free Trade Area (AfCFTA) a success. Speaking at the 5th Ghana International Trade and Finance Conference under the theme, “Facilitating Trade and Trade-Finance in AfCFTA; The Role of the Financial Services...
The Second Deputy Governor of the Bank of Ghana (BoG), Mrs Elsie Addo Awadzi, has reaffirmed the bank’s commitment to initiating and promoting policies that will ensure inclusive growth for all citizens and actors in the economy. Mrs Awadzi said the bank was particularly interested in ensuring that women and youth were equally empowered and motivated to contribute their quota...
Economist and Director at the Institute of Statistical, Social and Economic Research (ISSER), Prof. Peter Quartey has been re-elected to the nine-member Board of Directors of the Agricultural Development Bank (ADB), for a second term. This was announced during the inauguration ceremony for the board in Accra. The board of ADB also has three new members; Kwahuhene and President of the...
LeapFrog Investments, the Profit with Purpose investment firm, has acquired a 16.94% stake in Ghana’s largest privately-owned bank, Fidelity Bank Ghana Limited from Amethis, an investment fund manager dedicated to the African continent, and Edmond de Rothschild Equity Strategies (ERES), a mid-cap growth and buy-out franchise affiliated with the Edmond de Rothschild Group, with a global investment mandate. It is...
