People and institutions saved more money with banks in the first six months of the year than they did in 2020, but not much of bank funds were used to support businesses as loans. A Bank of Ghana (BoG) report has shown that while deposits with banks rose by almost a quarter to GH¢110.4 billion in the first half, loans...
With financial systems across the continent set for increased integration under the African Continental Free Trade Area (AfCFTA), domestic industry watchdog the Bank of Ghana will heighten its monitoring of developments in the trade area and put measures in place to ensure local financial institutions are insulated from external shocks. This, said Head of Banking Supervision Osei Gyasi, will ensure that the...
Emerging Financial Technology (FinTech), Regulatory Technology (RegTech) tools as well as the national identity (Ghana) card will serve to remedy the age-old problem of access to finance by Small and Medium-sized Enterprises (SMEs), as they will aid financial institutions – particularly banks – in their Know-Your-Customer and risk assessment checks, Chief Executive Officer of Universal Merchant Bank (UMB), Nana...
Remittances to African countries are expected to decrease by 5.4 percent from $44 billion in 2020 to a projected total of $41 billion in 2021, due to the effects of Covid 19 pandemic, according to findings of Continental Migration Report 2021. The report titled, “African regional review of implementation of the Global Compact for Safe, Orderly and Regular Migration,” was...
The Agricultural Development Bank Limited (ADB) has been adjudged the best Bank for the year 2020 at the maiden edition of the National Business Honours Awards. In addition, the b.ank’s Managing Director, Dr. John Kofi Mensah was named the National Business Hero in Banking (Public Sector) for the year 2020. According to the organisers of the event, Global Ovations, the bank’s...
The new Board of Directors of the Agricultural Development Bank Limited (ADB) have been sworn into office with the charge to continue with its core mandate of agricultural financing. At a ceremony at the Ministry of Finance, a Deputy Minister of Finance, Dr. John Kumah commended the previous board for refocusing the bank on its core mandate of agricultural...
Although the insurance industry of Ghana’s economy has seen improvement over the years, a lot of work has to be done to improve upon the image of the industry, Director of Supervision at the National Insurance Commission (NIC), which is the regulatory body for insurance companies in Ghana, Mr Seth Eshun, has said. Mr Eshun explained that the complaint unit within the...
The Institute of Economic Affairs (IEA) has asked the Bank of Ghana (BoG) to regulate high lending rates in the country. The suggestion stems from the IEA’s belief that the use of moral suasion to get banks to reduce their lending rates has proved to be ineffective over the years, hence the need for a regulated regime. But the Ghana Association...
Chief Executive of the Ghana Association of Bankers, John Awuah has noted that average lending rates could drop significantly to 15 to 10 percent. According to Mr. Awuah, this will be based on improvement in the current economic fundamentals. The Chief Executive disclosed this to host George Wiafe when he appeared on PM Express Business Edition on the topic ‘Bank Charges...
Trading session on the Ghana Stock Exchange (GSE) on Wednesday ended with a 39.28-point increased in the GSE-Composite Index (GSE-CI). The market capitalisation increased by GH¢411.06 to GH¢ 63,422.94 with the year-to-date return of 44.20 per cent. An analysis conducted by the CDH Securities Limited and copied to the Ghanaian Times, said the total volume of 4,210,903 shares valued at GH¢5,342,680.91...
