…for wide gap between lending, policy rates Finance expert and former banker, Dr. Richmond Atuahene, has said that calls for banks to close the lending-policy rates gap is not feasible now – given certain prevailing factors such as Treasury bill rates, high policy rate, reserve ratio, among other things, which make it impossible for them to significantly drop interest rates. While...
The Ghana Stock Exchange continued its impressive performance this year as it recorded 1.22% gain in in August. At the same time, five companies registered gains in their market value. According to the Summary of Market Activities for the month of August, Unilever Ghana (156.36%), Ecobank Transnational Incorporated (16.67%), Fanmilk (14.29%), Enterprise Group Limited (13.33%) and Total Petroleum (5%) all recorded...
DIRECTOR AT the Institute of Statistical, Social and Economic Research (ISSER), Prof. Peter Quartey has charged government to pursue and retrieve all monies from persons who took money from banks, following the banking sector clean-up exercise. Governor of the Bank of Ghana, Dr. Ernest Addison disclosed back in May 2021 that only GH¢1.7 billion out of a targeted GH¢25 billion,...
The Managing Director of the Bank of Africa Ghana, Mr. Kobby Andah, has called on SMEs to keep proper and accurate records to enable them to prove to Banks that they are worthy to be considered for credit. “Most SMEs face difficulties in raising adequate and affordable credit from banks due to their inability to meet credit prerequisites”, he said,...
The digital currency or e-cedi which is to be piloted from this month, can be deposited on smart devices such as smartphones and smart watches as savings, Head of Financial Technology and Innovation at the Bank of Ghana, Kwame Oppong, has disclosed. Those without smart phones can also make payment or transfer or store/save the e-Cedi on phones which are...
A survey of bank charges by the Bank of Ghana for the first quarter 2021 has revealed that the individuals would need at least GHS10 and not more than GHS100 to open a current account with a bank in Ghana. Analysis conducted by Citi Business News on banks’ charges for the second quarter of 2020, showed that banks demanded an average of...
Professor Peter Quartey, Head of the lnstitute of Statistical, Social and Economic Research (ISSER), says the National Development Bank (NDG) will complement and strengthen the operations of existing financial institutions.He said the Development Bank would provide more funds, technical support and training, among others, to aid economic growth. Prof Quartey was speaking at a development dialogue organised by ISSER on...
Chief Executive of the Ghana Association of Bankers, John Awuah says workers in the banking industry cannot use low salaries as justification to defraud customers. Speaking on Joy FM’s Super Morning Show Tuesday, he noted that employees agree to the defined remuneration attached to their assigned tasks before being employed, thus if they are dissatisfied, it is preferable for them to leave. He...
The Bank of Ghana has issued guidelines for domestic processing of payment card transactions with payment cards in the country. This is pursuant to Section 4(e) of the Bank of Ghana Act, 2002 (Act 612) as amended and Section 101(2) of the Payment Systems and Services Act, 2019 (Act 987) to regulate the processing of payment card transactions in Ghana. The...
Cal Bank offered the cheapest lending rate of 15.97% in the banking industry, according to the Average Lending Rates of universal banks, published by the Bank of Ghana as of the end of July this year. The listed bank per the figures from the Bank of Ghana offers lending rate lower than the regulator’s Reference Rate. However, credit worthy clients will...
