The Ghana cedi is expected to remain stable this week against the US dollar and the other major foreign currencies due to improving foreign exchange liquidity on the market. Last week, the local currency endured demand pressures but remained stable. It ended the week with a 0.30% week-on-week gain against the US dollar, but depreciated 0.33% and 0.78% to the pound...
The Governor of the Bank of Ghana, Dr. Ernest Addison, has expressed concern about the practice where some individuals hoard huge amounts of foreign currencies outside of the banking system. Responding to a question at the Central Bank’s Monetary Policy Committee press conference in Accra about the reported hoarding of one million dollars and 300,000 euros by former Water Resources...
Total Mobile Money Transactions reached a record ¢859 billion in the first six months of 2023, data from the Bank of Ghana has revealed. This is compared with ¢480 billion during the same period in 2022. If the trend continues, the total mobile money transactions will hit one trillion cedis by the end of July 2023. According to the January 2022 Summary...
The Bank of Ghana (BoG) is in discussions with the government to assess the viability of a state-owned bank; the National Investment Bank (NIB). The discussions, which are expected to be concluded by next year, would determine the fate of NIB. Under the IMF programme, the BoG has committed to completing the remaining tasks from the financial sector cleanup, and these...
THE Central Bank says all banks whose capital were affected by the Domestic Debt Exchange Programme have complied with the directive to submit their recapilisation plans ahead of the September deadline set out under the IMF programme. These plans will now be reviewed by the central bank and finalised by the banks for final approval. Under the IMF programme, individual banks...
Chief Executive-Stanbic Bank Ghana, Kwamina Asomaning, has emphasised the need for banks to adopt data analytics to transform the overall banking experience for customers. Mr. Asomaning made this remark at the maiden Ghana Automotive Summit, organised by the Automobile Assemblers Association of Ghana and held at the Accra International Conference Centre (AICC) Grand Arena. Speaking on the theme ‘Capital Unlocking...
In the ever-evolving landscape of the financial industry, banks around the world are embracing cutting-edge technologies to enhance customer experience and meet the diverse needs of their clients. Creditably, banks in Ghana are welcoming this transformation. At the forefront of this digital transformation is Artificial Intelligence (AI), a revolutionary tool that is driving a new era of personalised banking...
… Core values and significance in institutions In today’s world, professionalism has emerged as a cornerstone of organisational culture, reflected in the core values of numerous institutions across various industries. This article aims to explore the meaning of professionalism, its key components, and the reasons why institutions include it as a fundamental part of their core values. Understanding professionalism is...
The Agricultural Development Bank (ADB) Plc loan support to agricultural sector continues to record steady growth. As of September 2020, ADB Plc loan to the agriculture sector had increased to GH¢993.50 million from GH¢453.20 million in December 2016. A statement issued by the ADB Plc to congratulate farmers, fishers on the 38th Farmers’ Day celebration, said “We believe in agribusiness for wealth creation...
The Governor of the Bank of Ghana, Dr. Ernest Addison, has expressed hope that the proposed debt exchange programme to restructure the country’s debt will bring some confidence into the economy as well as enhance the ongoing monetary policy to control inflation. According to him, this has become necessary due to the economic challenges, which many banks are being affected. This...
