Despite the policy rate of the Bank of Ghana going down by one percentage points, it would take time for banks to cut their lending rates. Data from the Central Bank shows that the average lending rate only dropped marginally by 1.7 percent since the start of the year to April 2021 despite inflation declining by 1.9 percentage points over...
The World Bank Migration and Development Report for 2021 has reported an increase of 5 per cent to $3.6 billion in remittance flows to Ghana despite the lockdowns around the world in the heat of the COVID-19 pandemic. Host countries for Ghanaian migrants include the USA, UK, Côte d’Ivoire, Italy, Germany, and Canada. The resilience of Ghanaian migrants has been commended...
… calls for support to retrieve GH¢19bn from shareholders of collapsed firms The Bank of Ghana (BoG) Governor, Dr. Ernest Addison, has said that attempts by some shareholders and owners of the collapsed financial institutions to frustrate the legal processes ongoing to demand accountability from them will not suffice. According to him, the central bank and receivers of the collapsed financial...
Economist and professor of finance Godfred Bokpin is calling for a total revamp of security arrangements in the country’s financial sector. This follows Monday’s robbery attack on a cash-in-transit bullion van at Timber Market, a suburb of Accra, resulting in the death of a policeman and an unnamed woman. The recent incident comes after a similar attack on a bullion van...
The Chief Executive of Ghana National Chamber of Commerce and Industry (GNCCI), has said that banks and the Bank of Ghana must put in place measures to see to the smooth running of the cashless system. This follows a recent attack on a bullion van at Adedenkpo, a suburb of Accra where a police officer, Emmanuel Osei and a hawker,...
The Bank of Ghana has introduced a domestic gold purchase programme which is aimed at diversifying the traditional means by which the country builds its foreign exchange reserves, governor of the Bank of Ghana, Dr. Ernest Addison has announced. The domestic gold purchase programme, according to the governor, will pave the way for the central bank to grow its foreign...
The Ghana Association of Bankers, GAB, says it is saddened by Monday’s bullion van robbery incident at James town in Accra that led to the death of a police officer and a trader. In the wake of the incident, the IGP has served notice that the Police Service will withdraw escort services to sub-standard bullion vans if the banks do...
The ARB Apex Bank has received approval from shareholders to purchase 12 armoured cash transport vehicles, commonly known as bullion vans, at GH¢32 million. This is to curb recent armed robbery attacks targeted at cash-carrying vehicles belonging to rural banks across the country. At the 19th Annual General Meeting (AGM) of the bank last Saturday, the Managing Director, Mr Kojo Mattah,...
The Bank of Ghana has issued a warning to those buying or selling foreign currency from or to an unlicensed person or entity, saying it is prohibited by law.It is, therefore, urging all and sundry to report such illegal activities to the Financial Stability Department of the Bank of Ghana. In a release as part of its financial literacy education...
The fall in the Monetary Policy Rate of the Bank of Ghana appears to have interestingly boosted demand in short term securities, particularly Treasury bills and bonds though the rate cut is expected to rather stimulate lending. Interestingly, banks that are largely the biggest investors in T-Bills are shifting their investments in the short term securities, though they are expected...
