Governor of the central bank, Dr. Ernest Addison, has provided assurance to all stakeholders that his outfit will not sit down for the new Development Bank Ghana – which is set to be operational next month – to suffer the same ill-fate as previous ones did; saying this time, things will be different. Concerns have been expressed by the public...
…as BoG cuts key interest rate to support economic rebound Lending rates demanded by commercial banks in Ghana will begin to be cut this week in response to the Bank of Ghana’s announcement, a week ago, of a 100 basis points cut in its key Monetary Policy Rate, bringing it down to 13.5 percent in a move that many had...
More consumers are ditching the use of cheque for banking transactions as mobile money transactions far outstripped that of cheque transactions by GH¢232 billion in the first four months of this year, data from the Bank of Ghana has stated. If the trend continues, the total value of mobile money transactions will surpass cheque transactions by far more than the...
The Chief Executive Officer of the Ghana Interbank Payment and Settlement Systems (GhIPSS), Archie Hesse, believes Ghana is in a position to be recognised as one of the countries at the forefront of being a cashless society. “If I look at the journey 14 years on, as we speak, we have enough products and services than any other country I...
The banking sector – like the rest of the economy – has come out of a very difficult year. What is your assessment of how the Covid-19 shock impacted the sector, and what explains banks’ apparent resilience to the crisis? Every sector and industry in the world has had to bear the carnage of COVID-19, and both Ghana and its...
Governor and Chairman of the Monetary Policy Committee of the Bank of Ghana, Dr. Ernest Addison, has said there are risks to the fiscal outlook despite signs of a return to fiscal consolidation in the first four months of 2021. According to the Governor, there has been some improvement in revenue collection and expenditure containment, which is ensuring a re-alignment...
There is growing confidence in the Ghanaian economy in view of the positive macroeconomic fundamentals and growth prospects, Governor of the Bank of Ghana (BoG), Dr Ernest Addison has said. He said the domination of the country’s bond market by non-residents demonstrated the confidence of both local and foreign investors in the Ghanaian economy. Dr Addison disclosed this in response to...
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has cut the policy rate by 100 basis points from 14.5 to 13.5 per cent on the back of the recovery of the economy and easing of inflation pressures. This is first time since November 2019, according to data by the website of the BoG, that the MPC has...
GCB Bank has reduced its interest rates on personal loans to 23 per cent per annum in what the Bank says are in line with measures to mitigate the impact of Covid-19 on clients. As part of the measures, GCB Bank has also granted a two-month moratorium on both principal and interest repayment and increased loan tenor to five (5)...
Financial inclusion across developing countries, especially those in sub-Saharan Africa including Ghana remain low even though much progress has been made in the last decade. According to the Global Financial Inclusion Data of the World Bank, the proportion of adult population in Ghana with financial account increased from 41 percent in 2014 to 58 percent in 2017. The data also...
