The Bank of Ghana has in the first four months of the year committed a total of US$363m to the forex market through its forex forward auctions. Bids submitted during the auctions in the four months amounted to US$662.65m, out of which US$531.65m and US$129m were for the first quarter and April, respectively. The bids submitted were for the 7-day, 15-day,...
From the first Rural and Community Bank (RCB) which was established at Agona Nyakrom in 1976, there are currently 145 RCBs with more than 800 agencies spread across the 16 regions of the country. Although these banks control less than 10 per cent of the total assets of the banking industry, with over six million customers, RCBs have become unarguably the largest...
Professor of economics at the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey has stated that the establishment of the National Development Bank will have no positive impact on the growth of the economy if government fails to apply proper business management in its operations. The establishment of the bank which has been part of government’s plans...
The Ghana Association of Bankers says banks cannot be blamed for not accepting the new Voter Identification card as a form of identification for banking transactions. It’s been over 10 months since the Electoral Commission introduced the new Voters ID card. However, the banks do not recognize the ID card used for voting during the last Presidential and Parliamentary elections, for...
A banking consultant, Nana Otuo Acheampong is confident that the recent rise in the percentage of non-performing loans in the banking industry will be a temporary phenomenon. According to the Banking Sector Development report for March by the Bank of Ghana, the end-February 2021 NPL ratio of 15.3 percent was marginally higher than the year-end NPL ratio of 14.8 percent...
The Securities and Exchange Commission (SEC) has stated that about GHS768 million has been credited to the accounts of some 6,916 clients of the 53 defunct Fund Management Companies, who signed up for the government’s full bailout programme. According to the Commission, actual payments also made under the Partial Bailout Programme as of March 31, 2021, amount to GHS995 million,...
…lending to private sector slows …Investment in debt securities out of sync with govt’s issuances The latest data emanating from the Bank of Ghana through its Banking Sector Developments Report dated April 2021 shows how Ghana’s banking industry has gone about major restructuring of the respective balance sheets in response to the impacts of COVID 19 on the economy. The restructuring...
Forex Analyst and Founder of Women in Forex Ghana, Gifty Annor-Sika has estimated the cost of underutilization of online forex trading market to be US$200 million annually. Speaking on the Market Place with Charles Ayitey, Gifty Annor-Sika warned of prospective fiscal losses to the Ghanaian economy if instruments are not introduced to regulate the market. “The market is barely regulated. Non-existence...
The Bank of Ghana has lauded leading Ghanaian tech company, IT Consortium for completely supporting the digital transformation agenda of the Ghanaian financial services industry with digital solutions relevant to the developmental needs of the country. A stellar example is the chango crowdfunding product, the first of its kind by a licensed institution in Ghana, introduced to improve on the...
In its quest to unlock investment for private sector projects that support renewable energy and energy efficiency in the country, IFC and the Securities and Exchange Commission (SEC) have partnered to facilitate investments in projects that address climate and environmental issues through green bonds. Under the agreement, IFC, a member of the World Bank Group, will help the SEC develop...
