Finance Minister-Designate, Mr Ken Ofori-Atta has refuted claims that the banking sector cleanup undertaken by the government targeted specific individuals. According to him, the research on the banks and the rot in the sector had already been identified by the previous management of the Bank of Ghana. Therefore, after taking over, President Akufo-Addo’s administration simply followed through with the processes for...
The Bank of Ghana has touted its achievement in reducing the interoperability charges within the mobile money transactions system. Governor of Bank of Ghana (BoG), Dr Ernest Addison in his speech at the official opening of Zeepay Head Office said the interoperability charge which used to be 1.5% has now been reduced to 1%. The achievement, according to him, will promote...
Good corporate governance will be the defining issue that differentiates firms that will be able to ride the storm as the novel coronavirus pandemic rages on, the Second Deputy Governor of the Bank of Ghana (BoG), Dr Elsie Addo Awadzi has said. According to her good governance would be the deciding factor for companies that survived the COVID-19 storm because...
Finance Minister Designate, Ken Ofori-Atta has indicated the government plan of making the National Investment Bank an industrial bank to provide lending to industry to facilitate economic growth. “NIB has been a difficult one because of its nature, but NIB for us will be that industrial bank; we have put some money into that, we need to resolve final execution...
Governor of the Bank of Ghana (BoG), Dr Ernest Addison has said Ghana has come a long way in fostering the financial inclusion agenda, with the Bank of Ghana at the forefront. He explained that the implementation of several policy measures geared towards banking the ‘unbanked’ and formalising the informal financial sector, constitutes integral parts of the overall strategy...
Finance Minister-designate Ken Ofori-Atta has intimated that the banking sector cleanup saved about 4.5 million customers of affected institutions from losing their deposits. He, however, revealed that a total of GH₵ 21billion was spent on the exercise that, he says, strengthened the banking sector. “We think we have done the best that the country deserves and the...
Players in the banking sector have been called upon not to pass on the additional five per cent tax imposed on their gross profits to their customers, particularly to small and medium enterprises (SMEs). The Executive Director of the National Board for Small Scale Industries (NBSSI), Mrs Kosi Yankey-Ayeh, who made the call in an interview with the Daily Graphic,...
GHANA’s GROSS International Reserves at the end of February 2021 was US$8,719.7 million, providing cover for 4.2 months of imports of goods and services. The reserve level compares with the end-December 2020 position of US$8,624.4 million, equivalent to 4.1 months of import cover. Dr. Ernest Addison, Governor of the central bank, who made this known, also said, cumulatively the Cedi appreciated...
Banks wrote off loans of a little above GH¢2.18 billion as bad debt last year, according to the Domestic Money Banks’ Income Statement of all the 23 banks released by the Bank of Ghana. This is an increment of 28.0% over 2019’s provision for bad debt of about GH¢1.70 billion. The increase in the bad debt is obviously as a result...
Banks in Ghana have reported impressive growth numbers in total assets, deposits and investments for 2020, defying the devastating impact of the COVID-19 pandemic. According to figures from the Bank of Ghana (BoG), total assets increased by 18.5 % on a year-on-year basis to GH¢152 billion, reflecting strong growth in investments in government securities by 45.9% to GH¢67.9 billion.The data,...
