The Bank of Ghana has issued a Risk Management guidelines for Rural & Community Banks to ensure among other things a well-structured approach to risk management that meets the minimum standards of RCBs as well as protect them from losses. The guidelines set out the minimum standard provisions on policies and procedures that would have to be covered in the...
Some economists have advised the Bank of Ghana’s Monetary Policy Committee (MPC), which meets this week to consider its next policy move that will be announced on November 23, to maintain the policy rate at 14.5 percent given the upside risk to inflation. Inflation has declined from 11.4 percent in July to 10.1 percent in October, reaching the lowest rate since...
as enterprises are still not out of the woods yet Considering the impact of the pandemic on businesses and the financial sector, it will be prudent for banks to extend the moratorium they gave to enterprises so they can have a breathing space, Managing Director of Fidelity Bank, Julian Kingsley Opuni, has said, Businesses across all sectors of the economy have...
Ghana recorded the highest jump in both rank and score in the 2020 Absa Africa Financial Markets Index (AFMI) which is independently produced by the Official Monetary and Financial Institutions Forum (OMFIF). With an improved score of 59 points, the 2020 index ranked Ghana’s financial markets attractiveness at the 6th position compared to the 2019 edition where the country placed 13th with...
Banks are ready to channel funds into strategic areas that would accelerate economic growth and ensure a quicker recovery from the scourge of COVID-19 but government must create a more stimulus to attract such funding from commercial banks, the Deputy CEO of the Ghana Association of Bankers, John Awuah has said. Speaking as part of the first plenary of the...
Parliament has approved the financing agreement between the Government of Ghana and the International Development Association (IDA) of the World Bank for an amount of $250 million for the establishment of a National Development Bank. The World Bank Board of Executive Directors had earlier on October 29, 2020, approved the US$250 million facility to support the establishment of the Bank...
The October 2020 inflation rate was 10.1 percent, 0.3 percentage point lower than what was recorded last month, the Ghana Statistical Service (GSS) has announced on Wednesday, November 11. According to the GSS, the month-on-month inflation between September 2020 and October 2020 was 0.2 percent. This contrasts with the negative month-on-month inflation that was observed in the previous two months. However, this...
Stakeholders in Ghana’s banking sector are advocating for more support from various sectors of the economy to tackle money laundering in Ghana. This menace, which has resulted in Ghana’s current position on the European Union’s grey list, can limit many transactions with other countries if not checked. The Financial Action Task Force (FATF), the initiative set up to tackle money laundering...
Zeepay, a fast-growing financial technology (fintech) company into Mobile Financial Services across Africa, has announced its partnership with Transfast, a Mastercard company and a leading cross-border payments service provider. This partnership will enable consumers around the world to send money directly to more than 20 million mobile money wallets in Ghana with speed, security, and certainty. Transfast processes remittances through its...
With banks witnessing significant changes in customer engagement patterns with a shift from traditional transaction channels toward digital platforms, spurred on largely by the advent of the COVID-19 pandemic, Managing Director of Fidelity Bank Ghana Limited, Julian Kingsley Opuni, believes that now is an ideal time to bring the conversation on financial inclusion to the fore. The pandemic, according to...
