The use of cheques to make payment could witness further decline in volume, following the addition of the Automated Clearing House Direct Credit, Near Real Time payment channel. This is because the Near Real Time (NRT) payment channel offers a better and quicker alternative to cheques. The NRT payment allows corporate institutions or organisations to make single or batched payments by...
The Governor of the Bank of Ghana, Dr. Ernest Addison has justified the recent decision by government to release an amount of GHS3.56 billion in cash, to fully settle claims of depositors of defunct Microfinance companies, Savings and Loans firms and Finance Houses, instead of sticking to the original plan to pay that amount using bonds. Customers had raised concerns...
Board Chairman of COCOBOD, Hackman Owusu-Agyemang, has urged local banks and financial institutions to strategically position themselves, so they are able to fully provide the loan COCOBOD needs to purchase cocoa beans in the not too distant future. Since the 1992/1993 cocoa crop season Ghana’s cocoa sector regulator, has been signing syndicated loan facilities with the participation of a mix...
Commercial banks in Ghana that are interested in rolling out Islamic products should be given the license by the Bank of Ghana (BoG) to do so, Professor John Gatsi, Dean of the Business School at the University of Cape Coast (UCC), has said.Islamic banking is banking or financing activity that complies with sharia (Islamic law) and its practical application through the...
Governor of the Bank of Ghana Dr Ernest Addison has announced that the central bank has reached an agreement with the Ghana Air Force to use its fleet, comprising helicopters and aircraft, to airlift money for banks and other financial institutions across the country. According to the governor, the agreement forms part of efforts by the central bank to reduce...
Non-Performing Loans ratio of the banking industry went down by 0.2 percent from June 2020 to 15.5 percent in August 2020, the latest Bank of Ghana’s Summary of Macroeconomic and Financial Data has revealed. Whilst some banks have registered very low NPLs, others have recorded NPLs of more than 20%. According to the July 2020 Banking Sector Development Report, the banking...
Second Deputy Governor of the Bank of Ghana(BoG), Elsie Awadzi, has expressed optimism that in the not too distant future more women will be allowed to serve as Deputy Governors of the central bank. She revealed that since the BoG was established some 63 years ago, only two women, herself and Nana Oye Mansah Yeboah who is on retirement, have had...
Selected accounting professionals have been taken through a sensitization workshop on the clean-up exercise in the banking sector undertaken by the Bank of Ghana (BoG). According to the Controller and Accountant General, Kwasi Kwaning-Bosompem, the workshop was to afford the accountants the opportunity to have firsthand information on what actually led to the banking crisis witnessed in...
The Receiver of the 347 defunct microfinance companies, 23 savings and loans and finance houses, faced a GHS4 billion shortfall in the asset base of defunct companies it hoped to recover. Speaking on Citi TV‘s The Point of View, Eric Nana Nipah explained that the firms cumulatively said they had an asset base of about GHS6 billion. But further...
The Regional Chief Executive Officer of United Bank for Africa (UBA) (Group) Limited has called for the conduct of rigorous background checks on workers in sensitive roles and other staff as part of measures to curb cyber-attacks on banks and financial institutions."Investigate staff living above their means and most importantly compensate adequately to protect staff from undue financial pressure."Mrs...
