… ready for stated capital increment Specialised Deposit-Taking Institutions (SDIs), especially finance houses and savings and loans companies, are pushing the government to expand the Ghana Amalgamated Trust Limited’s (GAT) scope to support them with secure and cheap funds, as they ready themselves for a capital increment directive from the central bank. The SDIs, which are the biggest financiers of Small...
The President of the Ghana Association of Bankers, Alhassan Andani, has assured the general public of safety within the banking sector despite the increase in fraud cases. This follows new figures released by the Bank of Ghana earlier this year which show that cases of fraud in the banking sector increased to 2,295 in 2020, from 2,175 in 2019. Speaking to Citi...
Twenty (20) out of the twenty (24) banks licensed in Ghana by Bank of Ghana in 2019, paid a total direct tax of GHS1.6 billion, which also include the five per cent national fiscal stabilization levy to Ghana Revenue Authority (GRA), the agency mandated by law to assess collect and account for tax revenue on behalf of government. This GHS1.6...
The Ghana Interbank Payments and Settlement Systems (GhIPSS), in collaboration with all banks, has introduced a new service on the existing ACH Direct Credit (DC) platform.Known as ‘ACH DC Near Real Time (NRT)’, the new product allows corporate institutions to make bulk payments faster and almost in real time.ACH DC is a secure and reliable bulk payments service,...
Ghana has moved forward in its agenda to digitise the economy and to ensure a cashless system by making payment for goods and services more accessible through a universal Gh QR code as some banks starting its deployment. The banks offering the service are Ecobank, GCB Bank, Zenith Bank, Bank of Africa, Fidelity Bank and Agriculture Development Bank. The remaining banks...
Banking Consultant, Nana Otuo Acheampong, has expressed optimism about the prospects of the National Investment Bank, NIB, following government’s injection of GH¢800 million into its operations to help close its capital deficit. The injection of funds, which is in the form of a bond issued to the bank earlier in August this year, is part of efforts to make the...
The Bank of Ghana (BoG), has told the Public Accounts Committee (PAC) that it has significantly reduced its support to the budget in compliance with the directive that placed a cap on the bank’s financing At the PAC sitting on Wednesday, September 2, First Deputy Governor of the BoG, Dr. Maxwell Opoku Afari, said they are fully complying with the directive. “A cap was...
President Akufo-Addo paid a working visit to the central bank on Tuesday where Governor Dr Ernest Addision noted that financial sector clean-up has resulted in a stable financial sector with fewer banks and Specialized Deposit-Taking Institutions (SDIs) that are well capitalised, liquid, and solvent, and better able to support the nation’s economic growth agenda. Dr. Addison further stated that the...
The Receiver of the 347 defunct Microfinance companies, 23 Savings and Loans and Finance Houses, Eric Nana Nipah, says he is unable to undertake a detailed asset tracing of 35 resolved companies to enable him validate and settle claims of depositors under the Depositor Payment Scheme. According to him, he is still working with the Economic and Organised Crime Office...
AVERAGE lending rates have eased downward by 1.16 percent, from 23.11 percent in June 2019 to 21.95 percent in June 2020. According to the Bank of Ghana’s Monetary Developments report, the average rate on 3-month term deposits however remained unchanged at 11.50 percent.It said the general decline in nominal interest rates and the recent jump in inflation pushed real interest...
