Bank customers have started running to foreign currency deposits as a safe haven after the cedi consistently lost value against its major trading currencies, especially the US dollar in the second quarter of 2020, the Statistical Bulletin report has shown. From the May-2020 Statistical Bulletin, the data show that in April and May foreign currency deposits increased to GH¢22.6 billion...
Credit to the private sector declined by ¢1.24 billion in May 2020, according to the latest Bank of Ghana (BoG)’s Statistical Bulletin. This occurred during the peak of the coronavirus pandemic when the government partially lockdown the economy for three weeks, beginning March 31, 2020. According to the data, the banks and other financial institutions loaned ¢17.09 billion, ¢15.59 billion and...
New figures released by the Bank of Ghana show that fraud cases in the banking sector increased to 2,295 from 2,175, representing 5.5 percent in 2019 The marginal increase in the number of fraud cases according to the central bank could partly be attributed to the improved efforts by the Financial Stability Department to identify, monitor and to ensure compliance with reporting...
Governor of the Bank of Ghana Dr. Ernest Addison has said that the clean-up of the banking sector positioned it in better stead to withstand the shocks of the COVID-19 pandemic. Presenting the keynote address at this year’s edition of the Ghana Institute of Management and Public Administration (GIMPA) Biennial Law Conference, Dr. Addison described the clean-up as providential. “It is by providence that the...
The African Development Bank (AfDB) Group will hold its 2020 Annual Meetings virtually, from 25 to 27 August 2020. These will comprise statutory meetings of the Board of Governors. According to the bank, a major item on the agenda of this year's annual meetings will be the election of a president. Meanwhile, the Board of Directors of the African Development Fund (ADF),...
The Governor of the Bank of Ghana, Dr. Ernest Addison, says the central bank has put in place stringent measures to rapidly detect signs of distress exhibited by financial institutions, to immediately step in and protect the funds of depositors. The Governor says the measures include tightening of the bank’s supervisory role to stop the financial malfeasance that led to...
The Governor of the Bank of Ghana has said even though government has projected a 0.9 per cent growth for end year, he is optimistic that growth would strongly pick up more than what has been forecasted by Finance Minister. At a Monetary Policy Committee meeting, he said regarding the rising deficit and total public debt stock which now stand...
President Nana Akufo-Addo says the government has paid all depositors of collapsed banks. According to the president, no single depositor has been left out in the payments made so far asserting that the government spent some GH 21¢ billion in payments. “Let me repeat this, all those whose savings were in the banks have been paid back to them. The intervention...
The Ghana Association of Bankers has cautioned the general public against the use of face shields without masks in the banking halls and other service points . In a statement, the Association said this is in line with protecting its staff and customers from contracting the Coronavirus COVID-19. “As an association, we have in the interest of our staff, customers,...
The central bank in the coming days will issue onto the forex market a total of US$ 50 million, following the completion of FX forward auctions in the first month of the second half of 2020. This follows on a total commitment of US$ 400 million onto the forex market in the first half of 2020. Bids submitted for this auction...
