The Bank of Ghana is urging commercial banks to implement a strong risk management systems in their operations to avoid external shocks that may disrupt the banking industry. Speaking at the 39th Annual General Meeting of the Ghana Association of Banks in Accra, Head of Banking Supervision at the Bank of Ghana, Osei Gyasi said although the industry is resilient, there...
Amid the imminent restructuring of the nation’s public debt, bankers in the country are entreating managers of the economy to be circumspect in their decision-making so as not to destabilise the budding financial sector and erode recent gains made; especially as it pertains to investor confidence. At the 39th Annual General Meeting (AGM) of the Ghana Association Bankers (GAB), there...
Commercial Banks have thrown their weight behind the Bank of Ghana to deny individuals access to future credit for deliberately refusing to register their SIM cards in the ongoing national SIM Card registration exercise, with the intention of dodging loan repayments through their Mobile Money platforms. The Central Bank in a statement indicated that data of all Mobile Money loan...
The Bank of Ghana (BoG) said it has rescheduled its upcoming interest rate decision to 7 October from 26 September, to coincide with the end of an IMF mission to the country. “The Bank of Ghana is rescheduling its 108th Monetary Policy Committee meeting to coincide with the end of the IMF mission to allow the decision on the policy rate to...
Provisional results by the National Insurance Commission indicates that the total capital base for the insurance industry grew by 33.0 per cent to ¢3.88 billion in 2021, from ¢2.91 billion in 2020. This improved the Capital Adequacy Ratio (CAR) in both the Non-Life and Life sectors of the insurance industry. In 2021, the industry average CAR improved to 456.0 per cent and...
Chief Executive Officer of the Ghana Association of Banks (GAB), John Awuah, has described as ‘impossible’ the assertion that banks in the country could be benefitting from the difference between respective lending rates by borrowing at the lower rate and on-lending to the market at the higher rate, citing mechanisms put in place by the central bank to forestall...
The Bank of Ghana has collaborated with the Ghana Police Service to arrest over 76 illegal foreign exchange dealers operating in the ‘Black Market’. The distress action, according to the Central Bank is part of measures to save the cedi from further depreciation. They are expected to face prosecution. The ‘Black Market’ dealers are said to be contributing to the rapid fall...
With a combined commitment of GH¢10billion, government has signed a contract for the YouStart Commercial Programme with the Ghana Association of Bankers (GAB) and 13 leading banks. The three-year commercial programme – with a commitment of GH¢10billion -guarantees that YouStart will serve as the main engine for producing one million jobs for the next three years. Through YouStart, government aims to...
As of the end of December 2021, total financial sector assets increased to ¢260.43 billion, about 59.1% of Gross Domestic Product. This was from ¢213.35 billion (55.6% of GDP) at the end of December 2020. According to the Financial Stability Review report, assets size growth was broad-based with the Securities Industry (excluding pension funds) recording the highest growth rate of 77.4%,...
Rural and Community Banks (RCBs) have been urged to embrace and leverage the opportunities associated with the new GhanaPay service to grow their fee incomes so as to consolidate growth and development. The GhanaPay is a mobile money service provided by universal banks, rural banks, and savings and loans companies to individuals and businesses. It is somewhat a mobile money...
