Cost of borrowing may not go down at least before the year ends as the Monetary Policy Committee (MPC) of the Bank of Ghana has maintained the policy rate at 16 percent. This was announced after the final meeting of the committee for 2019. The policy rate is the rate at which commercial banks borrow from the central bank The policy rate...
The President of the Institute of Directors Ghana, Rockson Dogbega, says blatant disregard for the principles of good corporate governance structures is largely the reasons why most indigenous companies don’t survive beyond their founders. According to him, family relations and sometimes acquaintances often fail to follow laid down procedures, leading to the collapse of companies. Even though the phenomenon of...
The Human Right division of the Accra High Court has set December 18 to determine whether it has the jurisdiction to sit over the case brought to it by Dr Papa Kwesi Nduom against the central bank and receiver of the savings and loans companies. Dr Nduom is praying the Court to revert the decision by the Bank of Ghana (BoG) to...
The Securities and Exchange Commission, SEC, says it has not yet set a date to end the filing of validation for claims by customers of the defunct fund management companies since it wants to cater for as many investors as possible. The Commission says the move is necessary to assure customers and rebuild confidence in the investment market. Validation processes...
The Chartered Institute of Bankers Ghana says the financial sector clean-up carried out by the Central Bank is already yielding positive results in the industry. Although there have been several arguments for and against the manner in which the exercise was done, the Institute insists the clean-up was necessary to build a robust financial system. The shakeup in the financial sector...
The Ghanaian taxpayer will pay GHS16.4 billion for the clean-up exercise in the bank, microfinance, fund management; and savings & loan sectors, Finance Minister Ken Ofori-Atta has revealed. Explaining to Parliament the fiscal impact of the financial sector clean-up when he delivered his 2020 budget on Wednesday, 13 November 2019, Mr. Ofori said: “The total estimated cost for our...
Finance Minister Ken Ofori-Atta has disclosed that the government has approved a request by the Consolidated Bank Ghana (CBG) to be made a universal bank. The Minister told legislators on Wednesday when he presented the 2020 budget statement that the success chalked by the bridge bank following the collapse of some banks makes it viable as a universal bank. In his...
The National Investment Bank (NIB) needs about GH¢2.2billion to become liquid, clean up its books and meet the Central Bank’s stated capital requirement of GH¢400million, Ken Ofori-Atta, Minister of Finance has said. This, according to the Finance Minister in his 2020 Budget and Economic Policy presentation, is despite government entering a swap agreement with the bank that has seen the...
The government and the Bank of Ghana (BoG) have each contributed €13 million as seed money for the smooth take-off of the Ghana Deposit Protection Corporation (GDPC). This is in addition to the GH¢400,000 paid by the banks to boost the GDPC’s reserves to enable it to provide cushion for depositors in case of a bank’s failure. The Vice-President, Dr. Mahamudu...
The Bank of Ghana over the coming weeks will issue onto the forex market a total of US$ 25 million, following a successful FX forward auction held on November 12, 2019. A notice from the BoG indicates that bids amounting to US$ 71.5 million were received from businesses through their dealers and commercial banks, this being well over the sales...
