News
19Jan

Desist from sharing bank cards, Ghana card on WhatsApp – Association of Banks warns

Advertisement The Ghana Association of Banks (GAB) is warning the general public to refrain from sharing their Ghana card, Visa card, or debit card with individuals who pose as bank staff over digital platforms such as WhatsApp or E-mails. To avoid fraud and scams, bank customers are advised by GAB to abstain from providing images of objects that disclose bank account details and identity numbers. “Never send a picture...

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19Jan

Domestic Gold for Reserve Programme strengthens Ghana’s currency – Governor

The Bank of Ghana (BoG) says its Domes­tic Gold for Reserves Pro­gramme has been a good buffer to stabilise the Ghana’s currency last year and the programme will continue this year. Dr Ernest Addison, Governor of the BoG, in a data made avail­able to the Ghanaian Times, said the Domestic Gold for Reserves Programme helped the BoG last year to raise...

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19Jan

Fidelity Bank receives Awards from GIRSAL for Outstanding Contribution to Agricultural Sector

Fidelity Bank Ghana has been recognized for its outstanding contributions to agricultural lending in Ghana, receiving two prestigious awards from the Ghana Incentive-based Risk Sharing System for Agricultural Lending Project (GIRSAL). The bank was named the Most Responsive Partner Financial Institution of the Year and earned the Highest Staff Participation in GIRSAL's Agricultural and Agribusiness Finance Training Program. Fidelity Bank's collaboration...

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19Jan

Credit card, romance fraud remain most prevalent cybercrime in Ghana – 2023 Fintech Report

Cyber fraud, such as credit card fraud, identity fraud, or romance fraud, remains the most prevalent form of cybercrime in Ghana, the 2023 Ghana Fintech Report has revealed. According to the report, perpetrators typically create fake online profiles or websites to deceive victims into sharing their money or personal information. Significantly, it said the financial sector has become a particularly attractive...

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19Jan

Mansa Nettey hands over to new GAB President Kofi Adomakoh

After serving a successful three-year term in office from January 2021 as President of the Ghana Association of Banks (GAB), Mrs. Mansa Nettey, the Chief Executive Officer (CEO) of Standard Chartered Bank Ghana Plc, has handed over to Mr. John Kofi Adomakoh, the Managing Director of GCB Bank Plc effective January 2024 for the next three years In a similar...

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19Jan

BoG affirms commitment to launch e-Cedi before 2026

Bank of Ghana Governor Dr. Ernest Addison has reassured the public that the launch of the much-anticipated e-Cedi, the country’s digital currency, will take place before the end of 2026. The Governor acknowledged progress made in the e-Cedi’s development, but attributed the delay in its launch to economic dislocation caused by the events of 2022. “Probably, it could be earlier than...

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19Jan

DBG injects GHS623m into the private sector in 2023

Development Bank Ghana (DBG) has partnered with its Participating Financial Institutions (PFIs) to disburse GHS 623 million into the private sector. This capital injection has contributed to the creation of jobs, expansion of businesses, increased revenue, and generation of foreign exchange.  DBG’s key highlights in 2023 are captured in a year-end wrapped video on its key media channels- YouTube, Linked-In,...

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19Jan

Credit risk remains elevated, slows down new lending by banks – BoG

Credit risk remained elevated during the third quarter of 2023, reflecting the sharp increase in the stock of non-performing loans in the banking industry, which translated into a higher NPL ratio. According to the Bank of Ghana’s November 2023 Monetary Policy Report, the stock of gross loans and advances (domestic and foreign) contracted between October 2022 and October 2023, reflecting...

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19Jan

Banking industry: Shareholders’ funds contract by 4.2% to ¢25.4bn – BoG

Shareholders’ funds in the banking industry contracted by 4.2% to ¢25.4 billion in October 2023, the Bank of Ghana has revealed. This is compared to a growth of 11.9% in October 2022. According to the Bank of Ghana, this reflects losses from the Domestic Debt Exchange Programme which impacted the reserves of banks. The decline in shareholders’ funds, it added, is also...

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19Jan

Investments constituted largest component of total assets of banks as of October 2023; hit ¢103.7bn – BoG

Investments constituted the largest component of the total assets of banks as of October 2023. According to the Bank of Ghana’s November 2023 Monetary Policy Report, it was up by 22.0% year-on-year to ¢103.7 billion in October 2023, compared to 1.9% in October 2022. However, banks’ holdings of long-term investments (securities) contracted by 25.5% in October 2023 from 20.9% growth in...

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