The Producer Price Inflation rate for May 2022 hit 33.5%, the Ghana Statistical Service has announced. This rate represents a 2.1 percentage point increase in producer inflation relative to the rate recorded in April 2022 (31.4%). The month-on-month change in the producer price index between May 2022 and May 2022 was 3.6 percent. According to figures from the GSS, the PPI...
Since the introduction of mobile money (MOMO) loans by telecommunication companies (telecos), some of their customers have taken undue advantage of the opportunity. While some have taken the loans to either start or recapitalize their businesses, others have accessed the funds and misused it, hence their inability to pay. To prevent the telcos from tracking them, they have stopped using their...
Amid rising interest rates on the money market, Chief Executive Officer of Letshego Ghana, Arnold Parker, has revealed that interest rates on Qwikloans will increase in the coming weeks. Qwikloan, an innovative financial solution by Letshego Ghana and MTN Mobile Money (MoMo), provides short-term, unsecured, quick and convenient loans to subscribers of MTN mobile money – which are currently at...
The National Insurance Commission (NIC) in partnership with the Ghana Insurers Association (GIA) and supported by Graphic Communications, have launched the maiden edition of the Insurance Fair. The Insurance Fair, which is expected to be an annual event where insurance companies will get the opportunity to showcase insurance products and services to the public, is in furtherance of the industry’s celebration of ‘Insurance Awareness Month.’ Speaking at...
The Managing Director of Zeepay, Andrew Takyi-Appiah is predicting a 16 percent growth in remittances following a rebound in economic activities on the global market. According to him, more Ghanaians in the diaspora are getting new jobs as most countries begin to expand their economic activities after the COVID-19 pandemic. Figures from the Bank of Ghana show that Ghana received remittances...
Government is strongly collaborating with regulators in the insurance and pensions industry to develop annuity and syndicate markets. According to the Head of Pensions and Insurance Unit at the Ministry of Finance, Benjamin Torsah-Klu, this will stimulate long term investments of pension and insurance funds. Speaking on behalf of the Finance Minister, Ken Ofori-Atta at the 6th African Actuarial Congress ongoing...
With guaranteed operational independence, clear cut vision and a strong balance sheet amounting to 750 million dollars, the Development Bank Ghana (DBG) is set to offer long term long financing to Small and Medium Scale Enterprises (SMEs) operating in the country. With guaranteed operational independence, clear cut vision and a strong balance sheet amounting to 750 million dollars, the Development...
The Bank of Ghana has offered financial literacy training to personnel of the Ghana Immigration Service in the Ashanti region. The training is aimed at empowering the security personnel with knowledge in managing their finances and to make the right financial decisions. The workshop is part of the Bank of Ghana’s annual activities to educate the public on financial management. The training covered critical areas including, identification...
The Governor of the Bank of Ghana (BoG) Dr. Ernest Addison has emphasised the need for Central Banks in Sub-Saharan Africa to coordinate monetary policy measures, aimed to help stabilise prices on the African continent. According to him, the impact of recent geopolitical tensions and the COVID-19 pandemic on developing countries underscore the need for increased harmonisation of monetary policy...
The Bank of Ghana (BOG) has by the end of the year 2021 secured monetary compensations and refunds totalling about GH₵7.9 million for complainants. Regulated Financial Institutions (RFI) paid complainants whose complaints were lodged, investigated, and found justifiable based on the BoG market conduct rules for its regulated entities. A breakdown of the total amount, which was captured in the annual...
