Despite the implementation of the Electronic Transaction Levy (E-Levy), total Mobile Money transactions in the first 10 months of 2022 grew by 12.9% year-on-year to ¢833.3 billion, the latest Summary of Economic and Financial Data by the Bank of Ghana has revealed. It’s therefore baffling why the government cannot accrue significant revenue from the tax on electronic transfers, despite the...
The Managing Director of Access Bank Ghana PLC, Olumide Olatunji, says they will be receiving funds from Development Bank of Ghana (DBG) for on-lending to Small and Medium Enterprises (SMEs) as long-term loans. This has been made possible because of the partnership between DBG and commercial banks. Access Bank is committed to adding value to the economy and one of the...
Average lending rates of commercial banks hit 31.40% per annum as of the end of October 2022, the Bank of Ghana’s November 2022 Summary of Economic and Financial Data has revealed. This is equivalent to 2.16% interest rate on loans per month. According to the report, average cost of borrowing has been going up sharply from May 2022 (22.53%) to 31.40%...
The Omanhene of the New Juaben Traditional Area, Daasebre Kwaku Boateng lll, has appealed to the government to ensure that the Bank of Ghana (BoG) reduce its lending rate to the Rural and Community Banks (RCBs) in the country. That, according to him, would enable the RCBs to give soft loans to their shareholders and customers to shore them up...
Bank of Ghana has been honoured at the 2022 African Corporate Governance Network (ACGN) Directors’ Awards, held virtually on Thursday, 17th November 2022. The Bank won awards in two categories and was recognised as suitable for celebration as a Doyen of Business Excellence. Bank of Ghana won the Corporate Governance Institution of the year award for 2022.The award follows the Bank’s outstanding...
The Director of ARB Apex Bank, Alex Kwasi Awuah, has urged Rural and Community Banks (RCBs) to take advantage of emerging trends such as financial technology (Fintech) solutions to be resilient. These technology trends over the last few years have brought much convenience to customers across most sectors, as there has been a gradual shift from the traditional way of...
The Bank of Ghana (BoG) has withdrawn the license of credit reference bureau firm, HudsonPrice Data Solutions. It takes effect from November 21, 2022. A letter to banks, Specialized Deposit-Taking Institutions and Non-Bank Financial Institutions seen by Joy Business attributed the action to what the BoG described as persistent non-compliance with the requirements of the Credit Reporting Act 2007. What industry players should do The BoG...
Players in the financial sector have been asked to improve their role as gatekeepers to safeguard assets. Theophilus Kwadjo Odjer-Bio, Executive Director of the Chartered Compliance and Cyber Analyst (CCCA) Institute, asserted that playing the gatekeeper in the anti-laundering ecosystem would aid in identifying and thwarting fraudsters and cybercriminals who preyed on the defenseless. Mr. Odjer-Bio was presenting at the University of...
…reiterates SMEs’ support commitment for AfCFTA Bank of Africa-Ghana (BOA-Ghana) has been named ‘2022 Trade Finance Bank of the Year’ by two separate credible awarding schemes: the Innovation and Excellence Awards, and the Ghana Credit Excellence Awards 2022. The awards are organised by two well-respected institutions, the International Centre for Strategic Alliances (ICSA) and Chartered Institute of Credit Management (CICM). Both honoured BOA...
The Association of Rural Banks (ARB) says the delay in payment of Ghc450 million locked up funds of some rural and Community Banks (RCBs) with banks affected by the banking sector clean-up exercise, is adversely affecting them. The Acting National President of the Association of Rural Banks (ARB), Mr. Kwame Owusu Sekyere stated that all efforts made by the RCBs...
