Governor of the Bank of Ghana (BoG), Dr Ernest Yedu Addison, has shed light on the incomplete cleanup of the financial sector, particularly focusing on the Savings and Loans (S&L) subsector. In an interview on PM Express Business Edition on Joy News on January 2, he acknowledged that while significant progress had been made, a lack of resources had stalled the revocation...
The Governor of the Bank of Ghana (BoG) opened up about the tumultuous banking sector crisis that unfolded in 2017 and the decisive actions that reshaped Ghana’s financial landscape.With a firm stance in a revealing interview on Joy News’ PM Express Business Edition on January 2, Dr Ernest Yedu Addison, justified the revocation of banking licenses as a critical move to...
The Bank of Ghana has issued the Large Exposures Directive for Banks, Savings and Loans, Finance Houses and Financial Holding Companies. The objectives of the directive are to limit the maximum loss that Regulated Financial Institutions (RFIs) can incur in the event of the sudden failure of a counterparty or a group of connected counterparties to a level that does...
The Governor of Bank of Ghana, Dr Ernest Addison, has debunked claims of government interference in the Bank’s operations in the last eight years.According to him, the calls for a reform to a more independent Bank of Ghana is a non-starter. He therefore pointed out the Central Bank has been operating independently in the last eight years. Speaking to George Wiafe...
About 22% of banks operating in Ghana have failed to meet the the 13.0% Capital Adequacy Ratio (CAR) threshold.According to IC Insights, these banks would require continuous adherence to recapitalisation plan, enforcement of strict credit risk standards, and continued profitability to restore capital buffers to pre-Domestic Debt Exchange Programme (DDEP) levels. Joy Business understands that majority of these banks are...
The nation continues solidifying its position as a leader in African digital financial services, leveraging its advanced instant payment systems to drive financial inclusion and economic growth. According to the recently published State of Inclusive Instant Payment Systems (SIIPS) in Africa 2024 report, co-authored by AfricaNenda’s Sabine Mensah and Jacqueline Jumah, the nation stands out as the only country on...
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...
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...
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...
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...
