Average lending rates of commercial banks have fallen by 0.11% between August 2020 and October 2020. However, between January 2020 and October 2020, it has gone down by 1.8%. Though marginal, it comes as a good omen because cost of borrowing in the country keeps easing. According to the Bank of Ghana’s November 2020 Summary of Financial and Economic Data, Ghana’s reference...
Anti-graft institution, the Economic and Organised Crime Office (EOCO), says it intends to prosecute Directors of the collapsed 53 Fund Management Companies (FMCs). Speaking at the second edition of the Time with the Commission engagement series on Thursday, November 19, Acting Deputy Director for Financial Intelligence Monitoring at EOCO, Abba Poku, stated Directors of the collapsed FMCs should be made to pay...
In a world where technology seems to be permeating every facet of life, stakeholders in the banking industry are hopeful of a complete digital transformation in all transactions. The COVID-19 pandemic, which unexpectedly hit every sector in the world forced individuals and companies to come up with innovative ways to survive. Most people ended up working from home, with a lesser...
All customers of Gold Coast Fund Management (Blackshield) as well as others who were not covered by an earlier bailout package, are to now enjoy partial payment of their locked-up funds up to GHS50,000, the Securities and Exchange Commission (SEC) has announced in a statement dated Wednesday, 18 November 2020. It said “acting within its mandate of protecting investors and...
The Chartered Institute of Bankers in collaboration with the Bank of Ghana (BoG) and the Ghana Association of Bankers will soon launch the Ghana Banking Code of Ethics to tackle fraud cases among bank workers President of the Institute, Patricia Sappor told Citi FM that her outfit is dedicated to supporting the reduction of fraud cases within the banking sector and enhance...
The Ghana Interbank Payment and Settlement Systems (GhIPSS) and its Chief Executive, Archie Hesse have for the second year running won awards at the prestigious Ghana Information Technology & Telecom Awards (GITTA) held in Accra. Mr. Hesse was adjudged the Payment Systems Personality of the Year, while GhIPSS won the Payments and Clearing Technology Provider of the Year. The awards...
The Bank of Ghana has issued a Risk Management guidelines for Rural & Community Banks to ensure among other things a well-structured approach to risk management that meets the minimum standards of RCBs as well as protect them from losses. The guidelines set out the minimum standard provisions on policies and procedures that would have to be covered in the...
Some economists have advised the Bank of Ghana’s Monetary Policy Committee (MPC), which meets this week to consider its next policy move that will be announced on November 23, to maintain the policy rate at 14.5 percent given the upside risk to inflation. Inflation has declined from 11.4 percent in July to 10.1 percent in October, reaching the lowest rate since...
as enterprises are still not out of the woods yet Considering the impact of the pandemic on businesses and the financial sector, it will be prudent for banks to extend the moratorium they gave to enterprises so they can have a breathing space, Managing Director of Fidelity Bank, Julian Kingsley Opuni, has said, Businesses across all sectors of the economy have...
Ghana recorded the highest jump in both rank and score in the 2020 Absa Africa Financial Markets Index (AFMI) which is independently produced by the Official Monetary and Financial Institutions Forum (OMFIF). With an improved score of 59 points, the 2020 index ranked Ghana’s financial markets attractiveness at the 6th position compared to the 2019 edition where the country placed 13th with...
