The total value of mobile money transactions at the end of March 2020 hit GHS33.8 billion, according to figures from the Bank of Ghana. This is against the GHS15.1 billion total value of transactions of cheques cleared in the month of March 2020. The deficit between mobile money transactions and cheque clearings was, however, GHS18.7 billion. Analysts believed the value of mobile...
THE Bank of Ghana (BoG) has justified its decision not to allow the payment of dividends by banks and Specialized Deposit-Taking Institutions (SDIs), explaining the directive was meant to absorb any potential operational losses and support customers throughout the COVID-19 pandemic. Dr Ernest Addison, Governor of the Bank at a press briefing last Friday stressed that the motive behind the...
Rural and Community Banks (RCBs) could face exacerbated liquidity challenges in the times ahead if the impacts from coronavirus on the economy persist for long as they await payment of locked up investments with collapsed fund management firms. The future looks quite bleak for the rural banking space as the two main sources of income – loan portfolio and investment income...
By Augustine AMOAHTHE asset quality of the banking industry will be under threat if COVID-19 continues throughout the year, accounting firm, Deloitte has projected. This is mainly because industries with significant portions of bank credit, as at December 2019, are the hardest hit in Ghana. It is evidenced in the tourism and hospitality sectors (service industry), manufacturing, transport sector, commerce...
The Bank of Ghana (BoG) has introduced an online payment service for the Collateral Registry web-based system. The move according to the BoG is to address the inconveniences associated with the existing pre-paid mode of payment. In a statement, the central bank said: “This online payment service affords clients of the Collateral Registry the option to pay for the services rendered...
…GHc 2.44 billion lost in first 5-months of 2020 May 27, 2020 in Banking and Finance, Business, News, Top Stories 0Share on FacebookShare on Twitter Cumulatively over the past two years, investors on the Ghana Stock Exchange (GSE) have lost capital to the tune of GHc 11.176 billion, due to a combination factors including the recently resolved financial services industry crisis and the current global pandemic, COVID-19. By...
Economist, Prof. Peter Quartey, has shot down the proposal for government to consider the printing of more money to settle claims of depositors of collapsed financial institutions. He believes printing more money will have serious implications on the country’s budget deficit which is the difference between government’s revenue and expenditure. His comments follows Renowned Economist, Kwame Pianim’s suggestion that the government...
The ARB Apex Bank Limited has advised boards and managements of Rural and Community Banks (RCBs) to strengthen their internal control systems and adhere strictly to sound governance standards to guarantee their survival. The Apex Bank said it was critical RCBs ensured compliance of statutory and regulatory requirements; “because that is the only way to ensure that our banks survive...
GCB Bank will officially launch ‘G-Money’, an industry first mobile wallet service on 30th January, as part of its commitment to driving financial inclusion in its strategic objectives. This comes after the Bank’s receipt of approval from the Bank of Ghana (BOG) on 25th November, 2019 to create electronic value backed by equivalent cash to serve customers. Apart from affording customers...
The Central Bank has revealed that local banks whose licences were revoked were rude and thought they could disregard the authority of the Bank of Ghana (BoG). According to Dr Ernest Addison, Governor, Capital Bank for instance, refused to cooperate with potential private sector acquirers and would not even allow due diligence to be carried out. Speaking at the 71st Annual...
