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...
After serving a successful three-year term in office from January 2021 as President of the Ghana Association of Banks (GAB), Mrs. Mansa Nettey, the Chief Executive Officer (CEO) of Standard Chartered Bank Ghana Plc, has handed over to Mr. John Kofi Adomakoh, the Managing Director of GCB Bank Plc effective January 2024 for the next three years In a similar...
Bank of Ghana Governor Dr. Ernest Addison has reassured the public that the launch of the much-anticipated e-Cedi, the country’s digital currency, will take place before the end of 2026. The Governor acknowledged progress made in the e-Cedi’s development, but attributed the delay in its launch to economic dislocation caused by the events of 2022. “Probably, it could be earlier than...
Development Bank Ghana (DBG) has partnered with its Participating Financial Institutions (PFIs) to disburse GHS 623 million into the private sector. This capital injection has contributed to the creation of jobs, expansion of businesses, increased revenue, and generation of foreign exchange. DBG’s key highlights in 2023 are captured in a year-end wrapped video on its key media channels- YouTube, Linked-In,...
Credit risk remained elevated during the third quarter of 2023, reflecting the sharp increase in the stock of non-performing loans in the banking industry, which translated into a higher NPL ratio. According to the Bank of Ghana’s November 2023 Monetary Policy Report, the stock of gross loans and advances (domestic and foreign) contracted between October 2022 and October 2023, reflecting...
