Mr Michael Kofi Andoh, Deputy Commissioner, National Insurance Commission, has called for financial services and products that align with the needs of Micro, Small and Medium Enterprises (MSMEs). He said there was a demand and supply disconnect between these services and the needs of the MSMEs, which made it difficult for MSMEs to access them. Mr Andoh made the remarks on...
The banking sector posted strong performance in April despite the reversal of the COVID-19 regulatory relief measures introduced in March this year, Governor of Bank of Ghana (BoG), Dr Ernest Addison has said. “Total assets rose to GH¢194.3 billion at end-April 2022, which represented 24.8 percent annual growth, relative to 16.4 percent growth in the previous year,” he said in...
Rising prices coming from global shocks Governor of the Bank of Ghana, Dr. Ernest Addison, has denied suggestions and assertions that the current inflation targetting framework – which extends much focus on demand-side factors – is unable to stand the test of time; hence the economy’s inability to absorb global price shocks. Inflation, as of April 2022, hit 23.6 percent from...
Exchange(GSE), Ekow Afedzie, has strongly urged operators of the capital markets in West Africa, particularly Ghana and Nigeria to complete the process of integration. The move to integrate the capital markets in the ECOWAS region has been derailed by some Francophone countries, due to differences in market regulations between English speaking countries and the French speaking countries. But speaking to journalists...
Former Chief Executive Officer (CEO) of Stanbic Bank Ghana Limited, Alhassan Andani has stated that foreign banks may have various reasons for packing from the African continent. First, he explained that technology and the ability to access client base could be a major factor for the banks’ decision to exit the continent. The other factor is aggregate risk, he said. Aggregate risk...
New data shows that Ghana presently has the highest interest rates among top 11 African countries. According to Databank Weekly Fixed Income Update, the country’s 18.23% and 19.26% rates for the 91-day and 182-day Treasury bills respectively are the highest on the continent. The Treasury bill rates in the country are however lower than the inflation rate of 23.6%. Indeed, the relentless...
The Bank of Ghana (BoG) has told commercial banks that it is a legal requirement to provide Annualize Percentage Rate (APR) to customers who are seeking facilities from the financial institutions. APR is the yearly interest generated by a sum that’s charged to borrowers or paid to investors. The central bank also urged customers to demand from their financial institutions the...
Mobile Money transactions recorded 9.99% year-on-year growth to ¢331.2 billion in the first four months of 2022. However, in the first four months of 2021, Mobile Money transactions stood at ¢301.1 billion. According to data from the Bank of Ghana, transactions via Mobile Money grew consecutively until April 2022 when it dipped slightly. The Electronic Transaction Levy (E-levy) was implemented from May...
As part of efforts to foster market integration in the West African sub-region and facilitate cooperation among Capital Markets, the Securities and Exchange Commission (SEC) and the West Africa Securities Regulators Association is set to hold the second edition of the biennial West Africa Capital Market Conference (WACMaC). The West Africa Capital Market Conference is a biennial event that seeks...
The Monetary Policy Committee of the Bank of Ghana has for the second consecutive time increased the Policy Rate – the rate at which it lends to commercial banks by 200 basis points to 19%. This was announced by the Governor, Dr. Ernest Addison at a press briefing today, May 23, 2022. The increase in the Central Bank’s monetary policy...
