Average lending rate of commercial banks rose to 21.6% in April 2022, from 20.57% in March 2022, the Bank of Ghana has disclosed. This is equivalent to 1.8% interest on loans per month. However, the average lending rate varies among the banks and the respective sectors. For instance, some banks will offer loans as low as 17% per annum, whilst others will...
Many Ghanaians have faced lots of challenges with claiming their insurance packages after the unfortunate thing happens or their insurance matures. The bitter experiences of Ghanaians in their engagement with public and private insurance companies have caused many of them to lose their confidence in insurance companies and vow not to indulge their services any longer. However, the Commissioner of the...
Banking Consultant, Nana Otuo Acheampong, has bemoaned the continuous charging of some fees by some banks in the country contrary to directives from the Bank of Ghana. In June 2021, the Central Bank warned commercial banks and Specialised Deposit-Taking Institutions in Ghana to abolish some unfair charges in the banking sector. The directive was reiterated recently by the Bank of Ghana...
The Governor of the Bank of Ghana, Dr. Ernest Addison, has described the rising inflation rate of nearly 24% as a complicated matter that will be dealt with decisively in the ongoing Monetary Policy Committee (MPC) meeting that began today, May 18th, 2022. In most scenarios, the Policy Rate – the rate at which commercial banks borrow from the Bank...
Amidst the continuous rise in inflation rate and calls for an intervention to stem the situation, the Institute of Economic Affairs (IEA) is projecting a 200 basis points increase in the monetary policy rate to 19 percent. This, it believes, will help narrow the gap with rising inflation and also ease to some extent the risk of foreign currency outflows. The...
National Investment Bank (NIB), the country’s foremost Development Finance Institution, will host senior management and experts in development finance across Africa in Accra from May 23 to 25 for the 2022 General Assembly of the Association of African Development Finance Institutions (AADFI). The three-day Assembly will occur at the Labadi Beach Resort under the theme ‘Unlocking Innovative Resources for Development Finance:...
The Managing Director of FBNBank Ghana, Mr. Victor Yaw Asante, has reiterated the commitment of banks in the country to continuously innovate to keep up with the pace of changing customer behaviour and expectations. According to him, this will ensure that the industry remains relevant and competitive, especially in product development, personalization and customer service delivery. “Our industry needs to remain...
The Producer Price Inflation(PPI) rate for April 2022 is 31.2 percent, the Ghana Statistical Service said on Wednesday. The rate represents a 1.9 percentage point increase in producer inflation relative to the rate recorded in March, 2022 of 29.3 per cent. Professor Samuel Kobina Annim, the Government Statistician, said the month-on-month change in the producer price index between March 2022 and...
The Managing Director of ARB Apex Bank, Alex Akwasi Awuah, has asked women to be more involved in changing the fortunes of the banking sector. Those within the industry have also been urged to exhibit their prowess and help take the industry to the next level. Mr Awuah made the call at the inauguration of the ARB Apex Bank Ladies Association...
he Insurance Industry’s stakeholders have unanimously endorsed the appointment of Dr Aaron Issa Anafure by the Commissioner of Insurance, Dr Justice Ofori to steer affairs as the Chairman of the Local Organising Committee of the conference of the Association of Insurance and Reinsurers of Developing Countries (AIRDC). This conference, originally scheduled to take place in 2020 had to be rescheduled...
