Elsie Addo Awadzi, the second deputy Governor of the Bank of Ghana (BoG), has assured that the central bank will provide the needed guidelines and policies to spur economic growth She said this has become necessary especially as the country finds ways of recovering from the on-going pandemic and the war between Russia and the Ukraine. Speaking at the second edition...
Shareholders of Republic Bank have unanimously endorsed the payment of a total dividend of GH¢0.025 per share – totaling GH¢21,299,000 – for the financial year ended December 31, 2021. The endorsement, which was made at the bank’s 31st Annual General Meeting (AGM), and subject to final approval by Bank of Ghana (BoG), marks the first time since 2014 that Republic...
The Managing Director of FBNBank, Mr. Victor Yaw Asante has been appointed as a member of the Board of Trustees of the Venture Capital Trust Fund (VCTF). Mr. Victor Yaw Asante who was sworn-in as the ninth member of the governing board of the VCTF is representing the Ghana Association of Bankers (GAB) on the Board. Other members of the...
A former Chief Executive Officer of Stanbic Bank, Naa Alhassan Andani, has appealed to stakeholders in the Muslim communities to provide financial support for the establishment of an Islamic Bank to address the financial needs of all Muslims. He said the call for the establishment of the bank had become necessary as a lot of Muslim entrepreneurs and individuals continued...
The Bank of Ghana recorded a profit of ¢1.23 billion in 2021, lower than ¢1.57 billion was recorded in 2020, its 2021 Audited Financial Statement has revealed. Out of the income, ¢981.4 million has been set aside to purchase gold and other foreign assets. The statement further said an amount of ¢372.11 million (2020: ¢403.37million) has also been set aside as...
The year-on-year producer price inflation for March 2022 has increased to 29.3% from the 21.4% recorded in February 2022, the Ghana Statistical Service (GSS) has said. This rate represents a 7.9 percentage point increase in producer inflation. The month-on-month change in the producer price index between February 2022 and March 2022 was 6.8%. PPI measures the average change over time in the prices received by domestic producers...
The Ghana Association of Savings and Loans Companies is optimistic the Bank of Ghana (BoG) will soon grant license to new Savings and Loans companies, following a rebound of activities after the financial sector cleanup. In 2020, the Central Bank revoked the licenses of 23 insolvent Savings and Loans companies. Speaking to Joy Business , the Executive Secretary of the Ghana...
Banking Consultant, Dr. Richmond Atuahene has said that the recent directive by the Bank of Ghana to banks and other financial institutions to expressly capture their rights of enforcement under the Borrowers and Lenders Act will empower the lenders to dispose off defaulting customers’ collaterals without hassling to repay their loans, whilst helping to reduce Non-Performing Loans. Welcoming the directive...
John Awauh, the executive secretary of the Ghana Bankers Association (GAB) has said the judicial system in the country is fraught with inefficiencies that do not allow banks to recover loans effectively. Speaking to Nana Oye Ankrah on Tuesday (19 April), Awuah said: “We have serious challenges with the judicial system. It’s not just the courts, it’s the whole system;...
The Ghana Statistical Service (GSS) has announced on Wednesday April 13 that inflation rate for March 2022 was 19.4%. This means that in the month of March 2022 the general price level was 19.4% higher than in March 2021, the Government Statistician Professor Samuel Annim said at a press conference in Accra. “Year-on-Year change in food inflation (five percentage points) between February 2022...
