Investments including government securities such as treasury bills and bonds remained the largest component of banks’ income as of February 2022, although its share moderated to 48.5%, from 51.1% during the same period a year ago According to the Bank of Ghana, interest income from loans constituted the second largest source of banks’ income, bringing in a lower share of...
The Ghana Association of Banks says its members have invested heavily in infrastructure to help prevent and detect fraudulent activities in their systems. President of the Association, John Awuah stated that “The good thing is as a community of banks the level of investment that we have undertaken to be able to stop these fraudsters from becoming successful and where...
Banks wrote off ¢349.36 million as bad debt in the February 2022, the Domestic Money Banks Income Statement has revealed. This is lower than the ¢364.46 million recorded in February 2021. The total provisioning comprising loan losses, depreciation, among others contracted in growth by 4.1% in February 2022, after increasing sharply by 62.2% in February 2021. According to the Bank of Ghana,...
The Bank of Ghana (BoG) has served notice that it will continue to tackle illegal foreign exchange operations in the country. The central bank said in a statement that offenders shall be dealt with in accordance with the law. “Bank of Ghana in collaboration with National Security and law enforcement agencies will continue to clamp down on illegal foreign exchange operations. All...
A Forex Analyst is warning that the Bank of Ghana’s notice of caution to persons pricing goods and services in foreign currencies, will come to naught, if the Central Bank fails to ensure that the laws concerning the practice are enforced. According to the apex bank, such practices breach the Foreign Exchange Act, 2006 (Act 723) which prohibits companies and...
The performance of the Ghana Stock Exchange (GSE) improved marginally in the month of March underpinned by rising investor confidence in the Accra bourse. The Accra bourse recorded a marginal improvement over last month’s performance closing the month of March with a return of -1.67 per cent for the Composite Index. A summary of March 2022 market activities on the GSE...
The Bank of Ghana has once again warned the public (companies, institutions and individuals) to desist from unauthorized dealings in foreign currency. This is in accordance with the Foreign Exchange Act, 2006 (Act 723). According to a statement from the Central Bank, companies, institutions and individuals are prohibited from engaging in foreign exchange business without a licence issued by Bank of...
The value of mobile money (MOMO) transactions took its decline to a new level in January when it opened 2022 lower than it closed 2021. The amount of money sent and received on the phone-based platform fell from GH¢82.9 billion in December 2021 to GH¢76.2 billion in January, the lowest since August last year. Data from the Bank of Ghana (BoG)...
The Board and Management of National Investment Bank (NIB) wish to bring to the attention of the public in response to a news article circulating on social media titled ‘NIB Money Heist’ that, the said issue: Dates to 2015.Was uncovered in 2019 after the new Board and Management of the bank took office.Was discovered during a detailed audit that was...
The Bank of Ghana (BoG) has noted that in recent years, the idea of issuing digital currencies by central banks has been topical around the globe. The BoG said it is one of the first few African central banks which declared its intention to pilot a Central Bank Digital Currency (CBDC) within the framework of its financial sector digitization program...
