Ongoing economic conditions emanating from rising inflation and policy rate hike, as well as depreciation of the local currency, are already affecting the stock market’s performance, Market Analyst, Kofi Busia Kyei, has said. Headline inflation in February 2022 rose sharply to 15.7 percent, with the local currency as of mid-March depreciating by 17 percent to the dollar on...
The Bank of Ghana has revealed that some of the persons involved in the GH¢1bn fraud that hit the banking sector in 2020 are being prosecuted. A source at the central bank told the Daily Graphic that while some of the banks were still investigating the persons involved, others were going through due process in the courts. “This is a matter...
The Bank of Ghana (BoG) has purchased 600 kilogrammes of gold under its Domestic Gold Purchase (DGP) programme to help shore up the country’s foreign exchange reserves, Governor, Dr Ernest Addison, has said. He disclosed this on Monday after the 105th regular meeting of the Monetary Policy Committee press conference, in response to a question on the quantity of gold the...
Banking consultant Nana Otuo Acheampong is confident that the reversal of the COVID-19 era reliefs given to Universal Banks, will help in mopping up excess liquidity within the banking system. According to him, instead of lending to the private sector, banks in the country continue to use the excess liquidity they have to buy treasury bills. Per the latest Monetary Policy...
The Bank of Ghana has called out persons and groups that continue to negatively speculate about the Ghana Cedi with the hope that the local currency will continue to depreciate against the US Dollar. While data from the Central Bank shows that the Cedi had depreciated by about 15%, in the first 3 months of this year, checks at some...
Government Treasury Bills sale fell massively by 66.8% despite the increase in the Policy Rate by the Bank of Ghana to 17% and the announcement of fiscal measures by the Finance Minister, Ken Ofori-Atta, last week. According to auctioning results by the Bank of Ghana, government was only able to secure ¢733 million, from a whopping target of ¢2.21 billion. Government...
Mobile Money transactions in the first month (January) of 2022 grew by 13.56% year-on-year to ¢76.2 billion, the Bank of Ghana has revealed in its Summary of Economic and Financial Data. In the month of January 2021, mobile money transactions stood at ¢67.1 billion. In December 2021, ¢82.9 billion was recorded due to the Christmas festivities. Based on the trend of Mobile...
The Ghana Association of Bankers wants government to rescind its decision to reset the Capital Conservation Buffer (CCB) for banks to the pre-pandemic level of 3%. CEO of the Association, John Awuah, believes that since businesses and the economy have not fully recovered from the ramifications of the pandemic, it is only prudent to maintain the rate at 1.5% to...
The recent hike in the monetary policy rate by 250 basis points to 17% by the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG), will inevitably lead to an upward adjustment in average lending rates to businesses and individuals. The Monetary Policy Rate, which is of keen interest to businesses, signals the rate at which the Central Bank...
About 96% of disgruntled bank customers do not complain directly to their respective banks when they encounter a challenge during their banking transactions, the Executive Director of Association of Rural Banks, Ghana Mrs Comfort Owusu has revealed. According to her, this revelation is backed by empirical research by marketing experts, stating such dissatisfied customers do not complain directly...
