..turn back on private sector Commercial banks in the country are channeling much of their assets into investment in government bills and bonds as the state’s appetite for domestic borrowing continues to increase, thereby making less funds available for the private sector – which is going through pandemic-induced challenges – to borrow. Data published by the Bank of Ghana show that...
The Bank of Ghana has been urged to increase interest rates in the country to help stop the free fall of the Ghana cedi. According to the Chief Finance Officer of the Valley View University, Dr. Williams Peprah, increasing interest yield will entice investors to purchase more government securities and help slowdown the depreciation of the cedi, despite the difficulty...
Entrepreneur and investor, Eric Osiakwan, is urging banks to relook at customer segmentation to enable them compete with financial technology firms. According to him, the convenience of transacting money on mobile platforms has given fintechs a competitive advantage over banks. Speaking at the 4th Strategic Leaders’ Summit he said “the reason why the venture capital firms started funding that space is...
While the Ghana Card will boost the confidence of financial institutions to lend to businesses and individuals without much fear, the painstakingly slow judicial process could derail expected gains the national identification card could bring in terms of exponential growth of credit, Managing Director of Dalex Finance, Kenneth Kwamina Thompson, has said. In an interview with the B&FT on a...
Mr Rockson Kwesi Dogbegah, President, Institute of Directors Ghana (IoD-GH) says with the right implementation of effective regulatory policies, good corporate governance can help reduce poverty and promote transformation. He said good corporate governance with the right regulatory framework would improve incomes and decrease poverty. Mr Dogbegah, speaking at a meeting of the Project Management Institute, said the importance of Corporate...
The Bank of Ghana says it has adopted a cautious approach with the piloting of the digital currency – the e-Cedi, despite anticipation of the introduction of the electronic currency by a cross-section of Ghanaians. According to its Head of Innovation and Fintech, Kwame Oppong, the Central Bank is following the due process in piloting of the digital currency and...
Banks and Financial Institution operating in Ghana have reminded customers of the directive by the Bank of Ghana (BoG) regarding the use of of the GhanaCard as the only form of identification for financial transaction staring July 1. Stanbic Bank in a message to customers said “In accordance with BOG regulations, the Ghana Card will be the only ID card...
President of the Ghana Association of Bankers, John Awuah, has disclosed that banks in Ghana have made significant progress in acquiring armoured bullion vans for the transportation of money across the country. Speaking in an interview on Joy FM’s Midday News on Wednesday, he stated that, in compliance with previous admonitions by the Police, many indigenous banks in the country...
Interest rates continue to surge on the domestic market as challenges within the fiscal economy lingers on. According to the auctioning results of the weekly Treasury bills by the Bank of Ghana, interest rates of the short term financial instruments went up marginally by 0.03% on the 91-day and 182-day T-Bills. Whilst, the 91-days Treasury bill went for 12.91%, the 6-months...
Access Bank Ghana Plc. has appointed its first female Executive Director to lead the bank’s Retail and Digital Operations. Pearl Nkrumah, the newest addition to the nine-member Access Bank Ghana Board, assumed duty early February 2022. Pearl brings a wealth of banking experience to the board, with over twenty-three years’ practice in various capacities in multinational banks, with footprints across...
