The Central Bank’s latest confidence survey conducted in December 2021 showed that consumer confidence weakened due to recent increases in ex-pump petroleum prices and the announcement of new tax measures in the 2022 budget. Business sentiments, however improved at the same period as a result of the achievement of short-term company targets and optimism about companies’ growth prospects.Additionally, Ghana Purchasing...
The GHANA Cedi weakened further against the dollar this week, depreciating to 6.282 from 6.280 at last Friday’s close as supply of foreign exchange lagged demand. AZA Finance, Africa’s largest non-bank currency broker by trading volume at over $1 billion annually, which disclosed this in its recent newsletter, stated that in the “shorter term, we expect the Cedi to continue trading...
The Ghana Association of Bankers, says it is confident banks will be willing to give out more loans after the Ghana Card becomes the only card accepted for all financial transactions. The Bank of Ghana has directed all licensed and regulated financial institutions under the central bank, to accept only the Ghana Card for transactions from July 1, 2022. Data from...
Credit performance improved marginally, consistent with the gradual recovery in the real sector, the Governor of the Bank of Ghana (BoG) Dr Ernest Addison has said. Annual nominal growth in private sector credit increased to 11.2 percent in December 2021 compared with 10.6 percent, in the corresponding period of 2020, he added. However, he said, sustained price pressures weighed on real private sector...
Chief Executive Officer of FBN Bank Ghana, Victor Yaw Asante, has called on the Bank of Ghana (BoG) to extend its directive on using the Ghana Card as the only identification card in undertaking financial transactions from July 1 to December this year. His call comes on the back of some concerns raised by a number of bank customers who...
The Governor of the Bank of Ghana, Dr Ernest Addison has said increasingly, the banking sector has witnessed the increased usage of online banking as customers resort to branchless banking for transactions. Banks, he said, have also been compelled to increase investments and upgrades of digital platforms to remain competitive. These positive developments to broaden the scope of financial services, digitisation and the...
The Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has urged the Republic Bank to use its entrance into Ghana as a platform to enter other international markets. Ghana, he said, currently housed the headquarters of the Africa Continental Free Trade Area (AfCFTA) and it provided good opportunity to see the Republic Bank venture into other countries on...
Former Managing Director of Fidelity Bank, Asia, Kwamina Bentsi Enchill Duker has been appointed as the first Chief Executive Officer of the Development Bank Ghana (DBG). Kwamina Bentsi Enchill Duker brings to DBG, over 30 years of experience in finance and investment across different geographies including the UK, Asia and Ghana. A statement issued by the Ministry of Finance and sight Kwamina...
The performance of the banking sector in 2021 was strong with sustained growth in assets, deposits, and investments, the Bank of Ghana (BoG) has said. It said the banking industry recorded improvements in the financial soundness indicators as Capital Adequacy Ratio (CAR) and Non-Performing Loans (NPLs). “In the year, total assets grew by 20.4 percent to GH¢179.8 billion as at December...
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has maintained the policy rate at 14.5% percent. This is the second time the Central Bank has maintained the rate after increasing it by 100 basis points in November 2021. The rate, which is of keen interest to businesses, does not only signal the rate at which the Central Bank...
