The Bank of Ghana (BoG) has on Tuesday received a total of 144 bids amounting to US$235.05 million at the first multiple-price Foreign Exchange(FX) forward auction for the first quarter of 2022. This was against the proposed amount of US$75 million offered by the central bank to only authorised Foreign Exchange dealing banks in the country. The bid amount at the...
Mrs. Esther Ruby Arthur was barely 19 years old when she was employed by the Agricultural Development Bank (ADB) around 1981. Last year, she retired from the same bank after 40 years and eight months of service to the only institution that she had known as an employer. Prior to her retirement, she had risen from Secretary to Deputy Human Resource...
The National Insurance Commission (NIC) is on the verge of withdrawing the licences of some insurance companies after they were unable to recapitalise to GH¢50 million by the end of its recapitalisation deadline. By not meeting the new capital requirement, the insurance sector regulator said the companies had also failed to move their capital adequacy ratio (MCR) to 150%, as...
The Centre for Economics Finance and Inequality Studies (CEFIS) has projected the Ghana cedi to reach GH¢7.03 against the United States dollar by end of the year, given factors such as inflation, high importation, foreign reserve position, current accounts, among others. According to a report by the research firm, titled ‘Ghana Cedi Outlook on the Forex Market 2022’, the inflation forecast...
Inflation ended the year 2021 with a double digit rate, as December 2021 inflation hit 12.6 percent. This is 0.4% higher than the November 2021 rate of inflation. It’s also higher than the Bank of Ghana’s inflation target of 8+/-2% and most research institutions and analysts’ estimates for 2021. According to the Ghana Statistical Service (GSS), the surge in inflation was...
Alex Kwasi Awuah has been appointed Managing Director of ARB Apex Bank Plc. The appointment followed a recommendation from the Board of Directors of the Bank after a competitive and thorough interview and a no-objection letter issued by the Bank of Ghana (BoG). The Managing Director’s role of the ‘mini’ Central Bank of the 145 Rural and Community Banks (RCBs) in...
GCB Bank Limited has issued a statement to officially inform the general public and stakeholders that its corporate name has been changed from GCB Bank Limited to GCB Bank PLC, as per a resolution passed by the shareholders of the Bank at its Annual General Meeting on 25 March 2021 and subsequent publication of the new name on the...
The Bank of Ghana (BOG) will on Tuesday begin the multiple-price foreign exchange (FX) forward auction for the first quarter of 2022 with a proposed amount of $75 million. The auctioning, which will be opened for only authorised foreign exchange dealing banks, is the first of six auctioning events to be held within the first quarter of 2022. This is in...
The Bank of Ghana (BoG) has been admitted as a plenary member of the Central Banks and Supervisors Network for Greening the Financial System (NGFS) with effect from 14 December 2021. The NGFS is a group of central banks and financial sector supervisors from around the world established in 2017 to help strengthen the global response required to meet the...
The Ghana Stock Exchange could be closing the year as the best performing equity market in Africa this year with a Year-To-Date return in local term of about 44% for investor, its November 2021 Monthly Performance Report has revealed. At the same time, the bond or debt market continued its outstanding performance with barely two weeks to end the year. The...
