Articles
07Dec

Govt domestic debts exchange programme to be launched Monday; No haircut on treasury bills, principal bonds

The government will on Monday launch the Debt Exchange programme announced in the 2023 budget. This is after series of engagements with key stakeholders. The Ghana Debt Exchange (GDX) programme has been informed by a Debt Sustainability Analysis that revealed public debt, excluding overdraft, state owned enterprises (SOEs) and special purpose vehicles (SPVs) as a ratio of Gross Domestic Product (GDP)...

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07Dec

Total Mobile Money transactions hit ¢833.3bn in October 2022 despite E-levy implementation

Despite the implementation of the Electronic Transaction Levy (E-Levy), total Mobile Money transactions in the first 10 months of 2022 grew by 12.9% year-on-year to ¢833.3 billion, the latest Summary of Economic and Financial Data by the Bank of Ghana has revealed. It’s therefore baffling why the government cannot accrue significant revenue from the tax on electronic transfers, despite the...

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07Dec

Access Bank partners with DBG to grow SME sector

The Managing Director of Access Bank Ghana PLC, Olumide Olatunji, says they will be receiving funds from Development Bank of Ghana (DBG) for on-lending to Small and Medium Enterprises (SMEs) as long-term loans. This has been made possible because of the partnership between DBG and commercial banks. Access Bank is committed to adding value to the economy and one of the...

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07Dec

Average lending rate hits 31.40% in October 2022 – BoG

Average lending rates of commercial banks hit 31.40% per annum as of the end of October 2022, the Bank of Ghana’s November 2022 Summary of Economic and Financial Data has revealed. This is equivalent to 2.16% interest rate on loans per month. According to the report, average cost of borrowing has been going up sharply from May 2022 (22.53%) to 31.40%...

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07Dec

Reduce lending rate to RCBs – New Juaben Omanhene appeals to BoG

The Omanhene of the New Juaben Traditional Area, Daasebre Kwaku Boateng lll, has appealed to the government to ensure that the Bank of Ghana (BoG) reduce its lending rate to the Rural and Community Banks (RCBs) in the country. That, according to him, would enable the RCBs to give soft loans to their shareholders and customers to shore them up...

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07Dec

BoG wins African Corporate Governance Network Governance Institution of the year award

Bank of Ghana has been honoured at the 2022 African Corporate Governance Network (ACGN) Directors’ Awards, held virtually on Thursday, 17th November 2022. The Bank won awards in two categories and was recognised as suitable for celebration as a Doyen of Business Excellence. Bank of Ghana won the Corporate Governance Institution of the year award for 2022.The award follows the Bank’s outstanding...

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07Dec

RCBs urged to digitise for efficiency and convenient banking

The Director of ARB Apex Bank, Alex Kwasi Awuah, has urged Rural and Community Banks (RCBs) to take advantage of emerging trends such as financial technology (Fintech) solutions to be resilient. These technology trends over the last few years have brought much convenience to customers across most sectors, as there has been a gradual shift from the traditional way of...

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07Dec

BoG withdraws license of credit reference bureau, HudsonPrice

The Bank of Ghana (BoG) has withdrawn the license of credit reference bureau firm, HudsonPrice Data Solutions. It takes effect from November 21, 2022. A letter to banks, Specialized Deposit-Taking Institutions and Non-Bank Financial Institutions seen by Joy Business attributed the action to what the BoG described as persistent non-compliance with the requirements of the Credit Reporting Act 2007. What industry players should do The BoG...

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07Dec

Money Laundering: Financial sector players must enhance gatekeeping role – CCCA

Players in the financial sector have been asked to improve their role as gatekeepers to safeguard assets. Theophilus Kwadjo Odjer-Bio, Executive Director of the Chartered Compliance and Cyber Analyst (CCCA) Institute, asserted that playing the gatekeeper in the anti-laundering ecosystem would aid in identifying and thwarting fraudsters and cybercriminals who preyed on the defenseless. Mr. Odjer-Bio was presenting at the University of...

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