The Ghana Co-operators Susu Collectors Association has urged the Bank of Ghana to quickly check the many unlicensed ‘susu’ operators that could pose risk to the financial system. This is coming few years after the completion of the financial sector clean-up. Speaking at 13th Annual General Meeting of Ghana Co-operative Susu Collectors Association, President of the association, Patrick Arthur Okyere, cautioned...
The Ghana cedi has so far this year lost a paltry 0.6% to the US dollar, data from the Bank of Ghana indicate. The Ghanaian local currency has shown impressive run since the beginning of the year until now. But the repatriation of dividend by some multinationals, beginning June has put some pressure on the cedi. This has increase demand for...
Some eleven of the 23 universal banks operating in Ghana, have been given the green light by the Bank of Ghana to pay dividends to their shareholders for the 2020 financial year. The central bank put a moratorium on the payment of dividends by the banks following the devastating impact the COVID-19 pandemic had on the economy since mid-March 2020. The...
Cost of loans continue to fall but marginally, as average lending rate stood at 20.61% per annum in June this year. This is equivalent to 1.72% interest on loans per month. However, the average lending rate varies among the banks and the respective sectors. For instance, some banks will offer loans as low as 17% per annum, whilst others charge rates as...
The Bank of Ghana has stated that it is not in a rush to withdraw the raft of measures it introduced last year at the onset of the pandemic, as economic recovery remains fragile. Speaking at a financial literacy programme for journalists over the weekend, Dr. Maxwell Opoku-Afari, the first deputy governor of the bank, said the central bank was...
The Bank of Ghana (BoG) has given firm assurance that it will use all tools at its disposal to guard against the undue volatility of the Cedi. This is coming at a time the local currency has come under what can be described as sustained pressure over the past three weeks. The Central Bank noted that it’s unaware of these developments on the interbank...
The Bank of Ghana (BoG) has said its attention has been drawn to information circulating on social media to the effect that customers whose accounts are dormant should hurriedly reactivate their accounts or risk losing their funds to the Bank of Ghana. The regulator said that the recently published Directive on dormant accounts seeks to provide directions to...
The Bank of Ghana is ready to begin the pilot phase for the first digital currency known as the ‘e-cedi’ by September this year. Also known as the Central Bank Digital Currency, it is expected to operate in a sandbox in the interim before introducing to the general public as legal tender for financial transactions. First Deputy Governor of the Bank...
Businesses must reduce their reliance on banks for funding and consider other sources of finance to support their operations, Paul Ababio, Deputy Director-General in Charge of Finance at the Securities and Exchange Commission, has observed. Businesses must reduce their reliance on banks for funding and consider other sources of finance to support their operations, Paul Ababio, Deputy Director-General...
A leading investment banker and Deputy Managing Director of the Ghana Stock Exchange, Abena Amoah has endorsed the approach being used for the establishment of the Development Bank Ghana. Madam Amoah, speaking as part of a development finance series organised by Citi TV and Citi FM in collaboration with the research and consultancy Centre of the University of Professional Studies,...
