The Bank of Ghana is advising consumers of mobile money loans to repay their loans and maintain a good credit history. According to the Central Bank, failure to repay loans will have a negative effect on their credit report and also adversely affect their chances of obtaining loan facilities from financial institutions and credit providers in future. In a financial literacy...
The banking sector recorded a profit-after-tax of ¢4.4 billion for the first ten months of 2022. This represents an increase of 17.2%, compared with 10.0% growth during the same period last year. According to the Bank of Ghana, the banking sector recorded strong asset growth and improved profitability over the review period, but there are strong signs of emerging spillover effects...
Ghana maintained its position as the 2nd largest recipient of remittances in Africa, recording $4.7 billion inflows in 2022. This is 4.4% more than the previous year. According to the latest World Bank Migration and Development Brief, Ghana received the second-largest remittance inflow in dollar terms and the ninth-largest level in relation to Gross Domestic Product in Africa. Indeed, it constituted 6.1% of...
SEVERAL sub-Saharan African central banks are exploring or in the pilot phase of a digital currency, following Nigeria’s October introduction of e-Naira. Nigeria was the second country after the Bahamas to roll out a Central Bank Digital Currency (CBDC). CBDCs are digital versions of cash that are more secure and less volatile than crypto assets because they are issued and...
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)...
The Bank of Ghana has increased its policy rate by 2.5 percentage points to 27%, citing risks to inflation and exchange rate concerns as reasons. This means cost of borrowing is expected to go up further, but will depend on the risk profile of the customer. Customers who are credit worthy may enjoy a slightly better rate than first time...
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...
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...
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%...
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...
