A banking consultant, Nana Otuo Acheampong is confident that the recent rise in the percentage of non-performing loans in the banking industry will be a temporary phenomenon. According to the Banking Sector Development report for March by the Bank of Ghana, the end-February 2021 NPL ratio of 15.3 percent was marginally higher than the year-end NPL ratio of 14.8 percent...
The Securities and Exchange Commission (SEC) has stated that about GHS768 million has been credited to the accounts of some 6,916 clients of the 53 defunct Fund Management Companies, who signed up for the government’s full bailout programme. According to the Commission, actual payments also made under the Partial Bailout Programme as of March 31, 2021, amount to GHS995 million,...
…lending to private sector slows …Investment in debt securities out of sync with govt’s issuances The latest data emanating from the Bank of Ghana through its Banking Sector Developments Report dated April 2021 shows how Ghana’s banking industry has gone about major restructuring of the respective balance sheets in response to the impacts of COVID 19 on the economy. The restructuring...
Forex Analyst and Founder of Women in Forex Ghana, Gifty Annor-Sika has estimated the cost of underutilization of online forex trading market to be US$200 million annually. Speaking on the Market Place with Charles Ayitey, Gifty Annor-Sika warned of prospective fiscal losses to the Ghanaian economy if instruments are not introduced to regulate the market. “The market is barely regulated. Non-existence...
The Bank of Ghana has lauded leading Ghanaian tech company, IT Consortium for completely supporting the digital transformation agenda of the Ghanaian financial services industry with digital solutions relevant to the developmental needs of the country. A stellar example is the chango crowdfunding product, the first of its kind by a licensed institution in Ghana, introduced to improve on the...
In its quest to unlock investment for private sector projects that support renewable energy and energy efficiency in the country, IFC and the Securities and Exchange Commission (SEC) have partnered to facilitate investments in projects that address climate and environmental issues through green bonds. Under the agreement, IFC, a member of the World Bank Group, will help the SEC develop...
The Chief Executive of the Ghana Interbank Payment and Settlement Systems (GhIPSS) Archie Hesse has urged the public to consider GhQR as one of their regular modes of payments. This, he explained, would enable more people enjoy the benefits associated with the service considered simple, efficient and secured. Ghana added GhQR to its electronic payment channels in March last year, as...
GMRCEOs Breakfast Series VI Businesses that successfully adapt to the increasing need to integrate technology into their operations in a sustainable manner will become winners of the COVID-19 crisis, Chief Executive Officer of Universal Merchant Bank (UMB), Nana Dwemoh Benneh, has said. Speaking at this year’s first Ghana’s Most Respected CEOs Breakfast Series organised by the Business and Financial Times (B&FT)...
A slowdown in the growth in gross loans and advances given out by banks in the first 2 months of 2021 due to pandemic-induced weaknesses, has negatively impacted the interest income of such financial institutions. This has thus contributed to an overall slowdown in the growth of profits of banks in January and February 2021. According to the Banking Sector Development...
The Managing Director of Consolidated Bank Ghana (CBG) Mr. Daniel Addo has urged banks in the financial sector to collaborate with other players in the sector to overcome the challenges posed by the COVID-19 pandemic. Mr. Addo stated that the pandemic has created a situation that has compelled players in the financial ecosystem to redefine competitors. He mentioned for example that...
