Credit rating agency Moody’s Investors Service is projecting a reversal of the improving trend in Ghanaian banks’ financial metrics, with loan quality to be hit hardest, resulting from the impact of the coronavirus-induced economic disruption. In its latest 2021 outlook for banks in Africa, Moody’s is anticipating nonperforming loans (NPLs) to potentially double from 2019 levels as payment holidays expire,...
Masked armed robbers numbering five on Sunday dawn attacked the Ahantaman Rural Bank Limited in Abura, in the Abura-Asebu-Kwamankese District of the Central Region. Police investigators confirm to MyNewsGh.com that two of the robbers armed with pump-action guns first attacked the colleague Security men at their security post. They tied their hands, legs and mouth with a sellotape and woolen strings...
The Bank of Ghana (BOG) has signed a Memorandum of Understanding (MOU) with the Monetary Authority of Singapore (MAS) to collaborate in promoting Small and Medium-sized Enterprises (SMEs) through the use of technology. This is a follow up to earlier engagements between the Governments of Ghana and Singapore, which culminated in an understanding between the two countries to work together...
Ghana has for the first time since the outbreak of the novel Coronavirus pandemic in the country recorded a drop in inflation below 10%. The year-on-year inflation rate for November which is 9.8% percent, is lower than the revised inflation target of about 11 percent announced in the 2020 mid-year budget statement. The figure also falls within the medium-term inflation target...
The Governor of the Bank of Ghana, Ernest Addison has charged all leaders in the financial sector to emulate the example of the outgoing Chief Executive Officer of Stanbic Bank Ghana, Alhassan Andani to ensure that the Ghanaian financial sector thrives in the medium to long term. Mr. Andani is credited for transforming Stanbic Bank Ghana, a bank that had...
The Bank of Ghana (BoG) has established a new merchant payment system that will introduce a tiered account structure to ensure that small and medium enterprises (SMEs) are able to access merchant accounts tailored to their needs. According to the central bank, the tiered account structure will ensure that different customer types are able to sign on to electronic money accounts suitable...
The value of mobile money transactions more than doubled from January to October this year compared to the same period last year, the Governor of the Bank of Ghana (BoG), Dr Ernest Addison has said. He said the value of mobile money transactions increased to GH¢58 billion from January to October relative to the GH¢28.4 billion recorded in the same...
The Association of Ghana Industries is calling on government to speed up processes for the establishment of an industrial bank. According to the AGI this would help address the challenges of access to funding its members face. Speaking to Citi Business News, Director of Business Development Services, Johnson Opoku-Boateng, said government ought to come through with its request, so they can be...
Governor of the Bank of Ghana Dr. Ernest Addison says he is mindful of the fact that in the aftermath of the Coronavirus pandemic, non-performing loans in the country may rise beyond the current stable levels. An analysis of the Summary of Macroeconomic and Financial Data from the Bank of Ghana released in November shows that the percentage of Non-performing...
The Bank of Ghana (BoG) has revised its Anti-Money Laundering (AML) and Combating the Financing of Technology (CFT) guidelines to make it relevant and respond to current needs, Governor Dr Ernest Addison has said. The move, he said, was to promote local and international confidence in the Ghanaian banking sector. Speaking at the 2020 annual dinner of the Chartered Institute of...
