The Monetary Policy Committee of the Bank of Ghana has kept the policy rate at 14.5 per cent. At its meeting on Monday, 23 November 2020, the Governor of the Bank of Ghana, Dr Ernest Addison said the Committee noted that global GDP growth rebounded in the third quarter of 2020 after the “sharp fall in the second quarter, but...
Chief Executive Officer of FBNBank Ghana, Victor Yaw Asante, says banks must reshape their products and services by providing a consolidated offering to meet shifting customer expectations. He believes the shift in customer preferences will drive their demand for seamless banking transactions across different channels; instant payment on all transactions that are reliable and secure without any delay or interruptions;...
Head of the Economics Division at the Institute of Statistical, Social and Economic Research (ISSER), University of Ghana, Professor Peter Quartey says defunct banks that collapsed as a result of the banking sector clean up had ample time to make things right. He made the comments on the Super Morning Show during a discussion on the country’s increased debt stock. In...
The Governor of the Bank of Ghana, Dr Ernest Addison, has said the banking sector of the Ghanaian economy remains financially strong. He said the banking sector remains liquid, profitable and well-capitalized with strong buffers to withstand adverse shocks and support the country’s recovery efforts from the pandemic. Speaking at the Monetary Poly Committee press conference in Accra, Dr Addison said asset quality...
The processes to establish a National Development Bank to accelerate the country’s socioeconomic development are on course, the President, Nana Addo Dankwa Akufo-Addo, has said. The President who said this in a speech read on his behalf by the Senior Minister Yaw Osafo-Maafo during the launch of the Ghana COVID-19 Alleviation and Revitalisation of Enterprise Support (CARES) Programme in Accra...
The Minister of Communication, Mrs Ursula Owusu-Ekuful, has urged Ghanaians to embrace digital payments for a secure, convenient and low-cost financial service delivery, as the country moves to a cash-lite society. The Vice-President of Ghana, on Thursday, November 19, 2020, formally outdoored the Universal QR code payment system, which he used to buy local cuisine 'waakye' at Auntie Muni’s at...
Average lending rates of commercial banks have fallen by 0.11% between August 2020 and October 2020. However, between January 2020 and October 2020, it has gone down by 1.8%. Though marginal, it comes as a good omen because cost of borrowing in the country keeps easing. According to the Bank of Ghana’s November 2020 Summary of Financial and Economic Data, Ghana’s reference...
Anti-graft institution, the Economic and Organised Crime Office (EOCO), says it intends to prosecute Directors of the collapsed 53 Fund Management Companies (FMCs). Speaking at the second edition of the Time with the Commission engagement series on Thursday, November 19, Acting Deputy Director for Financial Intelligence Monitoring at EOCO, Abba Poku, stated Directors of the collapsed FMCs should be made to pay...
In a world where technology seems to be permeating every facet of life, stakeholders in the banking industry are hopeful of a complete digital transformation in all transactions. The COVID-19 pandemic, which unexpectedly hit every sector in the world forced individuals and companies to come up with innovative ways to survive. Most people ended up working from home, with a lesser...
All customers of Gold Coast Fund Management (Blackshield) as well as others who were not covered by an earlier bailout package, are to now enjoy partial payment of their locked-up funds up to GHS50,000, the Securities and Exchange Commission (SEC) has announced in a statement dated Wednesday, 18 November 2020. It said “acting within its mandate of protecting investors and...
