The step by the Government to clean up the financial sector could generate negative reactions at the beginning; but result in confidence in the sector, subsequently, Mr Hakim Ouzzani, the Managing Director of Societe Generale (SG) Ghana has said. The reforms, he said, would strengthen the sector and instill more hope and trust in the public for the sector to...
The Bank of Ghana (BoG) has directed all banks to develop and build credit profiles of their customers to help the banks price their loans appropriately. The measure is aimed at deepening transparency in the determination of the lending rates of banks to bring down interest charges on loans. It is also expected to provide borrowers with a more informed basis...
Mr George Nkrumah, Head Anti-Money Laundering Office, Financial Stability Department, Bank of Ghana (BoG), has said over the past three years, Ghana had lost about US$200 Million to cyber-crime. The cyber fraudsters keep targeting the activities in the banking sector, he said, adding that neither would the security agencies relent in monitoring and forestalling their activities. Mr Nkrumah said financial institutions...
A new survey conducted by the Oxford Business Group (OBG) has shown that almost 44 percent of CEOs are positive about a good outcome of the banking sector reforms undertaken by the Bank of Ghana in 2018. The survey also showed that 43 percent of the CEOs also expressed negative sentiments about the banking sector clean-up. Speaking to journalists after releasing...
The Bank of Ghana (BoG) has initiated steps to ensure that banks do not pass on their operational inefficiencies and overhead costs to their clients. To this end, it said it would align compensation with overall bank performance by linking it to clear parameters including the quality of a bank’s assets. This among others was to boost credit delivery and improve...
Losses in five counters lowered the benchmark index by 17.36 points (-0.77%) to close the session at 2,236.09 with a -13.07% year-to-date return while market capitalization moderated by 0.31% to settle at GH¢56.57 billion. Access Bank (+13.92%) and Standard Chartered (+2.36%) pushed the GSE Financial Index up by 10.75 points (+0.56%) to close at 1,942.95 with a -9.79% year-to-date return. The...
The Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) in collaboration with eTranzact, has launched a local payment card “gh-link EMV prepaid and debit card” as part of government plans to promote a cashlite economy. The gh-Link prepaid and debit cards have multichannel capabilities, enabling card holders to use a payment channel that is most convenient and best fit on...
Ghana is taking the fight against money laundering seriously due to the effect of such practice on the economy and the country’s international image, Naa Welbeck Anuonyam, an Official at the Financial Stability Department of the Bank of Ghana, has said.Ms Anuonyam told members of the Institute of Financial and Economic Journalists (IFEJ) at a training workshop in Koforidua...
The Bank of Ghana says it has applied sanctions to its staffwhose actions led to the banking sector distress. According to the governor, Dr Ernest Addison, this is part of an “accountability process” his outfit initiated into the corporate governance letdowns to ensure that everybody rendered individual accounts on their involvements. “There are lingering issues associated with bringing to book those...
A Banking Consultant, Nana Otuo Acheampong, does not think the introduction of the 100 and 200 Cedi notes will contribute to any inflation as some have suggested. “We are not changing prices anyway… if anything at all, it [the new notes] should have a positive or at worst a neutral effect on inflation but not increase inflation,” he opined on...
