Bank of Ghana increases policy rate to 14.5%

Posted by - November 23, 2021

The Monetary Policy Committee (MPC) of the Bank of Ghana has increased its Policy Rate – the rate at which it lends to commercial banks by 100 basis points (1%) to 14.5%, citing risks to inflation, exchange rate as well as fiscal and debt sustainability challenges. It’s the first time since 2015 that the MPC

Banks now strong to lend to private sector — Bank of Ghana report

Posted by - November 17, 2021

The Bank of Ghana (BoG) has expressed optimism in the banking sector, assuring that measures and regulations introduced this year are beginning to create strong buffers for banks in the country. In its latest Banking Sector report, the central bank stated that the banking industry’s outlook remains positive with expected increases in credit demand and

Banks profit in 8-months grows by 27.4% to ¢3.17bn in August 2021

Posted by - November 12, 2021

Profitability performance of the banking sector remained robust in August 2021 as the 21 banks operating in Ghana registered growth rate of 27.4%, higher than the 19.2% recorded a year ago. According to the September 2021 Banking Sector Development Report, the banks registered ¢3.17 billion in August 2021, compared with ¢2.72 billion during the same

MoMo exceeds cheque transactions by ¢374.8bn as cheques get degraded

Posted by - August 16, 2021

Data from the Bank of Ghana has disclosed that Retail financial transactions is expected to degrade cheque transactions to the background in the not-too-distant future as mobile money transactions exceeded cheque transactions by a whopping ¢374.8bn in the first six months of this year. This is against ¢232 billion in the first four months of

Banks pre-tax hits GH¢1.1bn in 2 months,says Bank of Ghana

Posted by - March 24, 2021

Profit before tax of banks increased to GH¢1.1 billion in the first two months of 2021, the Monetary Policy Committee of the Bank of Ghana’s latest report has revealed. This is compared to GH¢1.0 billion recorded the same period last year. According to the report, operating income rose by 8.7%, lower than the corresponding growth

Banks announce plan to increase lending to households, businesses

Posted by - February 9, 2021

Banks have been tipped to increase lending to household and businesses this year, following pick-up in economic activities. According to Databank Research, the financial intermediaries will ease their conservative position to loan book this year despite covid-19 still lingering on. The covid-19 pandemic compelled banks to review their loan policies last year in order to

Mobile money transactions hit over GH ¢569bn in 2020,says BOG

Posted by - February 3, 2021

The total value of mobile money transactions for last year hit a remarkable GH ¢569 billion, data from the Bank of Ghana has revealed. This outstanding performance was largely due to the covid-19 pandemic which triggered upward transactions of mobile mobile in 2020. December 2020 which was the Christmas period registered the biggest transaction of

Akufo-Addo affirms Dr. Addison for second term 

Posted by - February 2, 2021

President Akufo-Addo has re–appointed Dr. Ernest Addison as Governor of the Bank of Ghana for another four-year term.His appointment is subject to confirmation by the Council of State. According to reports, Dr Addison’s second term is expected to commence on March 30, 2021. BRIEF PROFILE OF ERNEST ADDISON Dr. Ernest Addison was first appointed by President