The Bank of Ghana has pledged to continue creating an enabling environment to efficiently empower banks to carry out their role of financial intermediation. This it believes will accelerate economic growth and development. Speaking at the commissioning of the Republic Bank Head Office Annex, Governor of the Bank of Ghana, Dr. Ernest Addison said his
The Summary of Economic and Financial Data released by the Bank of Ghana has revealed that the average lending rate continued to remain in the 20% bracket though it fell marginally to 20.04% in November, 2021, from 20.17% in October 2021. According to the data, the average lending rate has fallen from 20.97% since January
An inventory report on the assets and liabilities of defunct Capital Bank has revealed that shareholders’ loans accounted for 65% of the bank’s loans and advances. The report conducted by the Receivers, Vish Ashiagbor and Eric Nana Nipah of pwc, said shareholders’ loan amounted to ¢749 million and had been in default for over three
In its first trading of the year, the sale of Government Treasury bills was marginally oversubscribed by 5.6% to the tune of a little above ¢1.03 billion. At the same time, interest rates remained stable, from last year. This is a good omen for the government since the sale of T-Bills fluctuated throughout last year.
A Banking Consultant, Nana Otuo Acheampong has revealed that there could be two new banks joining the banking industry soon. This is coming after completion of the banking sector clean-up, almost two years ago. Though he did not mention names, he says the banks are presently working around the clock to secure banking license from
A report from the Bank of Ghana has disclosed that private pension funds maintained a strong growth momentum in 2020. According to the report, total private pension funds, grew by 26.8% in 2020, as compared to 33.4% in 2019. At the end of December 2020, total private pension funds stood at ¢22.02 billion, as compared
Bloomberg has stated that with barely five weeks to end the year, the Ghana cedi has come under intense pressure and is being classified among African currencies with the ‘Worst Spot Returns’. It’s now ranked 14th among 20 top African currencies tracked by Bloomberg. It was actually the best performing currency in Africa in the first
Data from the Bank of Ghana has revealed that Ghana’s net international reserves fell from $8.21 billion in August 2021 to $7.32 billion in October 2021, about 4.9 months of import cover. The reserves however stood at $7.25 billion in September 2021, equivalent to 4.9 months of imports cover. The decline in the reserves may
The Income Statement of the 23 banks published by the Bank of Ghana has revealed that banks in Ghana wrote off ¢1.37 billion as bad debt in August this year. The provision for bad debt which is as a result of loan losses, depreciation, amongst others was however slightly higher than what was recorded during
The Bank of Ghana has reiterated that inflation will remain within the medium-term target band of 8±2%, but closer to the upper limit in the near-term, barring any unforeseen shocks. This is coming after October 2021 inflation hit 11.0% According to the Central Bank’s September 2021 Inflation Outlook and Analysis Report, the main upside risks
