Banking & Finance

BoG Governor Dr. Issahaku resigns

BOG Governor Central Bank

The Central Bank Governor, Dr Abdul  Nashiru Issahaku has resigned. Citi Business News has gathered his resignation takes effect from the 1st of April, 2017. It’s unclear what led to his resignation but the Governor is reported to have cited personal reasons for the move. Dr. Issahaku was appointed Governor of the Bank of Ghana by former President, John Mahama in April, ...

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Banks initiate moves to cut interest rates for customers

interest rates

Some banks have given indication of cutting their interest rates to reflect the reduction in the policy rate by the Bank of Ghana. They explain that the move forms part of plans to reduce the plight of businesses and eventually correct the bad loans in their books. The Bank of Ghana (BoG), in its 75th MPC meeting reduced its prime ...

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Bank of Ghana cuts policy rate to 23.5%

BOG Governor Central Bank

The Monetary Policy Committee (MPC) of the Bank of Ghana has reduced the Monetary Policy Rate by 200 basis points to 23.5 percent.At the 75th regular MPC meeting, Governor of the central Bank Dr. Abdul-Nashiru Issahaku said headline inflation also declined for the fifth consecutive month in February 2017.Inflation fell from 17.2 percent in September 2016 to 15.4 percent in ...

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Cedi depreciates by 5 percent in March – BoG report

cedi depreciation

Latest figures by the Bank of Ghana have shown that the cedi’s depreciation against the dollar for March 2017, is five times more than the rate of depreciation recorded in the same period in 2016. The cedi has depreciated from 0.9 to 5 percent within the twelve months period. Also, in March 2017, the local currency depreciated by 7.5 and ...

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BoG, others intensify move to flush out counterfeit notes

central bank

Central banks across the West African sub-region have met to build capacity in fighting fake currency circulation. The circulation of counterfeit notes has been a major challenge for West African countries as fake notes are transited every year, running into millions of dollars. Speaking to Citi Business News at the workshop organized in Accra on Banknote and Currency Management, the ...

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Don’t issue Eurobond- Dr. Eric Osei-Assibey cautioned government

eurobonds

As the 2007 Eurobond matures this year, government has been advised not to issue any international bonds this year to help reduce Ghana’s debt stock. The 10-year 750 million dollar bond, which was issued in 2007 at a cost of 8.5 percent, opened the way for Ghanaian to issue subsequent bonds, ballooning the country’s debt stock. Before leaving office, former ...

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Average interest on agric loans is 33.2 percent – BoG report

agric loans in ghana

Average interest rate on agricultural loans by banks has increased marginally to 33.2 percent as at the end of February this year, the Bank of Ghana’s Annual Percentage Rate and Average Interest report has shown. The report also shows that First Atlantic Bank offers the highest Agric loans at 41.2 percent. But Standard Chartered Bank offers the lowest rate of ...

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Customer deposit rate for Banks drops

customer deposits

The average interest offered by banks on customer deposits has dropped by about 2.5 percent between January and February this year. The figure declined from 11.9 percent as at end of January 2017 to 11.6 percent as at end of February; the latest Annual Percentage Rates (APR) and Average Interest (AI) report by the BoG have shown. According to the ...

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Ghana Soon to be hit by a banking crisis

banking crisis

There is a looming banking crisis in Ghana, unless the government and central bank take the right steps and decisions, following economic decline by the end of 2016. The rating agency, Moody’s issued a report in February 2017, indicating that Ghana banks in addition to the problems of non-performing loans are facing high asset risks. Moody’s pointed out that the ...

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Banks require GH¢1bn stated capital – Experts

central bank

Group CEO of CDH Financial Holdings, Emmanuel Adu-Sarkodie, has joined calls for a significant increase in the stated minimum capital for banks to about GH¢1billion, in order to support aggressive economic growth. Kenneth Thompson, Managing Director of Dalex Finance, has been making a similar argument, saying for banks in the country to adequately support infrastructure growth and act as the ...

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