Banking & Finance

BoG mounts pressure on banks to reduce interest rates

Bank of Ghana

The Bank of Ghana (BoG) has begun mounting pressure on banks in the country to start reducing their interest rates in the face of the declining policy rate and the Treasury bill rates. The central bank in May reduced the policy rate from 23.5 percent to 22.5 percent. This was after it reduced it from 25.5 to 23.5 in March ...

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Government appoints Fidelity and Standard Chartered Bank as lead Managers

Fidelity Bank & Standard Chartered Bank

The government has appointed Fidelity Bank and Standard Chartered Bank as joint lead Managers for the issuance of an Energy Sector Levy Act (ESLA) backed Bond to the tune of about GH¢10 billion. The amount is the total estimated legacy debt within the energy sector. The two banks were selected after government evaluated 10 proposals for Transaction Advisors. A statement ...

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Banks’ interest rates drop marginally – BoG report

Bank of Ghana

Interest rates of banks have seen marginal declines between April and May 2017. An assessment of the average interests charged by the commercial banks on loans and advances shows that the banks have generally reduced their interest rates. The interest rates on loans and advances have declined between 0.3 and 1.8 percent. According to the Bank of Ghana’s latest Average ...

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Banking sector aiding GSE rebound—CEO

SEC Board

The Managing Director of the Ghana Stock Exchange(GSE), Kofi Yamoah has disclosed that the bourse is showing positive performances in the first half of the year. This comes at the back of a negative performance in the past two years as listed companies posted negative results due to high inflation, high interest rates as well as the power crisis. Speaking ...

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Private sector accounts for 98% of banks’ NPLs – BoG report

debt

The banking industry’s stock of Non-Performing Loans (NPLs), increased by 24.5 percent between April 2016 and April 2017, the Bank of Ghana’s latest banking sector report has shown. The industry’s NPL went up from 5.74 billion cedis in April 2016 to 7.15 billion cedis in April 2017. According to the report, the private sector accounted for as much as 97.5 ...

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CEO of GSE urges president to form SEC board

SEC Board

The Chief Executive Officer of the Ghana Stock Exchange Kofi Yamoah has urged President Akufo-Addo to constitute a board of directors for the Securities and Exchange Commission(SEC). His plea follows an earlier request from a former Director-General of the commission, Dr Adu Anane-Antwi, who also appealed to the president to form the board immediately to enable the smooth running of ...

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HFC Unit Trust and REIT hold AGM

HFC

The HFC Unit Trust and Real Estate Investment Trust (REIT) Funds, both recorded marginal gains at the close of December 2016. This was due to the active re-balancing strategy measures put in place by the fund managers to cushion them against the negative macroeconomic indicators. Mr Peter Larbi-Yeboa, the Fund Managers for both investment portfolios, said the net fund value ...

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StanChart shareholders approve GHȼ60 million transfer to Stated Capital

Standard Chartered

Standard Chartered Bank Ghana Limited says it will transfer GHȼ60 million from its retained earnings to its Stated Capital in compliance with the minimum capital requirement set by the Bank of Ghana. The Banks and Specialised Deposits Taking Institutions Act 2016, (Act 930) requires all Banks to have a minimum paid up capital of GHȼ120 million. There are however speculations ...

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Bank buildings will be non-existent in 15 years – Andani

Innovation and technology are gradually taking ground in the Ghanaian banking sector, with many banks utilizing technology to make banking faster and easier for their customers. Speaking on JOYNEWS’ business leadership program the Executive Lounge, CEO of Stanbic Bank Ghana Alhassan Andani, said looking at the trends of technology in the financial sector, in the next ten to 15 years, ...

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