Tag Archives: Bank of Ghana

Bank of Ghana to be tough on Rural Bank Capital Requirement

Bank of Ghana

The Bank of Ghana in 2015 raised the minimum paid-up capital requirement of all rural and community banks in Ghana from GH¢300,000 to GH¢1million. All the 141 rural and community banks were expected to raise their paid-up capital to GH¢500,000 by December 2016 and GH¢1million by December 2017. As at June 2017, out of the 141 rural banks in Ghana ...

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Bayport Savings and Loans, CFC Savings and Loans merged

Bayport savings

Bayport Savings and Loans and CFC Savings and Loans have merged after receiving approval from the Bank of Ghana. The new entity, according to the management of the company is known as Bayport Savings and Loan PLC and will offer the full spectrum of products and services previously available from Bayport and CFC. Speaking to journalists after a short ceremony ...

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SMEs could be biggest losers in stated capital increment

Stated Capital

Although they are afraid to talk openly, officials of some SME-focused banks are restive about the GH¢400million stated capital increment for banks, saying it could hurt SMEs badly. “Banks like us that want to do SMEs will now be forced to raise capital to do big-ticket or forced to merge, and the whole philosophy of serving the lower-end of the ...

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Abiola Bawuah supports BoG Governor on banks downgrading

Abiola Bawuah

Managing Director of UBA Ghana, Abiola Bawuah, has endorsed the BoG Governor’s position that banks that cannot meet the GH¢400million minimum capital requirement should downgrade to savings and loans companies. “Nobody is preventing a bank from doing small ticket but if you want to do micro, you go to savings and loans. Beyond savings and loans too, we also have ...

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BoG sets compliance deadline for MicroFinance

Bank of Ghana

Microfinance institutions (MFIs) have up to the end of April 2018 to comply with new guidelines set by the central bank to streamline their operations, a report by the Finance Committee of Parliament has revealed. The rule requires MFIs, among others, to have a public governance policy that establishes a number of committees including a credit management committee and submit ...

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NPLs to affect recapitalisation—Experts

Bank of Ghana

Banks will struggle to recapitalise if government does not settle its indebtedness to commercial banks to reduce the existing non-performing loans (NPLs) in the sector, Dr. Richmond Atuahene, a corporate governance expert and lecturer at the Ghana Banking College has said. “Bank of Ghana is saying that, in computing impaired paid capital, the losses shall not be set-off against the ...

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Mixed reactions over Bank of Ghana’s New Minimum Capital

capital

The central bank has decided to increase the minimum stated capital requirement for commercial banks to GH?400 million, a more than 230 percent increment, the central bank has said. The central bank is said to have met the various heads of commercial banks Friday morning and told them they have up to December 2018 to meet the new minimum capital ...

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UT Bank & Capital Bank to layoff some staff

Capital bank

The Head of Banking Supervision at the Bank of Ghana, Raymond Amanfu, has hinted that there will be some layoffs at UT Bank and Capital Bank due to the transfer of deposits and assets to GCB Bank. But essentially all staff of the two banks will become staff of GCB Bank, he suggested. The Central Bank on Monday announced a ...

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Why Bank of Ghana May Cut Key Rate

Bank of Ghana

Bank of Ghana may cut its key interest rate for a third straight meeting with inflation at its slowest in four years and a strengthening currency. Consumer-price growth has tumbled 7.1 percentage points since reaching an all-time high of 19.2 percent in March last year. While the cedi weakened to a record low against the dollar on March 2, it ...

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Economic data reporting needs enhancement – BoG Governor

Apex Bank

The Governor of the central bank, Dr Ernest Addison, has reiterated the need for government to develop accurate economic data reporting standards that will help in the formulation of policies that will guide the economy in a sustainable manner. Speaking at the opening session of a workshop on government finance statistics on Monday, Dr Addison said statistics is a useful ...

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