Tag Archives: Bank of Ghana

BoG sets compliance deadline for MicroFinance

microfinance

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

microfinance

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

microfinance

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

Economic Data

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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Bankers advocate tiered capital for banks

microfinance

The Chartered Institute of Bankers, Ghana (CIB), has advised the Bank of Ghana (BoG) not to announce a uniform capital requirement for the banking sector but create a tier system that can cater to the needs of the various banks. The CIB said in order to ensure that the gains of capitalisation were fully harnessed, the BoG should consider a ...

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BoG mounts pressure on banks to reduce interest rates

microfinance

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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Producer Price Inflation drops to 4.8% in April

Producer Price Inflation to drop

Ghana’s producer price inflation for April this year recorded 4.8 percent. This is down from the 6 percent recorded in March this year. This means that the cost of production for industries has seen some stability during the period. The difference between the producer price inflation between March and April this year was negative 1.3 percent. The Acting Government Statistician, ...

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Government urged to review corporate taxes on rural banks

corporate taxes on rural bank

Mr Vincent Blaychie Essien, Chairman of the Board of Directors of the Ahantaman Rural Bank Limited said the imposition of the high rate of corporate taxes on rural banks was gradually affecting the operations of most rural banks in the country. He said, per their mandate, rural banks were supposed to alleviate poverty and build up the economic livelihoods of ...

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