Banking

Minority accuses BoG of illegally writing off GH¢48bn gov’t debt

The Minority in Parliament has accused the Bank of Ghana (BoG) management of illegal activities related to the write-off of around GH¢48 billion in...

Banks prefer less risky assets; share of investments in total assets increased to 36.4% in 2023 – BoG

The share of banks investments comprising bills, securities, and equity in total assets increased to 36.4% in 2023 from 32.0% in 2022, according to...

BoG suspends GT Bank and FBN Bank Forex Trading Licenses

The Bank of Ghana(BoG) has suspended the Foreign Exchange Trading Licenses of Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN),...

BoG’s balance revision, transaction limits of MoMo wallets upwards takes effect today

The Bank of Ghana (BoG) has effective today, March 1, 2024, revised the balance and transaction limits of customers’ mobile money wallets upward. ...

500 women entrepreneurs to benefit from DBG’s GH₵1bn funding

The Development Bank Ghana (DBG) has emphasised its commitment to supporting the growth and development of women entrepreneurs in the country.The bank’s deputy...

BoG revises balance, transaction limits of MoMo wallets upwards

The Bank of Ghana (BoG) has revised the balance and transaction limits of customers' mobile money wallets upward, effective March 1, 2024.A statement...

Gov’t to introduce Fintech Innovation Fund – Bawumia

The Government has plans to set up a FinTech Innovation Fund to support Start-ups to drive Ghana's digital revolution.Vice President Mahamudu Bawumia announced this...

RightCard (LemFi) doubles down on Bank of Ghana approval with Nsano partnership

RightCard Payment Services Limited trading as LemFi, has received approval from the Bank of Ghana to partner Nsano Limited to deliver money transfer services...

Whether to establish a bank or not – MTN Ghana CEO sets records straight

The outgoing Chief Executive of the MTN Ghana, Selorm Adadevoh, has insisted that the company does not have any immediate plan of establishing a...

Total value of secured loans fall 54% to GH¢5.9bn in quarter 4 – BoG

The total value of secured loans granted and registered by banks and Specialised Deposit-Taking Institutions (SDIs) in the 4th quarter of 2023 was GH¢5.9 billion.This...

GCB Bank appoints Daniel Asirifi as Board Chairman

GBC Bank PLC (GCB) has appointed Daniel Kwaku Tweneboah Asirifi as the new board chairman.Asirifi’s assumption of office as board chairman of the bank...

Mahama mourns Access Bank CEO

Former President John Mahama has sympathised with the family of the late Chief Executive Officer(CEO) of Access Bank, Dr Herbert Wigwe.Dr Wigwe was...

Ad-hoc committee probing Gold Coast Fund issues to begin public hearing

The ad-hoc committee set up by the Speaker of Parliament to probe the non-payment of customers of the defunct Gold Coast Fund is set...

Access Bank confirms death of Group CEO

Access Bank has confirmed the death of its Group Chief Executive Officer, Dr. Herbert Wigwe.Mr. Wigwe, was killed in a helicopter crash in the...

I’ll establish a credit card system if elected as President – Bawumia

The Vice President of Ghana, Dr Mahumudu Bawumia has expressed readiness to establish a credit card system if elected as President in the December...

BoG commended for making economic data more accessible

The Bank of Ghana has received praise for enhancing the accessibility of economic data via its recently launched Database Portal.On Monday, February 5, 2024,...

BoG to meet GRA, financial sector stakeholders over illegal MoMo deductions  

The Bank of Ghana will tomorrow February 6, 2024, meet officials of the Ghana Revenue Authority and stakeholders within the financial sector to address...

ADB and 5 others obtain authorisation to sell assets of PBC Ltd, including its head office

A court order has been granted to the Agricultural Development Bank (ADB) and five other banks, namely Cal Bank, Bank of Africa, GCB, Universal...

IMF deal: Second tranche of $600m hits BOG’s account

The second tranche of International Monetary Fund (IMF cash has hit the Bank of Ghana’s (BoG) account on Tuesday, January 23, 2024.The IMF...

Cocoa Bills: Wake up to your responsibilities – Senyo Hosi to COCOBOD, government

Former Convener of Individual Bondholders Forum, Senyo Hosi, has taken a swipe at the Ghana Cocoa Board (COCOBOD) and the government over the non-payment...

Don’t share pictures of Ghana Card, other banking cards – Public warned

The Ghana Association of Banks (GAB) has warned the public not to take pictures of their Ghana Cards or any bank cards and share...

Kofi Adomakoh elected President of Ghana Association of Banks

The Managing Director of GCB Bank Pic, John Kofi Adomakoh, has been elected the new President of the Ghana Association of Banks (GAB).He assumes...

Government to borrow GH¢12.7bn via T-bills in January 2024

The government is seeking to borrow GH¢12.7 billion via treasury bills in January 2024, to finance maturing bills.This is 1.2% lower than that of...

Togbe Afede XIV writes: Bank of Ghana has failed us

It was interesting to hear Bank of Ghana (BOG) officials pat themselves on the back because year-on-year inflation had dropped to 26.4% in November...

Ghana’s official creditors to convene for debt restructuring talks

Ghana's official creditors are set to meet on Monday, January 8, to discuss the restructuring of approximately $5.4 billion in loans, according to Reuters.This...

Nigeria leads Ghana in digital banking usage – KPMG Survey

Nigeria is leading Ghana in terms of the frequent use of digital channels, the 2023 KPMG West Africa Banking Industry Customer Survey.For instance, 70%...

Ghanaians turned to savings in foreign currency to protect investments – KPMG

A report conducted by KPMG has revealed a high number of shifts in the savings culture of some Ghanaians geared towards saving the value...

Admit you took an investment risk and lost out – Menzgold lawyer tells customer

"You simply took an investment risk and lost out." This was a statement made by the lawyer for defunct gold dealership firm, Menzgold to...

Credit risk remains elevated, slows down new lending by banks – BoG

Credit risk remained elevated during the third quarter of 2023, reflecting the sharp increase in the stock of non-performing loans in the banking industry,...

Ofori-Atta praises BoG for aiding in reset of financial architecture

Finance Minister, Ken Ofori-Atta, has commended the Bank of Ghana(BoG) for supporting his outfit for striving to reset the country’s financial architecture.According to...

Ghana’s average inflation to hover around 18% in 2024 – BoG

Ghana’s average inflation for 2024 is expected to hover around 18%, Fitch Solutions has revealed in its Sub-Saharan Africa Macro Key Themes for 2024....

Government does not owe BDCs – Hawa Koomson

The Minister of Fisheries and Aquaculture Development, Mavis Hawa Koomson, has said the government has cleared all outstanding debts owed Bulk Distribution Companies (BDCs).According...

Debt exchange has weakened confidence in financial sector – Prof. Peprah

Associate Professor at Andrews University, William Peprah, has noted a decline in confidence within Ghana's financial sector since the inception of the Domestic Debt...

T-bills auction: Government misses target by 30%

Ghana's interest rates have returned to an upward trajectory for the first time in a month, as the government continued to borrow heavily on...

BoG cites RTI exemptions on initial decision to situate head office at Marine Drive enclave

The Bank of Ghana (BoG) says it will not disclose details regarding its original decision to situate its controversial head office at the Marine...

BoG increases minimum paid up capital of Credit Bureaus to GH₵6m

The Bank of Ghana (BoG) has increased the minimum paid up capital for existing and new Credit Bureaus to ₵6,000,000 from ₵500,000. This represents...

BoG to close down some distressed NBFIs

The Bank of Ghana is set to soon close down some Non- Bank Financial Institutions facing severe liquidity challenges.According to the Central Bank, the...

Ghana to introduce credit scoring next year

Ghana is set to introduce credit scoring system next year to allow Ghanaians access to personal loans and help financial institutions control allocation of...

Ghana’s Debt Restructuring: What you need to know

Finance Minister, Ken Ofori-Atta, during the presentation of the 2024 budget statement described the Domestic Debt Exchange Programme as done and dusted.According to...

Mahama Ayariga sues Finance Minister

Member of Parliament(MP) for Bawku South constituency, Mahama Ayariga, has filed a suit against the Finance Minister, Ken Ofori-Atta at the Supreme Court.The suit...