The central bank is projecting that the lingering effects of the pandemic are likely to have a mixed impact on three of the major commodities – gold, oil and cocoa – that determines the direction of the country’s trade balance. According to the Bank of Ghana’s data, the first two months of the year saw …
Month: April 2021
The Ghana Police Service has urged mobile money vendors across the country to install CCTV cameras at their vending points. This, the police says, will help identify and arrest criminals who rob mobile money operators. It says the presence of these cameras would also help prevent theft because criminals do not want to be recorded …
Banks wrote off a little above GH¢1.1 billion in the first two months of this year, according to the Profitability Statement of Banks published by the Bank of Ghana. The provisioning for bad debt was classified as loan losses, depreciation and others. It was slightly above the GH¢1.02 billion recorded during the same period last …
The Covid-19 health recovery levy and additional taxes on retail petroleum products announced in the 2021 budget will come into force from May 1, the Ghana Revenue Authority (GRA) has said. According to the GRA, the 1 percent Covid-19 health recovery levy will be applied to both domestic goods and services as well as imports, …
The first full sovereign credit rating of Ghana for 2021 was delivered last week, and it left rating sentiment unchanged from last year. This came from global credit rating firm Moody’s Investor Services rating the country’s sovereign bond issuance at B3 negative, exactly the same as last year when the firm downgraded Ghana from B3 stable …
GCB Bank has described as false a publication by a body calling itself Good Governance Advocacy Group (GGAG), alleging that the bank’s Board has engaged in corruption, abuse of office, and conflict of interest. The bank has urged its customers and shareholders to disregard the publication, which has been circulated in some media outlets to …
The First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari, says the regulatory environment for fintech has been revamped to ensure a more competitive and innovative industry. Speaking at the second edition of the Mobile Technology for Development Conference 2021, the Deputy Governor said this has better positioned the fintech industry to serve …
Mobile financial services company, MTN Mobile Money Limited has announced the introduction of an additional security feature that allows its mobile money agents to verify the identity of customers who come to do ‘cash out’ transactions. This added feature comes on the back of an earlier decision requiring agents to demand valid ID cards before …
The Economist Intelligence Unit (EIU), the London-based business intelligence firm, says it does not see any room for the Bank of Ghana (BoG) to reduce the monetary policy rate—which has an effect on the cost of credit—in the rest of the year. The central bank has kept the policy rate unchanged for 12 months, having …
The World Bank has released its latest updated outlook for Ghana’s economy. Although it is the Bank’s projection that the debt to Gross Domestic Product ratio could exceed 80 percent by 2023 has dominated the headlines, the report provides cause for optimism as well although it warns that the adverse economic impacts of COVID 19 …