The Governor of the Central Bank has disclosed that by the end of the first quarter, the bank will have finalized the necessary modalities for the effective implementation of the Enterprise Credit Scheme initiative. The scheme, which was announced by the Finance Minister, Ken Ofori-Atta, in his 2020 Budget and Economic Policy will target some …
As part of efforts to expedite payments to affected customers of the collapsed microfinance and savings and loans companies, the Receiver, Eric Nana Nipah, has commenced processes to auction some used vehicles and motor bikes owned by the defunct entities. The proceeds of the auction are to add up to the amount available to pay …
The customers of the defunct savings and loans and finance house companies have called on the government to set up a Consolidated Savings and Loans Company or a Consolidated Microfinance Company, through which their locked-up funds should be paid. The group, which is known as Coalition of Affected Savings and Loans Customers (CASLOC), said all …
Credit to the private sector (large enterprises, short-term and long-term enterprise loans) remained tightened in October, November and December 2019, according to a Bank of Ghana Survey. There was, however, a net ease in banks’ credit stance on loans to small and medium enterprises (SMEs) in October 2019 but further tightening in November and December. …
The growth rate in commercial banks’ deposits has slowed down amidst the reforms undertaken by the central bank to strengthen the sector. The Bank of Ghana in its latest banking sector report stated that deposits, as the main source of funding for the banking industry, grew by 17.1 percent in October 2019, marginally lower than …
Available data from the Bank of Ghana indicates that banks in the country charged as low as 14 percent as interest for loans given to households from January to October this year. 42 percent also happens to be the highest interest rate charged for loans given to households over the same period. These were captured …
The Head of Currency Management at the Bank of Ghana, John Gyamfi, says the Central Bank for the foreseeable future will continue to print Ghana’s currency notes with well-proven and trusted international companies as local companies lack the capacity to execute such jobs. The comment follows the revelation that the newly introduced GH¢200 and GH¢100 …
GCB Bank Limited has introduced a product, G-Money, an industry first mobile wallet service. This comes after the bank was given approval by the Bank of Ghana (BOG) on November 25 this year to create electronic value backed by equivalent cash to serve customers. G-Money, which is the first of its kind to be operated …
The Bank of Ghana (BoG) has introduced two new higher denominations of the Ghana notes and a coin to complement the existing currencies in circulation. The new denominations are the hundred and two hundred Ghana cedi notes and a two cedis coin that are expected to be in circulation from Monday, December 2, 2019. Features …
The Bank of Ghana has announced plans to introduce an electronic currency, E-Cedi, in the near future to enhance digital financial services in the country. According to a report by the Bank of Ghana, digital transactions such as mobile money keeps increasing in the country, while the value of cheques issued by commercial banks keeps …