Atwima Kwanwoma Rural Bank Limited in the Ashanti Region has posted growth in almost all the financial indicators in the 2018 year under review. The bank recorded a profit before tax of a little over GH¢6 million in the 2018 year under review representing a drop rate of 11 per cent from approximately GH¢8.3 million …
The government and the Bank of Ghana (BoG) have each contributed €13 million as seed money for the smooth take-off of the Ghana Deposit Protection Corporation (GDPC). This is in addition to the GH¢400,000 paid by the banks to boost the GDPC’s reserves to enable it to provide cushion for depositors in case of a …
The Bank of Ghana (BoG) has launched new guidelines for repurchasing agreements trading on the Ghanaian market, Tuesday. The move is to have a well-functioning repo market and contribute to the efficient allocation of capital in the real economy by supporting liquidity in other markets. It is a new guideline that would help better regulate …
The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison has been selected to represent Ghana to Chair the Board of Governors of the Bretton Woods Institutions in 2020. A statement from the central bank explained that the selection of Ghana was done in recognition of the country’s impressive strides in macroeconomic stability achieved …
The Bank of Ghana has adopted a set of guidelines to help facilitate the short-term trading of government securities between dealers as well as investors. Governor of the Bank of Ghana, Dr. Ernest Addison, who announced the new Guidelines for Repurchase Agreements at ongoing World Bank/IMF Annual Meetings in Washington DC, USA, said it will …
The Ghana Post Company Limited has marked this year’s edition of the annual World Post Day, as it outlines its numerous achievements in recent past. World Post Day is celebrated each year on October 9. The Day marks is the anniversary of the establishment of the Universal Postal Union (UPU) in 1874 in the Swiss …
President Nana Addo Dankwa Akufo-Addo says his Government remains committed to protecting the public purse. According to President Akufo-Addo, “in spite of the recent happenings at the PPA surrounding its suspended acting CEO, GH¢2.75 billion has been saved for the public exchequer from January 2017 to July 2019 as a result of the PPA reviewing …
The Institute of Chartered Accountants (ICAG) has sanctioned four audit firms for shortfalls in their professional duties to comply with the required International Auditing Standards. ICAG has therefore fined the four auditing firms a total over GH¢2.2 million. The breakdown includes Deloitte & Touche – GH¢1,150,000, PKF Chartered Accountants – GH¢550,000, J. Mills Lamptey & …
The Bank of Ghana has given rural and community banks and microfinance institutions up to February 2020 to meet their respective minimum capital requirements. The Bank of Ghana in 2015 announced an upward revision to the minimum capital requirements of rural/community banks to GH¢1 million to be met by December 31, 2017. Also, the central …
The Bank of Ghana has revoked the licences of 23 insolvent savings and loans companies and finance house companies in line with the Banks and Specialised Deposit-Taking Institutions Act, 2016. The Bank of Ghana has also appointed Mr. Eric Nipah as a Receiver for the specified institutions in line with the Act. In a statement, …