Despite the emergence of mobile money services, banks on the average are demanding more money from customers to open savings accounts, data from the Bank of Ghana has shown. Analysis conducted by Citi Business News on banks’ charges as at December 2014, showed that banks demanded an average of GH¢37.5 as the initial deposit to …
The Bank of Ghana (BoG) has directed Banks and Specialized Deposit-taking Institutions (SDIs) to desist from the payment of facilitation/business development fees or any other fees to attract deposits henceforth. The Central Bank said any institution which fails to comply with this notice shall be severely sanctioned. In a public notice, the Bank of Ghana …
Governor of the Bank of Ghana, Dr Ernest Addison, has maintained that the recent banking reforms have made the sector safer. Responding to a question posed by Joy Business at the Monetary Policy Committee (MPC) briefing on whether the banking clean-up has gotten the desired results, the Governor said the reforms were needed to promptly deal …
The Bank of Ghana (BoG) has urged telecom operators to consider the cost involved in the transaction of business on the mobile money platform. It’s been years since the rollout of the mobile money service and even though revenue margins have doubled, some concerns have been raised over the cost build up in the transfer …
Economic Researchers at Standard Bank, parent company of Stanbic Bank Ghana are predicting a steady growth in Ghana’s GDP going into 2020. According to the May 2019 edition of the African Monthly Report (AMR) published by Standard Bank Group, Ghana’s acceleration in GDP growth from to 7.5 to 7.6% year-on-year and 7.8% year-on-year in 2019 …
The government has secured the funds that the Bank of Ghana (BoG) requested to be able to clean up the operations of Non-Bank Financial Institutions (NBFIs) and make them more solid to be able to support economic growth meaningfully, the Minister of Finance, Mr Ken Ofori-Atta, has disclosed. The ministry recently ring-fenced the GH¢700 million …
The finance ministry has released about GH¢1 billion to help with the cleanup of the microfinance and rural bank sectors. Sources say the funds were released earlier this month for the project. Background Some microfinance companies over the last two years have been hit by some financial challenges resulting in the collapse of their businesses. …
World Bank Africa Vice President, Hafez Ghanem will arrive in Ghana on Sunday, March 24, 2019 as part of a three-day mission to the country. Vice President, Hafez Ghanem will pay a courtesy call on His Excellency President Nana Addo Dankwa Akufo-Addo to discuss macroeconomic, fiscal and monetary policies and highlight opportunities for investing in …
GCB Bank Limited posted a significantly improved bottom line with net profit of GH¢323.13 million for the 2018 year end. This translates into growth of GH¢ 110.42 million over the GH¢212.72 million recorded in the 2017 financial year. Top line growth was appreciable despite instability in the banking industry with 2018 recording GH¢1,260 million as …
If there’s one thing I’ve learned over the years, it’s that little/small things matter. When I moved out of Ghana to US and Canada, one thing that I have seen separate Ghana from those two countries is that the little things matter. Sometimes we blame other people for the state of affairs of our country, …