The advent of digital, mobile and social media has integrated finance into the daily life of individuals in a way it never was before. Gone are the days when customers needed to carry around wads of cash, limiting their purchasing power at a given moment and creating serious risks of theft. Waves of innovation – …
The Bank of Ghana (BoG) has asked all local banks that may not meet the 400 million cedis capital requirement to present their plan for mergers. This, according to the central bank is to create space for the banks to consolidate their operations with the other entities after December 31st 2018. The Governor of the …
Some Islamic scholars are urging the Bank of Ghana(BoG) to license Islamic banking in Ghana to improve the financial system. The central bank in 2016, withdrew the license it gave to Saudi Arabia-based financial company, Makkah, after the company failed to meet key requirements for the granting of a full operation license on two occasions. …
The Payment Systems and Service bill, 2017, which is currently before cabinet, will expectedly allow banks to issue electronic money – thereby breaking the monopoly of telcos. “Some universal banks have submitted applications to also issue electronic money under the Payment Systems and Services bill 2017 that is currently before cabinet. “The bill’s passage is …
The Bank of Ghana (BoG) has reduced the policy rate to 17 percent. This represents a 100 basis points reduction in the policy rate which was at 18 percent. Today’s announcement comes after the central bank reduced the rate from 20 percent to 18 percent in March this year. The announcement was made after the …
Some multinational companies engaged in the services of virtual currencies such as Bitcoin and crypto currencies are predicting that Ghana will be the first country on the continent to accept bitcoin as payment scheme. This follows the increasing number of Ghanaians that are said to be engaging in virtual currencies despite a warning from the …
Indigenous banks are in for a tough time as analysis conducted on their latest financial results indicates that they need to raise as much as GH¢4billion to meet the central bank’s GH¢400 million minimum capital requirement. Out of the 16 Ghanaian-owned banks analysed by financial analyst and credit consultant Emmanuel Akrong, Royal Bank – based …
The Bank of Ghana has reduced the policy rate to 18 percent. This represents a 200 basis points reduction in the policy rate which was at 20 percent. Today’s announcement of a reduction is the first after the rate was maintained earlier in the year. The Governor of the Bank of Ghana, Dr. Ernest Addison …
The Bank of Ghana has announced that it has appointed audit firm, KPMG as administrator for UniBank. This means that the central bank has taken over the assets and management of UniBank. The Governor of the Bank of Ghana, Dr. Ernest Addison says UniBank is currently insolvent. Addressing a press conference in Accra, Dr. Ernest …
The Bank of Ghana is hoping that banks will soon reduce their interest rates on loans to reflect the continuous drop in the policy rate. The central bank believes that the development should also help correct the balance sheets of banks by reducing the Non-Performing Loans. This was among the key issues raised at a …