The Bank of Ghana has assured that, it is taking pragmatic steps to make the Deposit Protection Act operational by April this year. When operational, the Act will protect depositors’ from unforeseen circumstances that may result in the collapse of any financial institution. The Act, which was passed by parliament in 2016, is expected to …
Some cryptocurrency operators have welcomed the Bank of Ghana’s stance on the use of digital currencies saying it will protect users from fraud. The Co-Founder of Crypto Ghana, Bernard Owusu Mensah explains that the announcement will however least affect organisations like his that engage in the trading of digital currencies. The Bank of Ghana has …
MTN, Africa’s biggest mobile operator, is gunning to become Africa’s biggest bank. The ambitious business strategy was revealed by MTN CEO Rob Shuter yesterday during the Deloitte Africa in 2018 Outlook conference in Woodmead. The company is encouraged by the progress made by its Mobile Money offering in other geographies that it operates in. This is despite …
The Monetary Policy Committee (MPC) of the Bank of Ghana has maintained the policy rate at 20 percent. The decision was announced at the media briefing to conclude the MPC’s annual meetings on Monday, January 22, 2018. The MPC last year (2017), reduced the policy rate by 550 basis points. In 2017, the figure went …
In an effort to reinforce its competitive urge and consolidate growth, the Kintampo Rural Bank Limited has initiated steps to roll out a number of electronic banking products in 2018. The bank has procured three ATM machines, ready for installation at its headquarters at Kintampo, in the Brong Ahafo Region, and two other branches at …
The Annual Percentage Rates (APR) and Average Interest (AI) report for December 2017 released by the Bank of Ghana have shown that the lending rate to the agriculture sector remain high, as it hit 31.1 percent at the close of 2017. The report shows that out of the 31 commercial banks in the country, 13 …
The average interest rate at which commercial banks lend to their customers remained unchanged at 25.7% in December 2017. This is the third consecutive time that the base rates have been kept unchanged at 25.7 percent. The base rate is the lowest rate at which a bank would lend to its customers. According to the …