Even though the Bank of Ghana has announced that it is maintaining its benchmark Monetary Policy Rate at 14.5 percent for the next two months, borrowers are benefitting from the fact that interest rates continue to fall in Ghana despite government’s unprecedented demand for fiscal deficit financing. Ultimately monetary easing by the central bank has …
Towards achieving its financial stability objective, the Bank of Ghana (BoG) has developed a policy and operational framework for providing Intraday Liquidity Facility (ILF) and Emergency Liquidity Assistance (ELA) within the banking sector. The central bank said the framework has been designed to address weaknesses that were identified during the recent banking sector crisis, and it aims …
Ghana’s central bank has maintained its monetary policy rate at 14.5 percent. This comes after the Monetary Policy Committee (MPC) of the Bank of Ghana held its first deliberations of the year from Tuesday, January 26, to Friday, January 29, 2021 to review economic developments of the country. In a statement issued on Monday, February …
Guaranty Trust Bank (Ghana) Limited [GTBank] has revamped its online payment and collections platform ‘Myghpay’ to offer users and merchants a better user experience making and receiving payment for products and services. Touted as the nation’s biggest online payments platform, the new Myghpay boasts a more secure and user-friendly interface that makes it easier for …
The president has likened the previous operations of the many dissolved financial institutions to that of a Ponzi scheme. President Nana Addo Dankwa Akufo-Addo reiterated that his administration upon assuming power observed that many banks were in distress and had been kept on “unsustainable and artificial life support by the central bank.” “The supervisory agencies …
Microfin Rural Bank (MRB) is currently working with a fintech to roll-out innovative cashless products and services whilst deepening its technological platforms as part of the shift towards aggressive digitisation. The bank currently operates a fully electronic loan management system which has significantly reduced the turnaround time for loan appraisals, approvals and disbursements. According to …
Dr Ernest Addison, Governor of the Bank of Ghana, has hinted of plans to undo all countercyclical measures implemented in the financial sector due to the COVID-19 pandemic to allow for the proper functioning of the system. He has, therefore, charged banks to remain vigilant, upgrade staff capabilities, and improve the governance and risk culture …
The prestigious Banker Award has honoured Access Bank Ghana with the global Financial Inclusion award at the 2020 ‘Bank of the Year’ Awards virtual announcement in London on December 2. The Financial Times owned magazine’s annual awards are regarded as the industry standard for banking excellence. Competing against other global banks, Access Bank received the …
Over 2,220 claimants of defunct fund management companies (FMCs) have been paid GH¢257 million. This is out of the 4,154 investors who have signed up for the bailout package. The value of the claims of the signed up 4,154 investors as of November 12, 2020, was GH¢767 million. GCB Capital is making payment to investors …
Rural and Community Banks (RCBs) experienced modest gains in deposits mobilization and thereby, positioned the rural banking industry firmly in the country’s financial sector. The total deposits of RCBs grew from GHc 2.85 billion in 2017 to GHc 3.83 billion as at the end of 2019 and further climbed to GHc 4.32 billion by the …