The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has maintained the policy rate at 14.5 percent. Governor of the Bank of Ghana Dr Ernest Addison said at the MPC press conference in Accra on Monday, November 23 that “The Committee noted that inflation has eased following the spike to 11.4 percent. At …
The Bank of Ghana has drafted a new Corporate Governance Guidelines for Rural and Community Banks. The objectives of the directive is to compel regulated financial institutions to adopt sound corporate governance principles and best practices to enable them undertake their licensed business in a sustainable manner and also to promote the interest of depositors …
The Board of GCB Bank has announced the appointment of John Kofi Adomakoh as the new Managing Director (MD) of the Bank effective 9 November 2020. Mr. Adomakoh, an astute banker, replaces Anselm Ray Sowah, who ended his tenure of office as the MD of GCB Bank in September this year after more than three …
A new KPMG report says banks can only survive in the highly digitised era if their product offerings are designed in a way that meets the preference of millennials. The report titled: “Heightened customer expectation in the new normal and beyond,” said the future of customer experience will be insight-led, digitally-enabled and would require customer-centric …
Board chairman of the Anum Rural Bank in the Eastern Region, Daniel Adu Appea says the bank has managed to sustain the shocks of the global pandemic and the financial sector clean-up to maintain its strong footing in the financial space during the year under review 2020, despite recording declines in its profits. The bank’s …
ARB Apex Bank, the umbrella body of the 144 rural and community and community banks (RCB’s) in the country, has challenged its members to reposition following the Covid-19 disruptions and endeavour to put in the right structures to ensure their sustainability. Addressing the 24th annual general meeting (AGM) of the Odwen Anoma Rural Bank at …
It is increasingly recognised that we live in a VUCA World, characterised by Volatility, Uncertainty, Complexity and Ambiguity. The Covid-19 pandemic has shown how quickly major economic disruption can occur. Leading economies suddenly see numerous businesses facing bankruptcy. The dislocation, coupled with the impact of new technology, will accelerate the pace of change. To prepare …
The Bank of Ghana has been presented with the prestigious Central Bank of the Year Award by the Central Banking Awards Committee. The award follows the bank’s successful implementation of monetary policy and impressive achievement in reforming the banking sector in Ghana. The usual awards dinner which was slated for March 2020, in Brussels, Belgium …
The Bank of Ghana (BoG) has cautioned the general public against the practice of “Money Doubling”, “Card Loading” and “Credit Card Loading Systems”. According to the central bank, these practices involving inviting members of the general public through traditional and social media outlets to deposit money with “Money Doubling”, “Card Loading” and “Credit Card Loading …
The Bank of Ghana (BoG) has noted in the Executive Summary of its Financial Stability Review report that the banking sector remained sound and robust to severe stress test scenarios, featuring significant increases in credit impairments, extreme movement in interest and exchange rates, and liquidity pressures. The BoG added also that risk emanating from cross-border …