he World Bank has said transparency in all government financial commitments and investments is key in creating an attractive investment climate. The Bretton Woods institution said this could help make substantial progress this year to deliver better outcomes for people in developing countries. Mr David Malpass, President of the World Bank Group, said this when …
Rural and Community Banks (RCBs) could face exacerbated liquidity challenges in the times ahead if the impacts from coronavirus on the economy persist for long as they await payment of locked up investments with collapsed fund management firms. The future looks quite bleak for the rural banking space as the two main sources of income …
The Monetary Policy Committee of the Central Bank has kept its policy rate unchanged at 14.5 percent following a sudden rise in inflation, the Governor of the Bank of Ghana (BoG), Dr Ernest Addison has said. This follows an earlier March 2020 meeting which saw a 150-basis-point reduction in the monetary policy rate to 14.5 …
The Ghana Association of Bankers has kicked against the Ghana Interbank Payments and Settlements Systems (GhIPPS) decision to re-introduce waived fees charged on electronic transactions. GhIPPS bringing to end fee waivers mean customers who use the GhIPSS Instant Pay (GIP), Mobile Money Interoperability (MMI) and ACH Direct Credit to transact business will be charged. Reacting …
Even as businesses and households in Ghana celebrate last week’s announcement by the Ghana Association of Bankers of a 200 basis points (two percent) reduction in the interest rates applicable on both outstanding and new loans booked by banks in the country, the banks themselves are turning off the lending taps. Only their most highly …
The Ghana Association of Bankers has announced a cut in its benchmark interest rate by 200 basis points. The 200 basis points reduction in interest rate translates to a 2 percent reduction on bank loans. The move, according to the association, is to help mitigate the economic impact of COVID-19 on businesses and individuals. The …
Republic Bank Ghana, a subsidiary of Republic Financial Holdings Limited (RFHL) has announced an offer of Loan Repayment Deferment for Customers and Staff of the Bank for a maximum period of six months in response to the Covid-19 pandemic. The Loan Repayment Deferment offer is currently available upon request, a statement from the bank said …
Bank of Ghana has cut its policy rate by 150 basis points to 14.5 percent over fears the coronavirus outbreak could slowdown economic growth in 2020. In a release after a meeting of the Monetary Policy Committee, the bank said its initial assessment of the domestic economy showed that the pandemic could impact Ghana through …
Barclays Bank Ghana Limited, on Monday, February 10, 2020, officially commenced operations as Absa Bank Ghana Limited, a subsidiary of Absa Group Limited, after receiving all required regulatory approvals from the Bank of Ghana. The name change marks the start of a new era for the bank’s operations as a forward-looking African bank with global …
Standard Chartered has opened a new 24hour Self Service Digital Hub in Westlands in Accra to offer various services to their customers. Yvonne Gyebi, Acting Head Retail Bank of the bank said, “Banking is now a lifestyle and clients expect total convenience, security as well as responsiveness. “The Digital Hub will provide an opportunity for our …