Banks in Ghana wrote off GH¢4.33 billion as bad debt in 2023, a 79.2% reduction over that of 2022. In 2022, the total bad debt was estimated at GH¢20.8 billion. The bad debt was classified as loan losses, depreciation and others. According to the Bank of Ghana, banks reported lower impairments on financial assets in […]
The Bank of Ghana (BoG) has revised the balance and transaction limits of customers’ mobile money wallets upward, effective March 1, 2024. A statement from the Ghana Chamber of Telecommunications pointed out that the development is in line with increasing trends of transactional activities and evolving customer needs. On daily transaction limits, customers with a […]
Founder of Menzgold, Nana Appiah Mensah aka NAM 1, who is standing trial for allegedly using the company to defraud over 16,000 people of GH¢1.6 billion, has denied circumventing the laws of Ghana in order to operate an illegal gold deposit taking business. Counsel for NAM 1, Kwame Akuffo, told the High Court in today […]
The International Monetary Fund (IMF) has addressed the concerns surrounding the Bank of Ghana’s (BoG) GH¢60 billion loss incurred during the 2022 fiscal year, aiming to allay anxieties by asserting that there is no need for alarm. The BoG has faced heightened scrutiny from opposition political factions and civil society organizations due to the substantial […]
The Bank of Ghana (BoG) has added 7.70 tonnes of gold to the country’s reserves as of the end of last month, the Governor of the Bank of Ghana, Dr Ernest Addison, has stated. The measure, which is part of the central bank’s Domestic Gold Purchase Programme (DGPP), is aimed at increasing gold as the […]
Governor of the Bank of Ghana (BoG), Dr. Ernest Kwamina Yedu Addison, has revealed that the first tranche of $600 million from the International Monetary Fund’s $3 billion credit facility, will hit the bank’s account on Friday, May 19, 2023. Speaking at the IMF and the Finance Ministry’s joint press conference on Thursday, he said […]
The Bank of Ghana (BoG) has announced that charges that are not disclosed to a borrower in a loan agreement should be considered null and void. Describing borrowers who may suffer such ordeal as victims, the BoG also directed commercial banks and lenders to refund such monies to the borrowers. “Borrowers shall be due a […]
The first consignment of fuel in the government’s gold for oil deal will arrive next week, a Deputy Minister of Lands and Natural Resources, George Mireku Duker, has disclosed. “We have put all the lines together and we believe that we are ready to kick start it. “It is good and will help to cushion […]
The Bank of Ghana has authorised nine institutions to serve as Foreign Exchange (FX) Brokers. They are Black Star brokerage, CSI, Capital, Fenics MD, ICAP African brokers limited, Obsidian Acherner, Regulus, Sarpong Capital, Savvy Securities and Terika financial services limited. The authorisation takes effect from January 1, 2023 to December 31, 2023, a statement signed […]
The National President of the Ghana National Chamber of Commerce and Industry (GNCCI), Mr Clement Osei-Amoako has appealed to Ghanaians and businessmen to desist from buying the dollar and hoarding them, as he lamented that the practice was hurting the economy. He explained that the buying of the United States dollar and other foreign currencies […]
The Bank of Ghana (BoG) has denied allegations that it has printed GH¢22.04 billion in new money to finance the 2022 budget without recourse to Parliament. It said the amount being referred to represented claims on government, and not new currency printed to support the government’s budget. In a press statement dated July 26, 2022, […]
The total losses to fraud suffered Banking, Specialised Deposit-Taking Institutions (B&SDI) and Electronic Money Issuers in 2021 amounted to GH¢61million as compared to GH¢25 million in 2020. The figures contained in the B&SDI and EMI fraud report issued by the Bank of Ghana represents a 144.00% increase in year-on-year terms, although 2021 saw a minimal decline of […]
