The Bank of Ghana (BoG) has given the assurance that funds are available to pay depositors of the 23 savings and loans companies and finance house companies that have been shut down. “In line with the Government’s commitment to protect depositors’ funds, the Government has made funds available to enable the Receiver pay depositors after […]
Governor of the Bank of Ghana (BoG), Dr Ernest Addison maintains that Ghana’s public debt stock, which has risen to GH¢200 billion by May 2019, representing 58.1% of GDP, is sustainable. However, he fears the large foreign investor component makes the economy vulnerable. Consequently, he called for a shift in the conversation around the country’s […]
Provisional data being scrutinised by the Bank of Ghana (BoG) indicates that the revocation of licences of 386 microfinance and microcredit companies will save nearly 1.2 million depositors. The BoG revoked the licences of 347 insolvent microfinance and 39 insolvent microcredit companies, saying the institutions continue to pose risk to the entire financial system. According […]
Governor of the Bank of Ghana (BoG), Dr Ernest Addison says the Ghanaian economy has strong growth prospects, with major indicators pointing in the right direction. With a flourishing private sector, inflation well anchored, and foreign reserves reliable, the Bank of Ghana remains confident the economy is in good health, he added. The governor, who […]
The Bank of Ghana will on Monday May 6 2019 introduce upgraded banknotes with enhanced features. The move according to the Central Bank is in line with the evolving changes in the technological landscape. A press release issued by the Bank a while ago, explained that the upgraded banknotes also come with improved durability and […]
Last week the statutory regulator of the banking sector, the Bank of Ghana closed down two additional universal banks and announced 23 banks as fit for operating in the country. Michael Osei Owusu (Senior Banker) discusses the counterfactual and examines whether it was necessary to scale up the minimum capital requirement to GHC400 million. Specifically, […]
I wish to call on the Economic and Organized Crime Office (EOCO) to investigate and prosecute Hon Ken Ofori Atta, Minister of Finance, Dr. E. Y. Addison, Governor of Bank of Ghana and Rev. Ogbamey Tetteh, Director General of the Securities and Exchange Commission (SEC) for their various and joint roles in inciting panic withdrawals […]
The deadline for both new and existing banks operating in Ghana to meet the new minimum capital requirement as set up by the Central Bank of Ghana has since expired. As citizens who are supposed to be active ones and not spectators, we call on the regulator of all financial institutions in Ghana to make […]
By: Maxwell Akalaare Adombila The Bank of Ghana (BoG) will, this week, announce the list of banks that have successfully raised their minimum capitals to GH₵400 million in compliance with its earlier directive, which elapsed on December 31, 2018. Ahead of the official announcement, Graphic Online is making the following informed predictions based on reliable […]
The Senior Minister, Yaw Osafo Maafo has indicated that the Attorney General and Minister of Justice is working assiduously behind the scenes and will unleash her venom on all those whose actions and inactions led to the collapse of the seven local banks in the country. According to him, those who played various roles culminating […]
Ghana has made progress to improve the ease of doing business, according to the World Bank Group 2019 Doing Business Report-Training for Reform, released Wednesday. In the latest report, Ghana has improved its ranking to 114 out of 190 economies up six places from 120 in the 2018 Doing Business Report. Ghana’s ease of doing business […]
Banks in Ghana will probably report higher earnings in 2019 after the country’s regulator embarked on a cleanup of the industry and economic growth accelerates, according to Moody’s Investors Service. Ghana’s central bank is seeking to bolster lenders by revoking the licenses of poorly governed companies and implementing stricter guidelines on capital buffers. Banks have […]
