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Tag Archives: BoG

Local businesses worst loan defaulters in 2017 – BoG report

Bank of Ghana

Local private businesses were the worst culprits in repaying loans taken from commercial banks for 2017. According to the Bank of Ghana, the businesses constituted 80.6 percent of loan default attributable to the private sector for last year compared to the estimated 7.9 percent of loan default attributable to the private sector recorded by foreign businesses. This is among the ...

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Mixed reactions meet BoG’s cut in policy rate

Bank of Ghana

There are mixed reactions to the Bank of Ghana’s new policy rate of 18%. The central bank on Monday, March 26, 2018 announced that it has reduced the policy rate by 200 basis points after concluding its Monetary Policy Committee (MPC) meetings for the quarter. The Governor of the Bank of Ghana, Dr. Ernest Addison among others mentioned that the ...

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BoG reduces policy rate to 18%

The Bank of Ghana has reduced the policy rate to 18 percent. This represents a 200 basis points reduction in the policy rate which was at 20 percent. Today’s announcement of a reduction is the first after the rate was maintained earlier in the year. The policy rate is the rate at which the central bank lends to commercial banks ...

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BoG enforces separation of powers with new directive

“No one individual shall have unfettered powers of decision in any regulated financial institution.” As a result, no one person shall assume two top positions in any regulated financial institution. These are but a few of the strong words contained in the Bank of Ghana’s new banking business – corporate governance directive. The document comes barely a week after the ...

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Bankers, businesses urge BoG to reduce policy rate

Bank of Ghana

Banking industry players are anticipating nothing but a reduction in the policy rate by the Bank of Ghana. It follows what they cite as favourable conditions that warrant a further reduction in the rate at which the central bank lends to commercial banks for onward lending to customers. The Monetary Policy Committee (MPC) of the Bank of Ghana is later ...

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CAL Bank records GH¢145m profit in 2017

CAL bank has posted a profit after tax of 145.2 million cedis for 2017. This is a significant improvement over the previous year’s figure of 7.2 million cedis. Despite this, the bank still acknowledges the impact of the legacy debts in the energy sector on its loan books. In the first of Citi Business News’ series of report on the performances ...

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Ailing Microfinance firms owe 700,000 depositors GHȼ740m – BoG

Bank of Ghana

The Bank of Ghana (BoG) has revealed that 37 percent of licensed Micro Finance Institutions that entered 2018 are distressed or have collapsed. This has contributed to the GHȼ740.5 million which is owed to an estimated 705,396 depositors in distressed or folded up Micro Finance Institutions (MFIs)  and Rural and Community Banks (RCBs). The BoG governor in a statement warned that ...

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Probe into UT, Capital Banks’ collapse not yet complete – Elsie Awadzie

The second deputy Governor of Bank of Ghana, Elsie Awadzie has stated that the Bank of Ghana (BoG) is yet to complete investigations to ascertain whether the activities of the top officials of UT Bank and Capital Bank led to the collapse of the two financial institutions. According to her, once the takeover of the two banks was confirmed, the BoG ...

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uniBank takeover: Analyst urges audit of banks’ risks to loan default  

Some economists are advocating an immediate audit into the risks faced by commercial banks in retrieving loans given to their customers to avert a collapse of the financial industry. The suggestions follow the Bank of Ghana’s decision to allow KPMG takeover the management of uniBank over their low capital levels. It is unclear what sanctions the central bank could apply ...

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uniBank takeover: Deposits are safe – BoG

The Bank of Ghana (BoG) has assured customers of indigenous local bank, uniBank, that their deposits will remain safe despite a takeover of the bank’s assets and management. “The Bank of Ghana takes this opportunity to reassure customers of UniBank that all deposits they have with UniBank are, and will remain safe, and that they can continue to do business at ...

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