Banking

Second Deputy BoG Governor takes early retirement

The Second Deputy Governor of the Bank of Ghana (BoG), Elsie Addo Awadzi, has taken early retirement, effective February 28, 2025.This was confirmed in...

T-bills: Gov’t records 43% oversubscription; interest rates decline

The demand for treasury bills continued to surge despite declining yields.According to auction results from the Bank of Ghana, the government recorded a 43.85%...

Edward Ato Sarpong nominated as Managing Director of ADB

The majority shareholder of the Agricultural Development Bank (ADB) has nominated chartered accountant and former Deputy Minister of Communications, Edward Ato Sarpong, as the...

Alhassan Yakubu-Tali resigns as ADB MD

Alhassan Yakubu-Tali has resigned as the Managing Director of Agricultural Development Bank PLC (ADB), effective Wednesday, February 5, 2025.His resignation follows the nomination of...

IMF doesn’t have jurisdiction over appointment of Bank of Ghana Governor – Kwakye tells Boako

The Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye, is opposing the idea of the lawmaker for Tano North,...

Johnson Asiamah uniquely qualified to hold BoG Governor position – Kwakye Ofosu

Felix Kwakye Ofosu, the Acting Spokesperson for President John Dramani Mahama, has expressed confidence in Dr. Johnson Asiamah’s qualification to hold the position of...

Minority threatens to petition IMF over dropped charges against BoG Acting Governor

The Minority in Parliament has strongly criticised President John Dramani Mahama for allowing the discontinuation of criminal charges against Dr. Johnson Pandit Asiamah, the...

Cedi continues strong run against dollar; one dollar equals GH¢15.81

The cedi continued its strong run last week, appreciating against the US dollar and other major foreign currencies on the retail market.This narrowed its...

Dr. Johnson Asiama takes over as Bank of Ghana Governor

The new Bank of Ghana Governor, Dr. Johnson Asiama, held a brief ceremony with the management of the Central Bank after officially taking over...

BoG introduces directive on financial inclusion for persons with disabilities

The Bank of Ghana has issued a directive on financial inclusion for persons with disabilities.This directive is in line with internationally accepted financial inclusion...

GCB appoints Farihan Alhassan as MD

Ghana Commercial Bank (GCB) has appointed Farihan Alhassan as its new Managing Director.The appointment follows the resignation of Kofi Adomako.In a statement, GCB explained...

Prof. Joshua Alabi appointed as GCB’s new board chairman

Ghana Commercial Bank (GCB) has appointed Professor Joshua Alabi as an Independent Non-Executive Director and Chairman of the Board of Directors.The appointment, which takes...

Ghana’s public debt falls to GH¢736 billion

Ghana's public debt stock has seen a decline, falling to GH¢736.0 billion in November 2024 from GH¢761.0 billion in October 2024, according to the...

Fidelity bank dismisses reports of seizing US$25m from MIIF

Fidelity Bank has strongly dismissed allegations of seizing US$25 million from the Minerals Income Investment Fund (MIIF).Earlier reports suggested that in 2024, MIIF, operating...

Women’s bank to offer credit at low interest, flexible terms – Gender Minister-designate

Member of Parliament for Nungua and Minister-designate for Women, Children, and Social Protection, Dr. Agnes Naa Momo Lartey, has said that plans to establish...

Banking sector clean-up was haphazardly done – Kofi Amoabeng

Former UT Bank founder and CEO, Captain (Rtd) Prince Kofi Amoabeng, has expressed strong reservations about how Ghana's banking sector clean-up was conducted, describing...

GCB announces temporary closure of Nkwanta branch

The Ghana Commercial Bank(GCB) has temporarily closed down its Nkwanta branch in the Oti Region due to the renewed chieftaincy clashes.The re-emergence which has...

‘How can I steal from a bank I built?’ – Kofi Amoabeng quizzes

Former UT Bank founder and CEO, Captain Prince Kofi Amoabeng, has dismissed allegations of misappropriating funds from the bank he founded, describing the claims...

‘Did IMF order Rambo-style UT Bank closure?’ – Kofi Amoabeng questions BoG

Former UT Bank founder and CEO Prince Kofi Amoabeng has questioned the International Monetary Fund's (IMF) involvement in the closure of UT Bank and...

‘I had a hunch IMF played a role in UT Bank closure’ – Kofi Amoabeng

The former founder and CEO of UT Bank, Prince Kofi Amoabeng, has voiced his suspicions about the role of the International Monetary Fund (IMF)...

Private sector participation crucial in power distribution – Jinapor

Energy Minister-Designate John Abdulai Jinapor has emphasized the importance of private sector participation in the operations of the Electricity Company of Ghana (ECG) to...

I didn’t say I was going to request additional funds from IMF – Finance Minister-Designate

The Finance Minister-designate, Dr. Cassiel Ato Forson, has refuted claims that he intends to request additional finance from the International Monetary Fund (IMF).Speaking during...

Gov’t could seek more IMF funding – Finance Minister-designate

The new Mahama government could seek extra funding from the International Monetary Fund (IMF) during its current, three-year programme with the lender to cushion...

Ghana is 2nd most indebted African country to IMF in terms of Concessional Lending

Ghana is the second most indebted country to the International Monetary Fund in Africa in terms of Concessional Lending and Debt Relief Trust.The country’s...

Pound falls as borrowing costs rise to highest since 2008

The pound has fallen to its lowest level for nine months after UK government borrowing costs continued to rise.The drop came as UK 10-year...

Maintain E-Levy to support Women’s Development Bank, SMEs – GUTA tells Mahama

The President of the Ghana Union of Traders Association (GUTA), Dr Joseph Obeng, has urged President John Dramani Mahama to reconsider his decision to...

As long as I remain BoG Governor, no revoked license will be reinstated – Dr Addison

The Governor of the Bank of Ghana(BoG) Dr Ernest Addison, has ruled out the possibility of the restoration of any revoked banking licenses as...

BoG injected US$2.8bn into forex market between August and December 2024

The Bank of Ghana injected about US$2.8 billion into the foreign exchange market between August 2024 and December 2024.It subsequently auctioned US$480 million to...

Bank of Ghana: List of FX Brokers authorised to operate on the Ghana Interbank FX Market

The Bank of Ghana (BoG) has announced the authorized FX brokers permitted to operate in the Ghana Interbank Forex Market for the calendar year...

BoG issues large exposures directive for banks, others

The Bank of Ghana has issued the Large Exposures Directive for Banks, Savings and Loans, Finance Houses and Financial Holding Companies.The objectives of the...

ADB justifies $750,000 ‘last minute’ contract

The Board of Directors of the Agricultural Development Bank (ADB) Plc has explained that the alleged last-minute $750,000 contract is a renewal.In a statement,...

Ablakwa blows alarm on ADB board’s $750K last minute contract

Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa has raised an alarm on the approval of an electronic servicing agreement worth US$750,000 by...

BoG issues bancassurance directives to stakeholders in financial sector

The Bank of Ghana (BoG) has issued the bancassurance directives as an Exposure Draft to solicit comments and inputs from the banking industry and...

BoG Governor explains UT, Capital Bank license revocations

The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has attributed the revocation of licenses for UT Bank and Capital Bank to...

Bond market: Volume falls by 50.1% on risk sentiments

Trading activities in the secondary bond market declined by 50.1% last week due to risk-off sentiments among offshore investors.Total volume traded fell to GH¢762...

Maintain a tight monetary policy stance – IMF to BoG

The International Monetary Fund (IMF) has urged the Bank of Ghana (BoG) to maintain a tight monetary policy stance given upside risks to inflation...

Fitch expects outlook for sub-Saharan African sovereigns to be neutral in 2025

Fitch Ratings expects the outlook for sub-Saharan African sovereigns to be neutral in 2025.This the UK-based firm says will reflect a stronger macroeconomic outlook...

Ghana spent nearly half of revenue on debt servicing in 5 years

Ghana spent 42% of its revenue to servicing debt between 2017 and 2022, according to the 2024 United Nations report on Unpacking Africa’s Debt.This...

Bitcoin hits new record high of more than $106,000

Bitcoin has surged to a new record high, extending a rally that has seen the cryptocurrency's price rise by more than 50% since Donald...

ADB threatens legal action over false claims against Deputy Managing Director

The Agricultural Development Bank PLC (ADB) has strongly refuted circulating allegations aimed at tarnishing the reputation of the Bank and its Deputy Managing Director,...