Commercial banks in Ghana would have to increase their minimum capital for operation to at least 200 million cedis. This follows the revision of the minimum capital requirement by the Bank of Ghana. The new figure will represent close to a hundred percent increase in the current minimum capital requirement of 120 million cedis. Some … Read more
The Bank of Ghana’s decision to peg the new minimum capital requirement for commercial banks at an estimated 260 million cedis should culminate in mergers and deepen the financial sector. This is the position of the Managing Director of Zenith Bank, Henry Oroh. He explains to Citi Business News banks should also be able to … Read more
The Bank of Ghana’s decision to peg the new minimum capital requirement for commercial banks at an estimated 260 million cedis should culminate in mergers and deepen the financial sector. This is the position of the Managing Director of Zenith Bank, Henry Oroh. He explains to Citi Business News banks should also be able to … Read more
Some financial institutions have assured customers of lower cost of services with the implementation of the scrapping of the 17.5 percent VAT on financial services. They contend that the development will increase patronage and attract more people currently in the unbanked population. The Ghana Revenue Authority (GRA) last week directed all financial institutions to stop … Read more
Some banks in the country have begun complying with the directive from the Ghana Revenue Authority (GRA), ordering them to stop charging VAT on financial services. The banks have started sending messages to their customers, notifying them of removing the 17.5 percent VAT charges on financial services. This follows an order from the GRA, directing … Read more
The Ghana Revenue Authority (GRA) has directed all financial institutions to discontinue charging VAT on financial services after Finance Minister, Ken Ofori-Atta announced its abolishment in the 2017 Budget statement presented to parliament. Government in the 2017 Budget Statement announced some tax reliefs, including abolishing of VAT on Financial services. A statement from the GRA … Read more
As the Nana Akufo-Addo’s government reaches its 100 days in office, the Ghanaian business community appears to be highly expectant of the government’s ability to fix challenges facing their operations. Some business owners expressed optimism in the administration after the government’s maiden budget announced the abolishment of nuisance taxes and in some areas tax cuts. … Read more
Thirty-three banks are expected to compete for this year’s Ghana Banking Awards(GBA) scheduled for July 8, 2017. In all, the banks will compete for 17 awards categories including the the coveted Bank of the Year Award. Speaking at the launch of the 16th edition of the Ghana Banking Awards, the Chairman of the Awards Planning … Read more
A lead economist at the African Development Bank Dr. Ernest Addison is set to take over as the new governor of Bank of Ghana, sources say Government has settled on him following the decision of the current governor, Dr. Abdul Nashiru Issahaku to step down effective April 1, citing personal reasons. He has rejected reports … Read more
The Minister for Monitoring and Evaluation, Dr. Anthony Akoto Osei has told Citi Business News the Bank of Ghana Governor’s decision to resign could be largely attributed to the difference in political ideologies between him and the governing New Patriotic Party (NPP). According to him, Dr. Issahaku’s open support for the past NDC government could … Read more
Economist, and Head of Finance Department at the University of Ghana Business School, Professor Godfred Bokpin has criticized the Bank of Ghana for delaying in announcing a reduction in the policy rate. The Monetary Policy Committee of the Bank of Ghana today [27/3/2017] reduced the policy rate by 200 basis points to 23.5 percent from … Read more
Consumers of financial services will from henceforth be able to demand compliance from their respective institutions they transact business with. It follows the completion of the Consumer Recourse Mechanism Guidelines by the Bank of Ghana. The guidelines among others allow consumers to seek redress for complaints with the industry regulator in a timely and independent … Read more
Energy experts have criticised the appointment of a new Managing Director of the Ghana Oil Company (GOIL), arguing that the government got it all wrong in that move. Former deputy Attorney General Osei Kwame Prempeh was appointed head of Goil by President Akufo-Addo to replace Kwame Akorli. This has led a widespread criticism of the president’s … Read more
Commercial banks across the country are confident of meeting the new minimum capital requirement yet to be set by the Bank of Ghana (BoG). The BOG last year disclosed that it will give commercial banks some space to meet a new capital reserve ratio. The figure is expected to go up from the current 120 … Read more
Growth of demand deposits (current and savings accounts) grew more than time or fixed deposits as at the end of November 2016, according to the latest summary of Macroeconomic and Financial Stability report by the Bank of Ghana. While demand deposits grew by 22.4 percent in November 2016, time deposits shot up by 15.5 percent. … Read more
Some business and financial analysts have begun expressing worry over the growing number of banks in the country. There are currently about 33 banks operating in the country with the number expected to increase as more financial institutions line up to receive licenses from the Bank of Ghana. Proponents for a cap on the number … Read more
Despite calls for banks to merge in order to build their capacity, Citi Business News has gathered that four more banks have applied to the Bank of Ghana(BoG) awaiting approval from the central bank to commence operations. Out of the four, two are new banks applying to operate in the country, while the remaining two … Read more
Players in the banking industry are upbeat about a turnaround in the sector with the assumption of office by President Nana Akufo-Addo. It also follows a reaffirmation by the President to develop the private sector and propel economic growth. According to banking Consultant, Nana Otuo Acheampong, the elimination or reduction of some taxes on the … Read more
Players in the banking industry are upbeat about a turnaround in the sector with the assumption of office by President Nana Akufo-Addo. It also follows a reaffirmation by the President to develop the private sector and propel economic growth. According to banking Consultant, Nana Otuo Acheampong, the elimination or reduction of some taxes on the … Read more
The Bank of Ghana may have to resort to an independent body if it wants to effectively address concerns within the banking industry and reduce apprehension among industry players. This is the advice from Banking Consultant, Nana Otuo Acheampong. His comment comes on the back of a new contact centre to handle all concerns relating … Read more