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Moody’s lauds banking sector reforms

International rating agency Moody’s has lauded the Bank of Ghana (BoG) for carrying out much-needed banking sector reforms within the specified time. “The recapitalisation exercise’s completion within the planned timeframe shows BoG’s willingness to strictly enforce prudential regulations. Improved supervision quality and corporate governance will gradually boost confidence in the …

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GN Bank-Premium Bank to merge by December 31

Snippets of information picked up by Joy News indicate that two indigenous banks, GN Bank and Premium Bank are set to complete their merger processes by close of 31st December 2018. A source at the Central Bank disclosed that, “BoG has in principle agreed to the merger talks of GN …

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Non-Performing Loans hit GH¢8.7bn

The stock of Non-Performing Loans in the banking sector reached GH¢8.74 billion in June this year, according to the latest banking sector report. The report released by the Bank of Ghana showed that since the last time the figures were released in April 2018, it has gone up by some GH¢11 million …

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IMF commends BoG for banking sector clean up

The International Monetary Fund (IMF) has described the recent Bank of Ghana action on some banks as crucial for stability and confidence in the financial sector. IMF country representative to Ghana, Dr Natalia Koliadina, told Joy Business although the BoG clampdown is belated, the timing is still right. “I think …

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Banking sector needs rating agency – Adu-Boahen

A Deputy Minister of Finance, Charles Adu-Boahen, wants an independent agency to rate the various banks in the country. This he said will help depositors, as well as investors, to make informed decisions before transacting business within the financial sector. Speaking at a forum on the clean-up of the banking …

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BoG targets lower interests with GH¢400m capital

Governor of the Bank of Ghana, Dr. Ernest Addison has assured that the increased minimum capital requirement will result in reducing the lending rates by banks. Dr. Addison argues that the requirements will create stronger banks which will lead to bigger banks and lower unit cost. “Lending rates are still …

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