Governor of the Bank of Ghana (BoG), Dr Ernest Yedu Addison, has firmly dismissed claims that the central bank lacks independence from the government. Speaking on Joy News on January 2, he highlighted the bank’s track record over the last eight years, stressing that the institution has consistently operated independentlyContinue Reading
Governor of the Bank of Ghana (BoG), Dr Ernest Yedu Addison, highlighted the significance of the central bank’s internationally acclaimed banking sector cleanup. In an interview on Joy News on January 2, he stated that the recognition BoG received for its decisive actions was a testament to the importance of theContinue Reading
GCB Bank has announced the temporary closure of its Liberty Branch in Accra due to a fire outbreak at the Katamanto market. The decision is to prioritize the safety of bank staff, customers and assets. In a statement, GCB Bank assured its customers that measures have been put in placeContinue Reading
The management of McDan Group of Companies says it is committed to a dialogue to resolve the issues leading to the shutdown of their terminal at the Kotoka International Airport, Accra. “Nevertheless, we remain committed to engaging in constructive dialogue to achieve a favorable resolution” the company stated. The privateContinue Reading
About 22% of banks operating in Ghana have failed to meet the the 13.0% Capital Adequacy Ratio (CAR) threshold. According to IC Insights, these banks would require continuous adherence to recapitalisation plan, enforcement of strict credit risk standards, and continued profitability to restore capital buffers to pre-Domestic Debt Exchange ProgrammeContinue Reading
Interest rates are expected to remain elevated due to increasing demand for liquidity in the short-term market. The yield on the treasury bills hit the 30% mark last Friday, December 27, 2024. The rise in yields and bids for T-bills reflects investors’ strong desire to lock in at a higherContinue Reading
The Ghana cedi strengthened across the major currencies last week amid thin forex liquidity as yuletide demand appeared to have waned. The Bank of Ghana sold US$20 million to Bulk Oil Distributors at a forward rate of GH¢14.7690/$ compared to GH¢14.8133/$ in the previous auction, indicating slowing demand pressures. WithoutContinue Reading
The Ghana Airports Company Limited (GACL) has reaffirmed its commitment to recovering debts owed by companies operating at the Kotoka International Airport, including what it describes as significant arrears owed by McDan Company Limited, as part of its regular debt collection exercise. In a press statement, GACL outlined its ongoingContinue Reading
McDan Aviation, a subsidiary of the McDan Group, has expressed disappointment over the decision by the Ghana Airports Company Limited (GACL) to restrict access to its aviation terminal. The company, in a statement issued by its CEO, Kwaku Ampronfi, described the move as unexpected, particularly as discussions to resolve relatedContinue Reading
The Governor of the Bank of Ghana, Dr. Ernest Addison and his two deputies, Dr Maxwell Opoku-Afari (First Deputy Governor) and Elsie Addo Awadz (Second Deputy Governor) were among award winners at the National Honours Ceremony yesterday December 30, 2024. Governor Ernest Addison received an Order of the Star ofContinue Reading