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Banking / Investment in Ghana

  • Why governments need to support the financial sector to meet the unserved needs of smallholder farmers

    BOTSWANA, 2017/09/09 This year, under the leadership of H.E. President Alassane Ouattara and the theme of “Accelerating Africa’s Path to Prosperity: Growing Inclusive Economies and Jobs through Agriculture”, the African Green Revolution Forum (AGRF) 2017 is shaping up as a premier platform to showcase ongoing evolution in Africa’s agricultural transformation schedule and to scale up the political, policy, and financial commitments needed to achieve the Malabo Declaration and the world development schedule around the Sustainable Development Goals (SDGs). Following the launch of the landmark annual Africa Agriculture Status Statement (ASSR) at the AGRF taking place in Cote d’Ivoire from 4-8 September 2017, the major conclusion centres around the power of entrepreneurs and the free market in driving Africa’s economic increase from food production. This is owing to the fact that a lot of businesses are waking up to opportunities of a rapidly growing food market in Africa that may be worth additional than $1 trillion each year by 2030 to substitute imports with high price food made in Africa.
  • Ghana’s micro-insurance offering benefits from collaborative efforts

    GHANA, 2017/07/07 The rollout of new micro-insurance products in partnership with mobile operators is allowing Ghana to deepen penetration rates, something that has historically proven tricky due to its large informal sector and a lack of consumer awareness. Wider offerings In mid-May telecoms firm MTN Ghana announced it had teamed up with insurance provider aYo – part of US-based Metropolitan Life Insurance – to introduce a micro-insurance service for mobile money transfers.
  • Ghana Brighter times ahead for Ghana’s banks

    GHANA, 2017/07/02 The rapid deceleration of economic increase in Ghana in 2015 and 2016, mainly the result of the plunge in prices of gold, cocoa and oil, had a major impact on the country’s banks. But with a new reform-minded president in charge and improving macroeconomic conditions, 2017 has so far been a better year for the banking sector. Between April, 2016 and April, 2017, the country’s total banking assets increased 30.9 %, from 64.6 billion cedis to 84.5 billion cedis. The major driver of strong investment increase has been the increase in client deposits, which shot up 28.4 % over the same period, as banks have increased their customer base and brought additional Ghanaians into the formal banking system.
  • Improvements to Ghana’s investment environment under way

    GHANA, 2017/04/06 The spending plan, released on March 2 by Ken Ofori-Atta, minister of finance, contains a number of articles that look to increase fixed capital formation and investment inflows from overseas. One of the most noticeable reforms in the budget is the abolition of the 17.5% VAT on financial services. The removal of the tax should provide a healthy fillip to the sector, in addition to lowering transaction costs and paving the way for private sector credit growth. Tax cuts to spur business A number of other tax reforms have been announced for implementation in the short to medium term as part of moves to reenergise the private sector and provide relief for businesses, according to the language of the budget.
  • We live in a region with strong growth

    BENIN, 2016/08/18 Turnover on West Africa’s BRVM bourse additional than doubled over the completed year, reaching 209.26 billion CFA francs ($362.2 million) in late May. “We benefited from a favorable context. We live in a region with strong increase,” Edoh Kossi Amenounve, the manager of the stock exchange told reporters on Tuesday.
  • The Bank of Ghana has disclosed, that the embattled Sunyani-based DKM Diamond Microfinance Ltd

    GHANA, 2016/01/11 The Bank of Ghana has disclosed, that the embattled Sunyani-based DKM Diamond Microfinance Ltd, used customers’ deposits for excessive capital spending despite its low paid up capital of GH¢1 million, making it difficult to meet the depositors’ withdrawals on maturity. The capital spending exceeded the Bank of Ghana’s (BoG) specified threshold of not additional than 25 % of paid-up capital.
  • ECOWAS Bank to focus on economic growth

    BENIN, 2015/07/28 The ECOWAS Bank for Investment and Improvment(EBID) says it would continue to focus efforts on providing support to private and public sector initiatives to grow the economies and create jobs in the sub-region. Mr Bashir Ifo, EBID President, said everything would be done to lift the people out of poverty and transform their economic situation. Evidence of this, he said could be seen from the bank’s assistance in areas of infrastructure, agriculture and private sector development.
  • Ghana’s regulator to improve capital requirements across the financial industry,

    GHANA, 2013/08/13 Following moves by Ghana’s regulator to improve capital requirements across the financial industry, with hikes in recent years for universal banks and non-bank financial institutions, the microfinance sector is presently slated for an increase, prompted in part by a spate of recent lender failures that led some savers to withdraw their holdings. The decision was announced in June by the Bank of Ghana (BoG), the central bank. It was in response to the failures of five microfinance companies in the six preceding weeks, according to media reports. Chief of Banking Supervision Franklyn Belnye said in late June that a review of capital requirements would be conducted before August, and a new regulation would be announced. It was unclear the extent to which consumers have been hurt by the closures, although reports of depositors having difficulty withdrawing their funds have been registered with the central bank.