Dr Ernest Adison

We Are On Course To Bring Down Inflation Drastically – Governor
22 Jan

We Are On Course To Bring Down Inflation Drastically – Governor

Wontumi1Business
The Governor of the Bank of Ghana, Dr. Ernest Addison, has expressed his outfit’s expectation for inflation to ease further, saying, the Central Bank is on course to bring down inflation drastically. According to him, this is underpinned by the continued implementation of sound policies till inflation expectations are firmly anchored towards its single-digit objective. “In this regard, the Bank of Ghana will continue to monitor both domestic and external developments and respond appropriately to ensure that the downward inflation trajectory observed in recent months is sustained without undermining growth. The 2023 experience of a strong reduction in inflation and…
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BoG Cautions Public Against Schemes That Advertise Sophisticated Products
14 Dec

BoG Cautions Public Against Schemes That Advertise Sophisticated Products

Wontumi1Business,
The Bank of Ghana has cautioned consumers against schemes that advertise sophisticated products to the general public that are not easily understood. According to the Central Bank, the scheme may be a Ponzi only meant to lure unsuspecting individuals to invest in these fraudulent products. In a circular to the public, it said “beware of institutions whose operations overly revolve around one person, such as the Chief Executive Officer”. “For example, it should be a source of concern if payment of matured investments cannot be made to customers because the Manager has travelled”, it explained. “Is the interest rate offered to…
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Banks Write Off ¢2.416Bn As Bad Loans As Of August 2023
23 Oct

Banks Write Off ¢2.416Bn As Bad Loans As Of August 2023

Wontumi1Business, ,
Banks wrote off ¢2.416 billion as bad debt in the first eight months of this year, 36.4% increase over the previous year, highlights of Banks Income Statement by the Bank of Ghana as of August 2023. This is compared with ¢1.713 billion bad loans recorded ending June 2023. The provisioning was made up of loan losses, depreciation, among others. According to the Bank of Ghana, the banking industry’s asset quality weakened during the period under review reflected by the pickup in the Non-Performing Loan (NPL) stock and Non-Performing Loan (NPL) ratio. The industry’s NPL ratio rose to 20.0% in August…
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