Rates on mutual funds decline due to market losses

mutual funds decline

The poor performance of the stock market seems to be having negative effects on the returns of mutual funds. Until the 6th of September 2017, major mutual funds in the country had been riding on the Ghana Stock Exchange for their continuous gains. This increasing trend ceased to continue following the recent drop

Read More

Ecobank to close down 10 branches

ecobank

Ecobank is set to close down 10 branches around the country from 1st October, in a move to aggressively push its digital agenda. This will see the bank’s branch network reduce to 67 from 77. Reverend Patricia Sappor, Head of Corporate Communications at the bank explained that branches that are close to

Read More

GCB set to acquire UT bank and Capital bank

GCB bank

The Bank of Ghana (BoG) has given GCB Bank Ltd the green light to acquire two local banks UT and Capital bank. A statement from the central bank and copied to Citi Business News said, ‘The Bank of Ghana has approved a Purchase and Assumption transaction with GCB Bank Ltd that transfers

Read More

Average interest rate on deposits drops marginally in June

average interest drops

The average interest offered by banks on customer deposits dropped by 2.67 percent between May and June 2017. According to the latest Annual Percentage Rates (APR) and Average Interest (AI) report by the Bank of Ghana, the figure declined from 11.2 to 10.9 percent within the one month period. Although its rate

Read More

Profit of CAL Bank drops after previous performances

cal bank

After recording impressive performances at a time that some banks are struggling in the last three years, CAL Bank has recorded over a ninety percent drop in profits for 2016. According to the 2016 financial results of CAL bank, its profit dropped from 160 million cedis in 2015 to 7.2

Read More