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Local banks now more resilient and able to support economic growth agenda – Finance Minister



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The Finance Minister, Ken Ofori-Atta, says the banking sector reforms undertaken by government in 2017 and 2018, has strengthened local banks, making them more resilient to shocks.

Assessing the balance sheets of local banks currently, the Finance Minister argued that the financial health of Ghanaian-owned banks are stronger compared to the period before the cleanup exercise.

Mr. Ofori-Atta, who made the assertions in a post Mid-Year Budget interview on Citi TV’s current affairs show, the Point of View, suggested that it is better to have fewer local banks with strong financial capacity, than having many weak local banks unable to drive economic development through lending.

“The fact that you have comatose banks owned by Ghanaians does not serve you any good,” he stressed, adding that some of the local banks were just surviving on liquidity support from Bank of Ghana and putting depositors’ funds at risk.

In 2017, the central bank commenced a series of clean-up exercises in the financial sector that saw the revocation of licenses of 9 banks, 347 Microfinance companies, 23 Savings and Loans Companies and Finance Houses, as well as 39 Microcredit Companies.

Justification for reform

Mr. Ofori-Atta reiterated that having a large number of local banks with weak balance sheets was inimical to the economic growth of the country, since they lacked the capacity to support lending to critical sectors of the economy.

He pointed out for example that “people’s money was in jeopardy”, hence the decision by government to intervene and “not just to increase the capital so that we have strong capital”.

Providing some examples, Mr. Ofori-Atta said the decision to create the Ghana Amalgamated Trust (GAT) to guarantee the capital injection for five local banks demonstrates government’s commitment not to just to create local banks with low lending capacity, but equip them to support the economic development plans of the government.

He added that the move to merge five weak local banks into the Consolidated Bank Ghana (CBG), has given birth to one of the promising financial institutions that is serving thousands of customers whose deposits were in danger.


Local banks withstand COVID-19 shocks

According to government, 21 billion Ghana Cedis was allocated for the entire financial sector reform which included banks and Specialized Deposit Taking Institutions (SDIs).

In the Bank of Ghana’s assessment of the impact of COVID-19 on the financial sector, the regulator attributed the robustness of the banking sector to the COVID-19 shocks to the financial sector reforms.

Indeed, the central bank indicated that the reason why most banks were able to withstand increased withdrawals and met depositors’ demand for cash in the lockdown period, was due to the fact that banks were solvent and well capitalized.

In its Banking Sector report released in March 2020 looking at the impact of COVID-19 on the financial sector, the central bank indicated that banks have posted sterling financial performance at the back of the increased capital requirement which was pegged at 400 million cedis.

For the Bank of Ghana “the banking sector’s performance revealed strong growth in total assets, credit, deposits, and profits”.

The central bank stressed that the improved financial indicators further cemented the stability and resilience of the financial sector.

It is important to state that the Bank of Ghana also testifies of the resilience of local banks that were within the period also able to demonstrate capacity of solvency, liquidity, asset quality, efficiency and profitability.

SDIs shaken due to ongoing reforms

Even though banks were able to withstand the shock, the situation was entirely different for some of the Specialized Deposit Taking Institutions.


This was evident in the fact that the cleanup of Microfinance Companies and Savings and Loans Companies as well as Microcredit institutions is still ongoing with a few aggrieved customers demanding their locked up funds.


Breakdown of Receiver’s work

The Receiver, Eric Nana Nipah, has disclosed that about 98 percent of valid depositor claims of customers of the defunct Microfinance Companies, Savings and Loans Companies and Finance House Companies, as well as Microcredit institutions, are on course to being fully settled in cash, with the remaining 2% of valid customer claims being fully settled by a combination of cash and bonds. President Akufo-Addo has promised that all customers of these defunct companies will be fully paid.

A breakdown of the figures show that the Receiver has worked on total claims valued at 6.44 billion cedis. There is approximately GHS1.76 billion in value of claims numbering about 146,000, which were submitted after the extended deadline for the submission of claims.

According to a document sighted by Citi News, there is a delay in processing the remaining claims of 16,000 worth GHS330 million.

The delay is due mainly to the non-existence of records on 36 institutions with claims amounting to approximately GHS252 million. For now, the Receiver is taking approximately GHS74 million cedis worth of claims through re-validation.


2020 Mid-Year Budget explains Monetary Policy initiatives

Presenting the 2020 Mid-Year Budget in July, Mr. Ofori-Atta recounted some initiatives undertaken by the Bank of Ghana to stabilize activities in the financial sector amidst the COVID-19 spread.

In March, the Monetary Policy Committee (MPC) of Bank of Ghana reduced the Monetary Policy Rate (MPR) by 150 basis points to 14.50 percent as part of broad measures to boost economic activity.

The committee further announced a 2-percentage point reduction in the Cash Reserve Requirement (CRR) of DMBs.

Mr. Ofori-Atta explained that this measure was to bolster liquidity in the banking system, and provide incentives for increased lending to critical sectors of the economy.

For him, this was part of the broader strategy of the Bank to mitigate the downside risks to the real sector.


People & Lifestyle

Dr. Thomas Mensah, Dentaa Amoateng, H.E Anne-Sophie and 9 Mind-Blowing Speakers Shared Ideas at TEDxSpintex Hosted by Hyperlink Africa



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The most anticipated TEDxSpintex happened on Friday night at the Untamed Empire. A night of mind-blowing ideas shared on the TEDx stage. (more…)

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This Week On Twitter: Eloswag wins BBNaija HoH again, Twitter launches ‘Spotlight Location’, Chirp Dev Challenge and many more



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Get the latest news in music, movies, sports, entertainment and more on Twitter. Here is a recap of some of the trending stories during this week on #TwitterGhana.

Twitter “Spotlight Location” offers business presence for professionals

Professionals, be it content creators, small business or big brands can now strengthen their presence and showcase their products to customers on Twitter to drive results that move their business forward. Here is a Tweet by the social networking platform on how it’s making this possible through its latest feature known as ‘Location Spotlight’. Some media outlets such as Ameyaw Debrah has  Tweeted about this amazing feature. It is indeed a great time to be a content creator on Twitter!



Chirp Developer Challenge x Twitter is on!

The Chirp Dev Challenge is on and developers across Ghana are encouraged to join in for a chance to win great prizes valued at over $520,000 and be featured at the Chirp Developer Conference on November 16 in San Francisco. Hacklab Foundation shared a Tweet on how to participate by sharing your innovative idea building an app using Twitter’s API v2 to unlock new experiences for people on Twitter. Give it a go and inspire other developers! #ChirpDevChallenge.


BBNaija 2022: Eloswag wins HoH again with seven housemates up for possible eviction

It’s getting hot in Biggie House as housemates from level 1 & 2 battle out for the Head of the House (HoH) title each week. Eloswag has yet again won the week 4 Level Up HoH. Big Brother this time around gave the Head of House an opportunity to nominate from Level 1 or Level 2 house and he chose level 2. Eloswag nominated Kess, Modella, Chizzy, Pharmsavvy,  Kess, Daniella, Amaka, and Groovy. Watch highlights of Eloswag’s nominations via this video. A BBN fan commenting on Twitter said, “Eloswag will be wondering why 7 people this time around”. Meanwhile, you’re missing out if you haven’t followed ShowmaxNG where you can get all the daily highlights and gist happening on the reality show. Good job Eloswag!

Read AlsoThis week on #TwitterGhana: Big Ivy Returns, Kofi Balmer’s signing by Crystal Palace excites Ghanaians and Many More


Global Citizen Festival is coming to Accra

Get ready for an epic line up of musicians including Usher, Gyakie and Sarkodie as they take the stage on September 24 at Black Star Square when the Global Citizen Africa festival comes to Accra. The movement, which aims to change the world through music and address some of the world’s biggest issues, made the announcement via this  tweet on their official Twitter handle. Start getting your dance moves ready people!

Asamoah Gyan targets Black Stars Return at Qatar 2022

In an exciting interview with BBC World Service Sport, Ghana’s football legend, Asamoah_Gyan told John Bennett of his dreams to be called to play at the World Cup in Qatar which stirred up varied reactions from netizens. The football icon shared that though he hasn’t spoken to the leadership of the Ghana Black Stars, he has started training. Here is a snippet of the interview. Reacting to the news, Social Media influencer @AsieduMends tweeted asking Ghanaians about their thoughts. Citi Sports also Tweeted. Catch more of the heated reactions by football fans here.


Twitter is what’s happening and what people are talking about right now. To learn more, visit and follow @Twitter. Let’s talk.

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People & Lifestyle

Everything you need to know about Delta 8 Pre-rolls




Delta 8 is getting in popular among cannabis producers, especially with edibles and, more specifically, Gummies. Delta 8 items are more and more being added to customers’ shopping carts due to new flavors being developed and more concentrated versions being created. Before we get to the top (and the top of our customers’) brands, it’s crucial to learn more regarding Delta 8 products in general.

What is Delta 8?

Delta 8 THC can be a natural substance found in hemp in very small amounts but is converted in the lab with CBD in greater quantities for use in various products. Due to the fact that Delta 8 is derived from hemp chemicals, it is legal in our federal government. Federal law bans products that have over 0.3 percent Delta 9 THC but there is no restriction on Delta 8.

The most popular type of THC cannabinoid in marijuana is beta 9, also known as delta 9. That’s why marijuana is known to have health benefits as well as a powerful psychoactive effect, but also with adverse effects such as anxiety, and paranoia. CBD is well-known for its renowned reputation of offering health benefits (sleep issues, anxiety, general well-being, body pain) which you can take pleasure in without the mental jitters or the high from THC.

Delta 8 has pros and cons, what are they?

It has garnered a dedicated audience due to the fact that it gives a psychoactive high, but also has health benefits. It is possible to eliminate certain negative side effects by using Delta 9 (paranoia and anxiety). While Delta 9 does not produce as much intoxication as Delta 9 (less intoxication), it is equally potent.

Read Also: 3CHI Delta 8 THC Gummies Lifestyle: for Keto, Gluten-Free, and Vegan Diets

However, it’s distinct. It may bring euphoric physical relaxation, as well as mental peace to your mind. You can learn more about Delta 8 THC in our full blog on its benefits.

The advantages of the use of DELTA 8

The utilization of Delta 8, in general, is a fantastic way to reap the advantages of THC in addition to an intense high in psychoactive levels without the unpleasant negative consequences like anxiety or anxiety. Certain benefits include the ability to relax, stimulate your appetite, and anxiety-reducing anti-inflammatory effects that keep your mind in a state of calm. It’s high but without blurred vision.

Delta 8 Pre-rolls

Infused with delta-8, delta-8 pre-rolls are made from hemp flower infused with delta-8 (CBD or CBG flower). The most sought-after pre-rolls consist of pre-rolled cigarettes.

What are the purposes that Delta 8 pre-rolls do?

Delta 8 THC creates the same euphoric effects but is not as strong as Delta 9. Delta 8 prerolls. The one you prefer the most will provide the same benefits as our most loved ones, but they’re completely different! The most frequent outcomes are happiness as well as joy and relief from physical pain.


Delta-8 pre-rolls are a great way to experience the pleasure of the Delta-8 flower, without the need to make the flower roll by yourself. They are particularly beneficial to those just beginning to discover cannabis and don’t have experience in rolling smokeable items, however, everyone can benefit from the ease of pre-rolls. If you want to know more about delta 8 pre-rolls then visit

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Guest Blog: Our qualified doctors of pharmacy have not been paid for 7 months



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The Doctor of Pharmacy Programme or PharmD as it is popularly called is a professional doctorate pharmacy programme that involves 6 years of training in an accredited institution which enables one to become a licensed pharmacist by the Pharmacy Council of Ghana (in this case) or an approved body (which is country specific) in order to work in the clinical space. (more…)

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Hollard and Melcom Celebrate Five Thousand Policies in Two Years of Partnership



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Hollard and Melcom Celebrate Five Thousand Policies in two years of partnership. Since partnering to make insurance more accessible to Ghanaians through a Shop and Insure initiative, insurance group Hollard Ghana, with subsidiaries Hollard Insurance and Hollard Life, is marking two years of partnership with retail giant, Melcom. (more…)

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People & Lifestyle

Fascinated by the new HUAWEI nova Y70? We answer all your questions here!



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Huawei’s latest HUAWEI nova Y70 has done something amazing that not many other entry-level phones on the market can brag about. It has put together so many solid features on a single device but at an attractive price. The phone comes with an incredible 6000mAh battery, an expansive 6.75-inch display, a great trio of cameras, and more. Here’s everything you need to know about this new smartphone.

How long can we expect the battery to last on a single charge?

As you already know, the HUAWEI nova Y70 comes with a huge 6000mAh battery. That’s huge even for a 2022 smartphone. The benefit of having such a big battery is that it can last for 3 days on a single full charge. What’s even more amazing is that it supports 22.5W HUAWEI SuperCharge to help you fill-up the large battery in no time. You will be hard-pressed to find such an amazing combination at this price point.

Read Also: HUAWEI nova Y70: The Smartest Choice For Entry-Level Smartphones In Ghana This 2022

Is the display good for gaming and watching movies?

The HUAWEI nova Y70 features a large 6.75-inch HUAWEI FullView Display that’s great for watching videos. The high screen to body ratio of 90.26% also helps you focus on the content leaving little around the screen to distract you. The phone also adopts a classic flat screen with a single punch hole in the middle to present a simple yet stylish design.

For gamers, the smartphone’s screen also supports an industry-leading 10-point Multi-touch technology to provide a fast response time even when using multi-finger gestures. To reduce the burden on the eyes, HUAWEI nova Y70 also features smart dimming, a luminous screen, an e-book mode, as well as a video quality enhancement feature to further improve the visual experience.

How good are the cameras on the HUAWEI nova Y70?

If you are looking for a smartphone with great cameras to explore your creativity, then the HUAWEI nova Y70’s AI Triple Camera is all you need. It features a 48MP High-res Main Camera, a 120° 5MP Ultra-Wide Angle Camera and a 2MP Depth Camera. Thanks to the f/1.8 aperture of the 48MP High-res Main Camera, it allows for more light when shooting resulting in clean-looking photos. Coupled with the optimised Huawei algorithms, HUAWEI nova Y70 greatly enhances the quality of captured images, ensuring every shot is of optimal quality, even when taking pictures against the light.

The 5MP Ultra-Wide Angle Camera helps you easily fit more content in one frame. The 2MP Depth Camera works with the innovative bokeh algorithm to blur the background, allowing your subject to stand out. The 8MP front camera also supports the bokeh effect to blur the background when taking selfies. Huawei’s AI Beauty algorithm can capture selfies in crisp detail with a natural beautifying effect and intelligently improve issues like image sharpness and digital noise to preserve details in your selfies.

What does the 128GB of storage space mean in real-life usage?

The 128GB storage capacity on the HUAWEI nova Y70 is going to be sufficient for the vast majority of people out there. To put it into perspective, you will easily be able to store up to 170 episodes of a drama series, 20,000 high-quality songs and over 60 HD movies on the phone. However, the phone caters even to those heavy users who need extra storage. The HUAWEI nova Y70 supports up to 512GB storage capacity when using MicroSD cards, allowing them to store everything they want in their phone. It is also equipped with EROFTS super file compression technology to easily download your favourite songs, videos, and games.

The trusted, innovative, user-friendly and secure AppGallery is available on the HUAWEI nova Y70, where users can easily navigate, explore, find and download a wide range of high-quality apps.

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