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The Governor of the Bank of Ghana, Dr. Johnson Asiama, confirmed that the sale of shares in Société Générale Ghana is in progress, with potential buyers currently engaging with the central bank. He emphasized the importance of ensuring that all investors meet the necessary fit and proper requirements to uphold the financial sector's integrity. Meanwhile, the Managing Director of Société Générale Ghana, Hakim Ouzzani, addressed rumors about the bank exiting Ghana, clarifying that such claims were unfounded and not issued by the bank or its group.
Societe Generale Ghana has been named the Best Trade Finance Provider in Ghana for 2025 by Global Finance, highlighting its commitment to client-focused solutions and leadership in the financial sector. The award reflects the bank's exceptional performance and the dedication of its corporate team in understanding client needs. Societe Generale Group also received accolades as the World’s Best Supply Chain Finance Provider and Best Trade Finance Bank in several African countries, reinforcing its position as a trusted partner for businesses.
Ghana's opposition leader, John Mahama, is set to win the presidential elections, with 51.2% of the votes reported, as the ruling New Patriotic Party's candidate, Mahamudu Bawumia, concedes defeat. Voters expressed dissatisfaction with the government's handling of a severe debt crisis and soaring inflation. Mahama has promised to create jobs, reduce taxes, and improve the business environment in the country.
Ghana is set to hold presidential and parliamentary elections amid hopes for economic recovery following a severe financial crisis. Vice President Mahamudu Bawumia of the ruling New Patriotic Party faces off against former President John Dramani Mahama, with polls indicating a potential comeback for Mahama. Approximately 18.7 million voters are registered, and results are expected soon after the polls close.
Ghana's ruling party faces potential defeat in the upcoming election despite a $3 billion IMF bailout and public debt restructuring. While the national balance sheet has improved, citizens grapple with a 60% depreciation of the cedi since 2022, soaring living costs, and new taxes impacting businesses.
Ghana's annual inflation rate surged to 23% in November, marking a six-month high just days before the country's elections. This increase is up from 22.1% in October, as reported by Government Statistician Samuel Kobina Annim in Accra.
Ghana has secured a $360 million disbursement from the International Monetary Fund following a successful third review of its extended credit facility. This approval by the IMF’s Executive Board increases the total funds received to $1.92 billion out of a $3 billion program initiated in May last year.
The Bank of Ghana has decided to maintain its benchmark interest rate at 27%, citing improvements in domestic economic activity alongside a slow pace of disinflation. Governor Ernest Addison announced the decision, which aligns with the expectations of half of the economists surveyed by Bloomberg.
Ghanaians will head to the polls on December 7 to elect a new president and parliament. Investors are closely monitoring the election, as the outcome will significantly influence the direction of an economy that is recovering from a debt default.
The Bank of Ghana's Governor, Dr. Ernest Addison, asserts that a resilient banking industry foundation has been established, bolstered by measures to address emerging risks like technological disruptions and climate vulnerabilities. Despite improvements in asset growth and capital adequacy, challenges such as rising non-performing loans and financial fraud persist, necessitating stronger internal controls and ethical practices. Industry leaders emphasize the need for collaboration and ongoing education to navigate the evolving financial landscape effectively.
Ghanaian Cedi
Currency
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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