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Bank loans to fall due to new minimum capital requirement

The rise in the minimum paid up capital for commercial banks will further restrict lending to the private sector at least within the short to medium term. The development should be expected due to the operations of commercial banks which have limited the amount of credit offered businesses. The caution comes on the back of the increase in banks’ minimum capital from 120 million cedis to 400 million cedis. Commenting on the issue, a Credit Consultant, Emmanuel Akrong also indicated that banks risks reducing their income streams with this plan. In his view, the restriction in credit to businesses is also likely to adversely affect the larger economy. “At the moment, if you look at how banks are their deposits, they are putting more into government’s bonds and treasury bills than lending…so lending is not going to be low because of this new capital requirement but because of certain fundamentals which we need to fasten our seat belt about,” Mr. Akrong stated. The latest ban...
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International Monetary Fund (IMF), Ghana programme extended by a year

The International Monetary Fund (IMF) has extended Ghana’s program with the Fund. The extension will see Ghana end the program in April 2019 instead of April 2018. President Akufo-Addo during his maiden encounter with senior journalists at the Flagstaff House recently stated that government will not extend the programme after it ends on December 2018. However discussions between government officials and that of the fund in Washington yesterday led to an approval for an extension which was requested for by Ghana. The disbursement of 94.2 million dollars was also approved making it the fourth disbursement under the extended credit facility program.   A total disbursement under the arrangement is about US$565.2 million with the remainder to be disbursed after other reviews. The Board of the Fund also approved Ghana’s request for waivers of non-observance of performance criteria, and modification of one performance criterion; and the extension of the arrangement by one ...
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International Financial Reporting Standards (IFRS),Current List of International Accounting Standards

List of International Accounting Standards  The International Accounting Standards Board (IASB) develops the International Financial Reporting Standards (IFRS’s). Before 2003, the standards issued were known as International Accounting Standards (IAS’s). In 2003, IFRS 1 was issued and since then, all the new standards are now called IFRS’s. There are currently 28 IAS’s and 16 IFRS’s in issue.              IFRS Ø   IFRS 1: First-time Adoption of International Financial Reporting Standards Ø   IFRS 2: Share-based Payment Ø   IFRS 3: Business Combinations Ø   IFRS 4: Insurance Contracts Ø   IFRS 5: Non-current Assets Held for Sale and Discontinued Operations Ø   IFRS 6: Exploration for the Evaluation of Mineral Assets   Ø   IFRS 7: Financial Instruments: Disclosures Ø   IFRS 8: Operating Segments   Ø   IFRS 9: Financial Instruments Ø   IFRS 10: Conso...
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