BUSINESS NEWS

Bank of Ghana records GHS793m loss in 2018

The Bank of Ghana (BoG) last year recorded a loss of GHS793 million resulting from its operations, the bank’s 2018 Annual Report, has shown.

The figure represents a more than 50 percent drop from the GHS1.6 billion the bank made in 2017 when the troubles from the banking sector were at their peak.

The central bank’s Annual Report published on its website revealed that the bank succeeded in reducing its cost of operations from GHS4.4 billion in 2017 to about GHS3.9 billion in 2018.

In terms of income, the bank generated GHS3.1 billion in the year under review – a figure which was an 11.4 percent improvement of the amount realised in 2017.

The more than 50 percent drop in the losses recorded by the bank comes after the central bank undertook a clean-up of the banking sector where a total of nine local banks – mostly insolvent with some on BoG’s life support, had their licenses revoked.

In his foreword for the report, Dr Ernest Addison, BoG Governor stated that the overall, financial soundness indicators of the banking industry has improved significantly after the sector’s clean up.

He stated that there is an on-going strengthening of the Bank’s regulatory and supervisory framework which will further develop, strengthen, and modernise the financial sector to support the country’s economic vision and transformational agenda of Ghana beyond Aid.

 

Source: citinewsroom.co

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

Related Articles

Back to top button