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In 1965, Ghana decided to leave the British colonial monetary system and adopt the widely accepted decimal system. The African name Cedi (1965–1967) was introduced in place of the old British pound system. Ghana's first President Kwame Nkrumah introduced Cedi notes and Pesewa coins in July 1965 to replace the Ghanaian pounds, shillings and ...
Ghana became the largest gold-producing country in Africa after overtaking South Africa in 2019. [28] The country is also the second-largest cocoa producer (after Ivory Coast). [29] Ghana is rich in diamonds, manganese or manganese ore, bauxite, and oil. Most of its debt was cancelled in 2005, but government spending was later allowed to balloon.
In a report issued by PwC Ghana, a member of PricewaterhouseCoopers International Limited indicated GCB Bank as part of the Top 7 banks in Ghana controlling 56.3% of the market share with the bank representing 8.7%. [7] At the 28th Annual General Meeting (AGM), GCB Bank posted a profit of GH¢831.9m before tax for the year 2021. [8]
In September 2017, the Bank of Ghana directed all universal banks in Ghana to raise their minimum capital reserves from GHS:120 million (US$22.8 million) to GHS:400 million (US$73.4 million). Five banks that failed to meet the minimum requirements were merged, namely Construction Bank, The Beige Bank, The Royal Bank, UniBank and Sovereign Bank.
OmniBSIC Bank Ghana Limited is a retail bank that serves large corporations, small and medium enterprises, individuals and non-governmental organisations in Ghana. As of December 2023, the bank's total assets were GHS:5.682 billion (approx. US$363.76 million), with shareholders' equity of GHS:491.6 million (approx. US$31.5 million). [4]
Postal codes were adopted in Ghana on 18 October 2017, following the launch of the National Digital Address System. [1] [2] As a joint venture between Ghana Post (with support from the Government of Ghana]) and Vokacom Ltd as GhanaPost GPS, the Digital Address System assigned postal codes and unique addresses to every square in Ghana.
Absa Bank Ghana is a large financial services company, serving corporate clients, high networth individuals, retail customers and small and medium enterprises.As of 31 December 2020, the bank had assets of GHS:12.546 billion (US$2.075 billion), with shareholders' equity of GHS:1.948 billion (US$322.2 million).
The bank offers universal banking services to institutional, corporate, commercial, and retail customers, across Ghana. As of December 2023, Access Bank Ghana had total assets of GHS:12.3 billion (US$812 million), with shareholders' equity of GHS:1.613 billion (US$106.5 million). [3]