Governor of the Bank of Ghana, Dr. Ernest Addison has charged banks in the country to continuously stress-test their institutions under different scenarios to ensure they are ready when unforeseen risks occur. Unlike other sectors that suffered considerable losses, the financial sector has remained relatively stable in the face of the pandemic. While touting the positive impact of some of the...
The Bank of Ghana has introduced guidelines for inward remittance services by payment services providers.This is in furtherance of its commitment to creating an enabling environment for remittance without risking the stability of the financial system.The guidelines will regulate inward money transfer services provided by Dedicated Electronic Money Issuers (DEMIs) and Enhanced Payment Service Providers (EPSPs) in partnership...
Information gathered by Joy Business indicates many banks are rejecting the new voters and national identification card as form of identification in opening accounts and undertaking transactions. It is however not the fault of the banks as both the voters and national identification cards have not been validated. Joy Business checks at some branches of the commercial banks indicate that the...
The Minister-designate for Communications and Digitalisation, Ursula Owusu-Ekuful, has said the transaction fees generated by operators of mobile money should be taxed in the wake of declining traditional revenue streams in the telecommunication sector. According to her, a report from the Common Platform, which monitors mobile money transactions, indicated that monthly usage from 344.6 million transactions, in January 2021 alone, amounted...
The Bank of Ghana (BoG) has once again cautioned the general public against the practice of engaging in money doubling, card loading, and credit card loading schemes. According to the bank, the practice often involves inviting the general public through the social, traditional mediums asking them to deposit funds through the various payment systems for attractive returns and opportunities. But reiterating the call...
The use of GhQR is expected to experience significant growth as the number of institutions going live with it increases to 15. It comprises 11 financial institutions and four payment service providers. GhQR was launched last year, adding to existing electronic payment channels as part of the larger cash-lite agenda. The payment service enables customers to scan displayed QR codes...
The amount of credit from the Bank of Ghana to the 23 universal banks in the country should reduce this year when compared to credit advanced to the banks in 2020. The amount of money advanced to banks from the Central bank throughout the period when the Coronavirus was at its height was about GHS2.6 billion as of October 2020. This...
The World Bank has noted that many poor population segments tend to be excluded from financial services, including credit, savings, insurance, and e-payments or mobile money. The World Bank said Financial Inclusion, through the use of savings groups, formal banking services, microcredit, government-to-person payments has the potential to improve resilience and opportunities for the extreme poor and the vulnerable, particularly women....
Stakeholders within the governance sector have charged the Bank of Ghana to improve on its supervisory role to reduce the risk of another financial sector collapse and ensure prudential standards are strictly been followed. According to them, this will enable the Banking and Special Deposit Taking Institutions sectors as well as other banks to remain resilient, inclusive and supportive of...
As the Governor of the Bank of Ghana Dr. Ernest Addison prepares to start his second term from April 1, 2021, as leader of the Central Bank, he is being called upon to dedicate time and resources to ensure that all persons behind the collapse of about 9 indigenous banks are prosecuted. Since 2017 banks such as UT Bank, Bank,...
