The Securities and Exchange Commission (SEC) has begun drafting new guideline on third party and related transactions that will prevent misapplication and misappropriation of investments funds by fund management firms. The third party and related transactions was the major cause of collapse of fund management firms, forcing the clean-up of the securities industry. Disclosing this at the Tesah Capital Webinar on...
The Bank of Ghana (BoG) has adopted an integrated risk-based supervisory approach for digital financial services that helps avoid blind spots as a result of undue focus on institutions rather than on functional areas of operation and systemic risks, Second Deputy Governor Mrs Elsie Addo Awadzi has said. In particular, she explained, approvals of products, services, and technology...
Second Deputy Governor, Bank of Ghana (BoG) Mrs. Elsie Addo Awadzi, has said that the increased mobile money and ATM fraud and other cyber risks could erode gains made in financial stability, financial integrity, and financial inclusion in many countries. She noted that the widespread use of technology following the outbreak of the coronavirus pandemic is making financial services even...
The Bank of Ghana (BoG) is exploring the launch of a Central Bank Digital Currency. This is according to the Second Deputy Governor of the BoG, Mrs Elsie Awadzi-Addo. Speaking at the virtual regional capacity building workshop organised jointly by IMF’s AFRITAC West 2 and Monetary and Capital Markets Department, Mrs Awadzi-Addo noted the Bank’s decision to possible launch a...
… offenders to be severely sanctioned All financial institutions, especially commercial banks, in the country are being investigated over money transfer breaches by the central bank, Philip Danso, Chief Manager at the Bank of Ghana’s Banking Supervision Department has said. According to him, a very comprehensive work is being embarked upon as the various countries where the transfers ended up will...
The Bank of Ghana (BoG) has joined the Basel Consultative Group (BCG), a global body that sets and implements standards on banking supervision globally. The bank said it was admitted into the global body recently, making Ghana one of four countries in Africa to be members of the BCG. The other members are Tunisia, Mauritius and Nigeria. The BCG is one of...
The Bank of Ghana (BoG) has released the list of regulated companies approved to operate as electronic money issuers and payment service providers for business transactions in the country. They include five dedicated electronic money issuers and 21 payment service providers. This follows the passage of the Payment Systems and Services Act, 2019 (Act 987) in accordance with the licensing application...
Data from the financial statements of some leading banks in the country for the year ended 2020, shows increases in profits for some and some declines for others. This can be gleaned from the Summary Statements of Comprehensive Incomes of 10 of Ghana’s top banks during a year in which COVID-19 ravaged all aspects of the economy. ADB, out of the...
