Governor of the Bank of Ghana Dr. Ernest Addison has said the bank’s latest move to introduce a digital currency for trade will foster competition in the financial space, advance financial inclusion, and drive the nation towards a cash-lite economy. Earlier this month, the central bank announced plans to start a three-phased pilot of the nation’s first digital currency, called...
The Governor of the Bank of Ghana, Dr. Ernest Addison, has stated that corporate governance plays an important role in the financial sector. He identified corporate governance breaches, overbearing shareholder behaviour and related party transactional breaches as some of the factors that led to the failure of some banks in the financial sector and their consequent resolution. He reiterated...
The appointment of Nii Amanor Dodoo as receiver of Unibank Ghana limited is a breach of the law, the Court has said. The court said the decision was a breach of specialized deposit-taking institutions act (act 930). The court made the declaration Thursday, June 24,2021. The court presided over by Justice Afi Agbanu-Kudemor also said the Receiver should not to have accepted...
Ghana is no longer on the European Union’s list of blacklisted countries that has failed to put in measures to fight money laundering. This follows the removal of the country from the league of countries cited for money laundering by the Financial Action Task Force today 25th June, 2021. Prior to that, the European Union had hinted that the country was...
The Bank of Ghana (BoG) has announced a review of Collateral Registry Service fees paid by banks and financial service institutions with effect from July 1 this year. The central bank said the fee for registration of secured interest has been pegged at GH¢20 and for searches at GH¢10. The new fees are double the previous rates, which were fixed...
Despite the policy rate of the Bank of Ghana going down by one percentage points, it would take time for banks to cut their lending rates. Data from the Central Bank shows that the average lending rate only dropped marginally by 1.7 percent since the start of the year to April 2021 despite inflation declining by 1.9 percentage points over...
The World Bank Migration and Development Report for 2021 has reported an increase of 5 per cent to $3.6 billion in remittance flows to Ghana despite the lockdowns around the world in the heat of the COVID-19 pandemic. Host countries for Ghanaian migrants include the USA, UK, Côte d’Ivoire, Italy, Germany, and Canada. The resilience of Ghanaian migrants has been commended...
… calls for support to retrieve GH¢19bn from shareholders of collapsed firms The Bank of Ghana (BoG) Governor, Dr. Ernest Addison, has said that attempts by some shareholders and owners of the collapsed financial institutions to frustrate the legal processes ongoing to demand accountability from them will not suffice. According to him, the central bank and receivers of the collapsed financial...
Economist and professor of finance Godfred Bokpin is calling for a total revamp of security arrangements in the country’s financial sector. This follows Monday’s robbery attack on a cash-in-transit bullion van at Timber Market, a suburb of Accra, resulting in the death of a policeman and an unnamed woman. The recent incident comes after a similar attack on a bullion van...
The Chief Executive of Ghana National Chamber of Commerce and Industry (GNCCI), has said that banks and the Bank of Ghana must put in place measures to see to the smooth running of the cashless system. This follows a recent attack on a bullion van at Adedenkpo, a suburb of Accra where a police officer, Emmanuel Osei and a hawker,...
