Second Deputy Governor of the Bank of Ghana, Mrs Elsie Addo Awadzi, has said that the Bank of Ghana (BoG)’s plan to introduce a digital currency will help in the efforts to go cashless as a country. The regulators’ digital currency is expected to reduce the cash transactions in the country. The process is currently ongoing to ensure that the established...
The Official Liquidator for the defunct Fund Management Companies (FMC’s), the Registrar-General, will on Friday, July 2, have an investor class meeting with customers of some defunct FMC’s. A statement signed by Jemima Oware stated that “all the creditors of the under-listed companies are being invited to a Virtual First Creditors meeting on the scheduled time for each company to...
The Ghana Stock Exchange was the best performing stock market on the African continent in the first half of the year, recording a staggering 36.13%in dollar term for investors. This is coming after a poor performance last year. The Accra Bourse also recorded 36.16% return in cedi term for investors. This was far above its peers on the continent. At the end...
… 101 directors from 34 firms invited Watchdog for fund managers in the country, the Securities and Exchange Commission (SEC), has extended letters of invitation to 101 directors from 34 defunct firms to aid the Commission in ascertaining the roles played by these persons in the sub-par running of their respective firms, and proffer punitive measures where necessary. This was disclosed by the...
The Vice-President, Dr Mahamudu Bawumia, has hailed the decision by the Bank of Ghana to implement a Gold Purchase Programme designed to purchase locally-produced gold, describing it as a master stroke in the quest for stronger macroeconomic management and in providing a bulwark for the Cedi. Addressing participants at the Ghana Gold Expo 2021 (Ghana Mining Week ’21), a mining...
Chief Executive of the Ghana Interbank Payment and Settlement System, Archie Hesse, says the GhQR code payment service has been designed to replace the relatively more expensive payment systems found in shopping centres across the country. The GhQR code system of payment is a contactless mode of payment involving the scanning of a QR code and an endorsement on any...
The Minister of Finance, Ken Ofori-Atta says the fundamental objectives of special-purpose banks such as the NIB and ADB would have to be reviewed to help them secure the necessary capital so they can give out long-term funds as the government makes moves to establish a development bank. The Government of Ghana, in partnership with the European Investment Bank, and...
The Bank of Ghana has revised its directive for the “Treatment of Captured Payment Cards in Automated Teller Machines”. The BoG in a statement said, this would seek to address the perennial complaints that emanate from the capture of Payment Cards at ATMs of regulated financial institutions. It said it would also provide for standard procedures in retrieving payment cards captured...
The Police Administration has reviewed threats to withdraw police escorts on bullion vans used for carting money by banks if the financial institutions fail to provide fortified armoured vehicles for that purpose. Under a new arrangement, banks will use a pool of fortified armoured bullion vans provided by the Bank of Ghana. The police, on the other hand, according to the...
