Vice President Dr Mahamudu Bawumia, has called on stakeholders in the financial sector to collaborate and work together to enable synergies and help them and the citizens reap the full benefits of digitilization. Government, on its part, remains committed to the policy of building a digital economy, a financial ecosystem, and a system that best delivers a more efficient, transparent,...
Second Deputy Governor of the Bank of Ghana (BoG), Mrs Elsie Addo Awadzi has said Ghana’s banking sector remains one of the most attractive on the continent for investors. She said the presence of pan-African banks like First Bank Nigeria and international banks here is testimony to that. She noted the sector sector is stable, profitable, and resilient, supported by an enabling macroeconomic...
Vice President Dr Mahamudu Bawumia has noted that one of the biggest problems impeding financial sector development in developing countries is the issue of financial exclusion. This means that, he said, most of the population is excluded from fully participating in the financial system because they are unable to open and operate bank and financial services accounts. This, according to him, reinforces...
The Bank of Ghana says it will continue to modernise the supportive regulatory frameworks of digital banking to enhance security and promote confidence and trust in the ecosystem. Speaking at the Standard Chartered Bank Digital Banking, Innovation and Fintech Festival, Governor Dr. Ernest Addison said it is important that regulations keep abreast with the rapid changes in the ecosystem without...
Micro-credit institutions have been cautioned to work within the confines of the law and avoid engaging in non-permissible activities. This is due to rising fraud and labour turnover within the industry. Speaking at the 12th Annual General Meeting of the association, Chairman of the Micro-credit Association of Ghana, Wilberforce Ofori, admonished members of the association to refrain from investment and deposit-taking, which...
…but call for further engagement ahead of implementation Banks in the country are optimistic that introducting the Bank of Ghana’s (BoG) e-cedi will facilitate low transaction costs, improve security of payments as well as enhance higher monetary transaction limits, the 2021 PwC Ghana Banking Survey Report has revealed. According to the report, 95% of banking executives in the country agree that...
The Receiver for the collapsed 347 Microfinance and 23 Savings Companies, Eric Nana Nipah, has initiated processes to sell another set of landed property of some of the defunct firms. They are located in the Greater Accra, Central, Eastern, and Bono East Regions, following the auction of more than 100 vehicles of some companies in February 2020. The Receiver is currently calling for...
Second Deputy Governor of the Bank of Ghana (BoG), Mrs Elsie Addo Awadzi has said the central bank is concerned about the relatively high lending rates that banks continue to charge. To this end, she said, “we expect banks to significantly increase credit to the private sector, and to reasonable and affordable interest rates.” Mrs Addo Awadzie noted that Ghana’s banking sector remains...
Although the Ghanaian local currency – the cedi – is confronted with heightened risk, Databank, the assets management company, has maintained its year-end forecast for the interbank Bank of Ghana (BoG) reference rate at GH¢6.05/USD (± 10Pesewas). Currently, the imminent depreciation risks emanate from threats of a taper-induced selloff which heightened since the third quarter of 2021, as well as...
The ARB Apex Bank Limited, which serves as a “mini” central bank for Rural & Community Banks (RCBs) says it is working with the relevant authorities to ensure that the National Identification Card is accepted at Rural Banks across the country as a valid form of identification. For some time now universal banks in the country have been engaging the...
