The importance of good corporate governance in building strong institutions, communities, and economies, and helping to avoid the collapse of businesses cannot be overemphasized, Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has said. “From time immemorial, corporate failures had had their roots in poor corporate governance,” Dr Addison stated this. In a speech read on his behalf by...
The Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has said that the strong regulatory and supervisory frameworks underpinning Ghana’s payment systems has enhanced the financial digitization process. However, he said, digitisation has come with risks which threaten customer trust and has the potential to unwind the gains of acceptability of digital products and services. He explained that issues of cybercrime,...
The Securities and Exchange Commission (SEC) has issued guidelines to regularise the operations of credit rating agencies (CRA) in the country, allowing for an independent evaluation of the creditworthiness of debt securities on the Ghana Fixed Income Market. Per the new guidelines issued last week, SEC requires that any foreign company that is licenced as a CRA in another country but...
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...
