The Bank of Ghana (BoG) has served notice that it will continue to tackle illegal foreign exchange operations in the country. The central bank said in a statement that offenders shall be dealt with in accordance with the law. “Bank of Ghana in collaboration with National Security and law enforcement agencies will continue to clamp down on illegal foreign exchange operations. All...
A Forex Analyst is warning that the Bank of Ghana’s notice of caution to persons pricing goods and services in foreign currencies, will come to naught, if the Central Bank fails to ensure that the laws concerning the practice are enforced. According to the apex bank, such practices breach the Foreign Exchange Act, 2006 (Act 723) which prohibits companies and...
The performance of the Ghana Stock Exchange (GSE) improved marginally in the month of March underpinned by rising investor confidence in the Accra bourse. The Accra bourse recorded a marginal improvement over last month’s performance closing the month of March with a return of -1.67 per cent for the Composite Index. A summary of March 2022 market activities on the GSE...
The Bank of Ghana has once again warned the public (companies, institutions and individuals) to desist from unauthorized dealings in foreign currency. This is in accordance with the Foreign Exchange Act, 2006 (Act 723). According to a statement from the Central Bank, companies, institutions and individuals are prohibited from engaging in foreign exchange business without a licence issued by Bank of...
The value of mobile money (MOMO) transactions took its decline to a new level in January when it opened 2022 lower than it closed 2021. The amount of money sent and received on the phone-based platform fell from GH¢82.9 billion in December 2021 to GH¢76.2 billion in January, the lowest since August last year. Data from the Bank of Ghana (BoG)...
The Board and Management of National Investment Bank (NIB) wish to bring to the attention of the public in response to a news article circulating on social media titled ‘NIB Money Heist’ that, the said issue: Dates to 2015.Was uncovered in 2019 after the new Board and Management of the bank took office.Was discovered during a detailed audit that was...
The Bank of Ghana (BoG) has noted that in recent years, the idea of issuing digital currencies by central banks has been topical around the globe. The BoG said it is one of the first few African central banks which declared its intention to pilot a Central Bank Digital Currency (CBDC) within the framework of its financial sector digitization program...
Remittances to Ghana is expected to grow to about $4.5 billion in 2022, as the global economy recovers, Fitch Solutions has projected Nonetheless, the country’s Current Account deficit will widen albeit modestly, from an estimated 2.6% of the size of the economy in 2021 to 2.9% in 2022. Fitch Solutions said Ghanaians will continue to move abroad as a result of...
The Ghana Stock Exchange Financial Stocks Index (GSE-FSI), which measures stocks of publicly-listed financial sector companies, has for the first time in five years outperformed the rest of the market, first-quarter data from the Exchange have shown. Compared to the benchmark market-wide Composite Index (GSE-CI), which lost 1.67 per cent at end of the period, the GSE-FSI has given investors...
Mrs Elsie Addo Awadzi, the Second Deputy Governor, Bank of Ghana (BoG), has called on stakeholders within the business sector to join forces with the BoG to help mitigate the impact of COVID-19 on women businesses. The BoG believes in inclusive and resilient financial system and economy because it works for all of us as a nation, and as stakeholders,...
