Former Managing Director of Ecobank Ghana, Samuel Ashitey Adjei has been appointed Board Chairman of Ecobank Ghana PLC, effective June 11, 2022. He replaces Terence Ronald Darko. Mr. Adjei is an accomplished banker with over 29 years of banking experience, 25 years of which were in executive positions spanning various areas of banking within the Ecobank Group. Mr. Adjei has a proven...
The Ghana Association of Banks has advised against using legislation to force banks to lend to the Agriculture sector. This comes on the back of recent remarks by the Minister of Food and Agriculture, to the effect that the banking sector has not been lending enough to the country’s agriculture sector to support its transformation. According to the Bank of Ghana’s...
Governor of the Bank of Ghana, Dr. Ernest Addison is urging banks and non-bank financial institutions on the continent to increase investments in digitisation platforms as well as cyber-security systems to facilitate safe and secure trade transactions through the Africa Continental Free Trade Area, AfCFTA agreement. According to him, this will ensure the development of a robust financial sector to...
Cyber security firm, e-Crime Bureau is encouraging businesses in the financial sector to beef up their security and ensure they safeguard their systems to mitigate the occurrence of fraud. This follows a recent report by the bank of Ghana which indicated an increase in fraud-related losses by Banks and specialized deposit taking institutions in Ghana in 2021 to GH¢61 million...
The Governor of the Bank of Ghana, Dr. Ernest Addison, says, there are adequate policies and protections in place to strengthen Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT) activities. This will create a robust and a sound financial system to support regional trade. According to him, Ghana’s financial sector can therefore be instrumental in meeting the funding needs of...
The Bank of Ghana (BoG) has directed banks to allow non-resident Ghanaians who cannot access the Ghana Card to use their passports to access banking transactions until such a time that the facility will be made available to them. This is coming after the Central Bank enforced the July 1, 2022 directive that resident Ghanaians cannot undertake banking transactions without...
The Ghana Association of Banks has assured that despite the end of the period given for customers of financial institutions to update their data with the Ghana Card, they will be able to still carry out banking transactions even without the card. The directive regarding the update of the data of customers of financial institutions was issued by the Bank...
The Economic and Organized Crime Office (EOCO) is warning the public about fraudulent banking transactions. EOCO in a statement signed by Head of Public Affairs, Faustina Lartey on June 30, noted that “fraudsters have taken advantage of the ongoing call for bank customers to link their accounts to their Ghana Cards.” “The Economic and Organised Crime Office has noticed with great concern the...
The Bank of Ghana has pledge to continue to monitor the rapid evolution of risks in the digital financial services ecosystem and recalibrate rules and supervisory approaches and tools to help mitigate them. It will also ensure that regulated institutions effectively manage the risks that their businesses and actions or inactions pose to the entire system. Speaking at the Annual General...
The Chief Executive Officer of the Ghana Association of Bankers, John Awuah, says the issue of the involvement of bank staff in banking sector frauds should not be solely blamed on compensations and remunerations. According to him, this untoward behavior has more to do with the degenerating moral fabric of the Ghanaian society than remunerations. Speaking on JoyNews’ PM Express Business...
