The Bank of Ghana has assured stakeholders of its preparedness to sanitize the digital space with respect to cryptocurrency. The Central Bank admits that in the initial stages of the new digital currency, there was a gap, however, the regulator has braced itself to make it cleaner while building public interest. Speaking at the MTN MoMo Stakeholder forum under theme, ‘The...
The First Deputy Governor of the Bank of Ghana, Dr Maxwell Opoku-Afari, has been appointed as the Chairman of the Advisory Board of University of Ghana’s College of Humanities. The Vice-Chancellor of the University of Ghana, Professor Nana Aba Appiah Amfo, disclosed this when she inaugurated the 15-member Advisory Board of the college. At the brief ceremony, she noted that the...
The Bank of Ghana says the implementation of the Central Bank Digital Currency (CBDC) or eCedi will not disrupt or collapse the business of Mobile Money operations. Speaking at a stakeholder forum organised by Mobile Money Ghana Limited, a subsidiary of MTN Ghana Limited, Assistant Director of Fintech and Innovation at Bank of Ghana, Clarence Blay, emphasised that the Central...
The Bank of Ghana has given strong indication that the recently approved $750 million Afriexim loan facility by Parliament once disbursed, among other measures, will boost the foreign exchange position of the country and help restore confidence in the cedi. The additional measures include the cocoa syndication loan which is expected in the last quarter of 2022 and expected to...
Investments remained the largest component of total assets as of June 30, 2022, recording ¢81.1 billion. However, annual growth in investments moderated to 7.1% percent in June 2022, from 28.8% in June 2021 on account of a contraction in short-term bills and moderation in growth in long-term securities over the review period. According to the July 2022 Banking Sector Development Report,...
New loans advanced by banks in the first six months of 2022 amounted to ¢24.6 billion, an increase of 54.0% over new advances recorded in the same comparative period last year (growth of 1.0%). According to the Banking Sector Development Report by the Bank of Ghana, the year-on-year increase in gross loans and advances recorded in June 2022 reflected mainly...
As a result of the recent attacks on bullion vans and killings of security personnel, the ARB Apex Bank is seeking a concessionary loan from the Bank of Ghana (BoG) for the procurement of customised armoured bullion vans to ensure the security of personnel and our cash-in-transit (CIT) management. Taking the lead in that direction, the bank has purchased three...
The Ghana card is helping to establish a credit-scoring system in the country that will require that high-risk borrowers pay higher interest rates than low-risk borrowers, Vice-President Mahamudu Bawumia has said. Speaking at the 2022 Civil Service Awards ceremony in Accra, at which he justified his earlier comment that he would prefer the Ghana card to a 1,000 interchanges, since,...
Financial sector stocks remain on course to redeem the stock market from what has turned out to be an especially challenging year, a new report by Databank suggests. The equities market has seen a reversal of fortunes, following a stellar 2021 campaign, when it ended the period as the second best-performing bourse on the continent, gaining 43.66% and reversing a trend of three consecutive...
Bank customers have been advised to report any financial institution that charges fees that have not been sanctioned by the Bank of Ghana (BoG) the industry regulator. The Western Region Manager of BoG, Kofi Assan, gave the advice at the bank’s financial literacy and sensitisation programme for officers of the Western Regional officers of the Ghana Immigration Service (GIS). On banking...
