The Bank of Ghana has assured it will not allow the ‘black market’ to drive the exchange rate market in the country. According to the Governor, Dr. Ernest Addison, it will do everything possible within its remit to ensure that black market dealers do not dictate to the market. He added that his outfit has also created a Twitter page, purposely...
The Association of Forex Bureau Operators has commended the Governor of the Bank of Ghana, Dr. Ernest Addison for his role in clamping down on illegal forex dealers also known as “Black Market” in a move to sanitise the sector. The association indicated that their outfit was aware of the numerous measures being executed to flush out the illegal foreign exchange...
The Bank of Ghana has debunked allegations by the Director of Research at the Ghana Trades Union Congress (GTUC), Dr. Kwabena Nyarko Otoo that it is collaborating with some operatives at Cow-lane in Accra to illegally transfer funds offshore. The Central Bank says it vehemently denies the said allegations and also considers them extremely reckless. “We would have expected that such...
The National Insurance Commission (NIC) has cautioned banks and financial institutions which are not licensed by the commission to desist from serving as insurance intermediaries. The commission has further charged them to stop soliciting fees, commissions, and or other remuneration from insurance companies in exchange for referring clients, customers or any other person whether individual or corporate to the insurer. It...
Mr Kofi Andoh, the Deputy Commissioner of Insurance, at the National Insurance Commission (NIC), says it is building a regulatory framework to ensure active annuities market. Annuities are a range of insurance products that provide decent periodic payments for retirees. He explained that the market was relatively new and that NIC and stakeholders to ensure that insurance companies had the relevant...
The Managing Director of Consolidated Bank Ghana Ltd. (CBG), Mr. Daniel Wilson Addo, has been adjudged the Marketing Man of the Year 2021 at the 33rd Annual National Marketing Performance Awards organized by the Chartered Institute of Marketing Ghana (CIMG). Themed: ‘Creative Marketing and Innovation in a Volatile Global Economy’, this year’s Annual National Marketing Performance Awards seek to recognize...
The Bank of Ghana (BoG) has pledged its commitment to the speedy implementation of the African Continental Free Trade Agreement. According to the Central Bank, the Russia-Ukraine conflict has had a major impact on the smooth take-off of the Agreement thereby impeding trade facilitation among member countries. Speaking at the opening of the West African Institute of Economic Management (WAIFEM) in...
The Governor of the Bank of Ghana, Dr. Ernest Addison, has been named among Africa’s 10 best Central Bank Governors by Global Finance Magazine. It adjudged Dr. Addison in its Central Banker Report for 2022 as the 10th best Governor on the African Continent. The institution in its Central Banker Report for 2022, adjudged Dr. Ernest Addison as the 10th best Governor on...
Standard Bank is projecting a further 2% to 3% increase in the policy rate of the Bank of Ghana by December 2022. This will increase the cost of borrowing further, but will help narrow the negative real return between inflation and interest rates. Presently, interest rates are hovering around 33% but lower than the inflation rate of 37.2% (October 2022). However,...
The Bank of Ghana (BoG) has urged the general public to disregard reports suggesting that it is set to slap serious restrictions on holders of Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA). According to reports, BoG is reportedly doing this in a bid to curb the rapid depreciation of the cedi. However, in a statement released on the social...
