Author - Daniel Asamoah
16Aug

WhatsApp banking is a game changer for financial institutions – Perry Addo-Quaye

Perry Addo-Quaye, Regional Director at Network International, a leading digital payment solutions provider, is confident WhatsApp banking is the game changer that will present traditional financial institutions the opportunity to improve on financial inclusion and provide services to the underbanked. He stressed that access to financial services is a critical driver of economic and social development and that WhatsApp banking...

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16Aug

BoG To Begin Local Gold Purchase From September 1

The Bank of Ghana (BoG) is to implement a Gold Purchase Programme designed to purchase locally-produced gold in the quest for stronger macroeconomic management and in providing a bulwark for the Cedi next month. The date was agreed when the Economic Management Team, the Central bank, Ministry of Lands and Natural Resources, Minerals Commission and PMMC met with the Ghana...

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16Aug

Inflation rises further to 31.7% in July 2022; Transport major driver

Year-on-year inflation crossed the 30% mark to hit 31.7% in the month of July 2022, data from the Ghana Statistical Service has revealed. This is the highest inflation rate recorded since late 2003. However, the rate of inflation slowed down in the month under review, as inflation went up by 1.9% over that of June 2022 (29.8%). According to the GSS, the...

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16Aug

Survey: Banks will continue to tighten private sector credit

In the coming months, banks will continue to tighten their stance on credit to the private sector, results from the latest Bank of Ghana (BoG) credit conditions survey have shown. This, according to the central bank, stems from the increase in lending rates and general uncertainty surrounding performance of the economy stemming from sharp depreciation of the Ghana cedi and...

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16Aug

Ghana Central Bank to reject £20 and £50 paper notes from August 31

The Bank of Ghana has directed all banks and financial institutions in the country to reject all British £50 and £20 paper notes effective 31st August 2022.  The directive comes after the Bank of England in the United Kingdom declared that the two paper banknotes will no longer be legal tender starting in October this year, because they have been...

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16Aug

Bank of Ghana to widen its scope on cryptocurrency

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...

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16Aug

Dr. Maxwell Opoku-Afari chairs Advisory Board of UG’s College of Humanities

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...

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16Aug

eCedi will not disrupt Mobile Money transactions – BoG

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...

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16Aug

BoG gives assurance cedi’s stability will be restored

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...

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16Aug

Investments constitute 40.5% of ¢200bn banking assets

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,...

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