Don’t hide from your debtor banks - BoG advises borrowers THE Bank of Ghana (BoG) has advised the general public, especially borrowers, not to hide from their financial institutions because they owe them. It said hiding from their obligations undermined the cardinal principle of banking, which was trust. The Head of the Conduct Supervision Unit of the central bank, Augustine Donkor, said...
Governor of the Bank of Ghana (BoG), Dr Ernest Addison has said the decision to clean-up the financial sector prior to the pandemic, together with the COVID-19 relief measures introduced by the central bank in the wake of the pandemic, positioned banks to weather the storms associated with the pandemic and sustain lending to support economic activity. Some nine local banks,...
The Governor of the Bank of Ghana, Dr. Ernest Addison, says, the introduction of GhanaPay complements the measures to accelerate Ghana’s migration to electronic payments. He is therefore encouraging the banking sector to collaborate and further explore more pioneering ways to attain greater efficiency in the payments ecosystem. Speaking at the launch of a new payment platform that will complement mobile...
The Bank of Ghana has stated that the official commencement of full-scale operations of the newly launched Development Bank Ghana, DBG, would help address market failures in the Ghanaian credit markets. Speaking at the launch of the bank on Tuesday, 14th June 2022, Governor of the Bank of Ghana, Dr. Ernest Addison, noted that experiences from countries show that DFIs...
The Bank of Ghana has won the Central Banking’s FinTech Policy of the Year Award 2022 under the FinTech and RegTech Global Awards run by Central Banking. Central Banking Institute unveiled the winners of its fifth annual FinTech RegTech Global Awards on June 14, recognising the technological achievements of central banks, supervisors and commercial tech providers. The award scheme according to...
Umbrella body of insurance professionals in Ghana, the Chartered Insurance Institute of Ghana, is calling for a harmonised standards and regulations for insurance firms, as a means to optimise the full potential of the African Continental Free Trade Agreement (AfCFTA). According to the institute, the varied capital requirement for member states under the pact could pose as hinderance to insurers’...
The Institute of Directors-Ghana (IoD-Gh) has engaged the Managing Director and Chief Executive Officer (CEO) of Zenith Bank Ghana Limited, Mr Henry Onwuzurigbo, on the status of a draft Directors’ Charter Bill and the National Corporate Governance Code (NCGC). Mr Rockson Kwame Dogbegah, President of IoD-Gh, who paid a courtesy call on the CEO with a delegation from the IoD-Gh,...
The Bank of Ghana is far advanced in the implementation of a full-fledged Contact Centre, the deployment of the new complaint management software and a ChatBot solution to augment the channels of complaints and provide convenience to customers when lodging complaints. This is part of measures to improve complaint resolution. It is coming after it received a total of 857 complaints...
Banks in Ghana wrote off a little above ¢768.29 million as bad debt in the first four months of 2022, about 5.5% increase over the same period last year. According to the latest Monetary Policy report by the Bank of Ghana, the bad debt is made up of loan losses, depreciation, among others. Despite the increase in the provision of the...
The Bank of Ghana (BoG) received a total of 857 complaints from customers of regulated financial institutions (RFIs) in 2021. This is against 876 complaints recorded in 2020. The 2.17% decline in total complaints lodged may be attributed to the strict enforcement of the first level complaint handling by Financial Institutions. This is based on the guidelines coupled with the successful resolution...
