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...
The Chief Executive Officer of eTranzact, John Apea has emphasised the need for Ghana’s digital currency (e-cedi) to have the capability of being used for cross-border transactions. Currently, Ghana and South Africa are also in the process of rolling out their respective digital currencies. Contributing to a panel discussion at a Ghana Academy of Arts and Science Forum, Mr. Apea said...
The Bank of Ghana wants both fiscal and monetary policies to remain vigilant and ready to take additional policy measures as well as structural reform if necessary to improve confidence about the economy. This it believes will sustain the economic recovery. The Ghanaian economy has come under severe pressure with inflation soaring and exchange rate fluctuation. This due to the Russian...
Managing Director of Fidelity Bank Ghana, Julian Opuni has asserted that the Development Bank of Ghana’s entry into the Ghanaian banking sector is a positive development for SME-focused banks. He expressed the conviction that DBG would play a strategic support role to enable these banks improve their capacity for doing business with Small and Medium-sized Enterprises (SMEs). This, he believes, would...
Regardless of the hike in inflation rate in recent months, the Bank of Ghana is optimistic prices of goods and services will come down in the coming days, weeks and months. This pledge is coming after increases in transportation fares and rising food prices pushed the rate of inflation to 27.6% in May 2022, from 23.6% in April 2022. Speaking at...
