The Reverend Dr Samuel Worlanyo Mensah, an Economist with the Center for Greater Impact Africa, has called for a strategic policy to strengthen the Bank of Ghana (BoG) to fight against the use of foreign currencies in the country. He explained that BoG needed to be resilient in stabilising the Ghana Cedi to compete with other currencies in the global...
Senior Advisor to the Vice President, Professor Kwaku Appiah-Adu, says full implementation of the e-Cedi will diversify digital payment and ensure a secure and robust payment infrastructure in the country. As a result, he called on players within the financial services industry to invest in technology and innovation to ensure smooth implementation of the e-Cedi, which is expected to...
The Governor of the Bank of Ghana, Dr. Ernest Addison, says his outfit remains confident that ongoing policy efforts should help re-anchor inflation expectations, restore confidence in the economy and ensure that businesses operate in an environment of stability. In this regard, Dr. Addison said it will work assiduously to ensure inflation stability. “It is a known fact in the literature...
The Bank of Ghana (BoG) has begun piloting the e-cedi in Sefwi Asafo in the Western North Region, the Governor Dr Ernest Addison said on Monday. The e-cedi is designed as a digital replica of the Ghana cedi notes and coins. It is crafted as a retail token-based digital currency stored in a digital wallet, convertible to Ghana cedis in...
Our attention has been drawn to fraudulent advertising messages airing on DIAMOND TV and SOUL TV, both free-to-air television channels in Ghana. The fraudsters claim to be selling Online-loans in the name of Ecobank. In the said advertisements, one is required to make a down payment of GHS200 to qualify for a loan amount between GHS1,000 and GHS50,000. The fraudulent advertisements...
Stakeholders in the financial industry are calling for deepened collaboration between the private sector and government to achieve Ghana’s desired digital economy. According to them, the development of Ghana’s digital economy and the need for the use of digital tools and interventions has become critical, particularly as the COVID-19 pandemic lingers on. Speaking as part of the first forum of the...
The Managing Director of GCB Bank PLC (GCB), Kofi Adomako, has indicated that the arrival of the new Development Bank Ghana (DBG) is timely for banks like GCB and also for the growth of Small and Medium-sized Enterprises (SMEs) in the country. Mr. Adomako who was speaking on the collaboration between GCB and DBG, stated that “DBG is actually not...
FIDELITY BANK, Ghana’s largest privately-owned indigenous bank, has been named the Best Regional Bank- West Africa at the prestigious African Banker Awards ceremony held recently during the just-ended AfDB meeting in Accra. The African Banker Awards is the biggest annual recognition event for banks in Africa. It is designed to recognise and reward institutions and individuals shaping the growth of...
CEO of the Databank Group, Kojo Addae-Mensah, has bemoaned the overreaction of Ghanaian investors on the bonds market to high levels of inflation. The national inflation rate has risen to 23.6% as of April this year, from 8.5% in April of last year. The current rate is almost thrice the Central Bank’s 2022 target of 8%. While the central bank has...
The Central Bank has once again assigned another important reason for the creation, pilot and subsequent rollout of its Central Bank Digital Currency (CBDC), the eCedi. The eCedi which is currently undergoing a pilot phase in some parts of the country, aside helping to deepen financial inclusion and increase savings mobilisation among Ghanaians, is also to consolidate efficiencies derived from...
