The Bank of Ghana (BoG) has cautioned the public about an impending launch of a cryptocurrency named “Freedom Coin” in Ghana.” It has come to the attention of Bank of Ghana that there is an impending launch of a cryptocurrency named “Freedom Coin,” the bank said. In line with notice NO.BG/GOV/SEC/2018/02 issued on 22nd January 2018, which can be found on...
Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi, has called on women to leverage opportunities that digitisation provides – as she says this is a sure way of bridging the gender equality-gap and increase their participation in economic activities. Speaking on the theme ‘Women as Builders of Digital Economies in Ghana – A Call to Action to Close...
The Board of Directors of United Bank for Africa (Ghana) Limited (UBA Ghana) has appointed Mr. Chris Ofikulu as the new Managing Director/Chief Executive Officer of UBA Ghana. He replaces Mr. Olalekan Balogun. Chris comes on board with over 30 years’ banking experience, of which 28 years has been in Business Development. Prior to his appointment as MD/CEO of UBA Ghana,...
The downgrade of some local banks by Fitch Rating Agency has led analysts to raise concerns about its possible impact on the wellbeing of banks, owing to the quantum of credit extended to the central government and its agencies. Fitch, in February, assigned Ecobank Ghana Limited (EGH) – the nation’s second-largest bank – a Long-Term Issuer Default Rating (IDR) of...
The Bank of Ghana has cautioned the general public about the rise in money-doubling schemes which usually claim to have regulatory approval – the latest being what is known as the ‘BitCash Currency Exchange’. In a release, the bank said that it has not licenced any such entity or other cryptocurrency exchange platform to undertake such kinds of business in...
he Board Chairman of UBA Ghana Ltd, Kweku Awotwi, has commended the outgoing Managing Director and Chief Executive Officer of the Bank, Olalekan Balogun, for his stellar leadership over the past two years. Mr Awotwi gave the remarks at a send-off gathering held for Mr Balogun to bid him farewell to serve the Ghana subsidiary and lead the team to...
..turn back on private sector Commercial banks in the country are channeling much of their assets into investment in government bills and bonds as the state’s appetite for domestic borrowing continues to increase, thereby making less funds available for the private sector – which is going through pandemic-induced challenges – to borrow. Data published by the Bank of Ghana show that...
The Bank of Ghana has been urged to increase interest rates in the country to help stop the free fall of the Ghana cedi. According to the Chief Finance Officer of the Valley View University, Dr. Williams Peprah, increasing interest yield will entice investors to purchase more government securities and help slowdown the depreciation of the cedi, despite the difficulty...
Entrepreneur and investor, Eric Osiakwan, is urging banks to relook at customer segmentation to enable them compete with financial technology firms. According to him, the convenience of transacting money on mobile platforms has given fintechs a competitive advantage over banks. Speaking at the 4th Strategic Leaders’ Summit he said “the reason why the venture capital firms started funding that space is...
While the Ghana Card will boost the confidence of financial institutions to lend to businesses and individuals without much fear, the painstakingly slow judicial process could derail expected gains the national identification card could bring in terms of exponential growth of credit, Managing Director of Dalex Finance, Kenneth Kwamina Thompson, has said. In an interview with the B&FT on a...
