The Bank of Ghana has forwarded a number of suspected financial crime cases to the Economic and Organised Crime Office (EOCO) for investigations. According to the Central Bank, these include suspicious claims to the Bank of Ghana for the payment certain large sums of money purportedly remitted to them by foreign counterparties through some financial institutions. A statement issued by the...
The International Monetary Fund (IMF) has urged policymakers around the globe to be patient with their central banks as they work to bring back inflation to the levels they were during the pre-pandemic era. The Bretton Woods institution also urged central banks to communicate clearly inflation expectations. “When prices and people expectations go differently, that is de-anchoring and when that happens inflation can...
25% of Boards of listed companies are occupied by women, the Board Diversity Index has stated. This is an increase of 3% from 2020. At the same time, 27% of non-executive director seats of listed companies are occupied by women, an increase of 3% from the previous year. The report said almost one-third or about 29% of Ghana’s listed companies have boards...
Rural and Community Banks (RCBs) and Microfinance Institutions must flag and report transactions that are unusual and suspicious to the Financial Intelligence Centre (FIC), the Head of Financial Stability Department of BoG, Dr Joseph France, has said. That, he said, would help combat Money Laundering (ML) and Terrorist Financing (TF) in the country. Speaking at the two-day sensitisation workshop for RCBs...
As a result of the COVID-19 pandemic, customers of digital payment channels actively used their accounts, while dormant accounts were activated and new customers were on-boarded. “This shows that the pandemic injected some vigour into the digital payments space and pulled households and firms into the financial technology space”, Governor of the Bank of Ghana, Dr Ernest Addison said at...
With the Covid-19 pandemic raging on, the Bank of Ghana says banks in Ghana face heightened credit risk as depicted in rising non-performing loan ratios and this is of great concern to banks, supervisors, and macroeconomic policy makers. “What is more, the full extent of banks’ credit risk cannot be assessed with any high degree of certainty given the uncertain...
Consumer inflation has inched further upward for a fifth consecutive month, recording 12.2 percent in November 2021 and thereby taking the rate beyond initial stages of the pandemic when prices soared. The increase, though anticipated by the market – given both global and local factors, is the highest in the last 14-months when the indicator stood at 11.4 percent in...
President of the Chartered Institute of Bankers (CIB), Patricia Sappor, has called for an increase in measures aimed at driving gender diversity at all levels of the financial services sector, saying this will lead to more robust decision-making. Speaking at the Annual Bankers Week Dinner organised by the Institute, Madam Sappor – who is the first woman to hold the...
As concerns over low domestic revenue mobilisation continue to haunt government, which has led to the introduction of some unpopular tax measures such as the Electronic Levy (E-Levy), online forex trading experts are calling for policies that will regulate such trading, as other countries are cashing in due to the value and volumes of transactions happening on such platforms. According...
The Governor of the Bank of Ghana, Dr Ernest Addison, has explained that the outdoored gold coin in honour of Otumfuo Osei Tutu II is not a legal tender, thus, cannot be used for monetary transactions. According to the Bank of Ghana boss, the 24-carat commemorative coin was specifically designed to honour and recognise the efforts of the traditional ruler...
