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...
Loses GH¢1.9bn in market capComposite Index dips 7.06% The Ghana Stock Exchange (GSE) has continued its decline over the course of the past four weeks – with its benchmark Composite Index (GSE-CI) falling by 7.06 percent over the period after breaching the 3,000-point mark – from a high 3010.74 points to 2, 798.27 points. The recent reversal of fortunes has seen the...
Mrs Elsie Addo Awadzi, Second Deputy Governor, Bank of Ghana, says there is a great potential for women to harness the benefits of the Africa Continental Free Trade Area (AfCFTA). She said women could also harness many other opportunities beyond Ghana and Africa through technology and e-commerce platforms. The Second Deputy Governor said these market opportunities offered hope to women-owned and women-led businesses in...
The Bank of Ghana (BOG) says the 2022 economic outlook is positive but warns of uncertainties surrounding food prices and petroleum price adjustments, which are likely to exert inflationary pressures. Speaking at the 2021 Annual Bankers Week Dinner of the Chartered Institute of Bankers, Dr Ernest Addison, the Governor of BoG, said the country had made a steady economic recovery...
A common cryptocurrency and an integrated capital market could boost trade in Africa and sustain growth after the Covid-19 crisis, experts said at the 2021 African Economic Conference on Friday. But the continent first needs to harmonise national rules and protocols governing the financial systems of individual countries to make the reforms workable, panellists said during a discussion on reforming...
