The Bank of Ghana has maintained its stance on consumer inflation, projecting it to remain within the medium-term target of 8 percent with a band of ±2 percent in the near-term – barring any unforeseen shocks. This, per the bank, will broadly be driven by food prices – which reflect recent supply shocks that are expected to put upward pressure...
The Ghana Chamber of Telecommunications says the electronic transaction levy has the potential of undoing the gains made in digitising the economy. According to the Chamber, this policy initiative is at variance with steps taken by members to improve financial inclusion. The decision to slap a 1.75% tax on electronic transactions has been met with fierce opposition from a number of...
The Vice President, Dr. Mahamudu Bawumia, has commended the Bank of Ghana and financial institutions in the country for the immense roles they have played towards the successful implementation of Ghana’s payment system. Speaking at opening of the 25th Annnual Banking Conference of the Chartered Institute of Bankers in Accra on Thursday, November 18, 2021, Dr. Bawumia, who is a...
The National Insurance Commission (NIC), has committed to ensure that all insurers are solvent by meeting the new minimum capital requirement for insurance firms by the December 31 deadline. The move will ensure that insurance companies operating in the country have sufficient funds to meet the obligations of their policyholders. That, the regulator said, was part of its mandate to strengthen...
The Securities Exchange Commission (SEC) has initiated a process to disqualify directors of the fifty-three defunct Fund Management Companies (FMCs) from operating in the capital market. SEC in 2019 revoked the licenses of 53 FMCs for regulatory breaches such as failing to return the funds of clients when they fall due. Reverend Daniel Ogbarmey Tetteh, Director-General (D-G) of SEC, disclosed this...
The Chief Executive Officer of the Ghana Chamber of Telecommunications, Ken Ashigbey, has said that the introduction of the 1.75% levy on electronic financial transactions is ill-timed. He said the chamber was not consulted by the government on the proposal before the announcement was made in Parliament on Wednesday, November 17, 2021. “When we got this information, it was surprising because...
Transport (which includes fuel) recorded the highest variation of 5.2 percentage points between October 2021 (14.9%) and the preceding 12-month average (9.7%) The national year-on-year inflation rate was 11.0% in October 2021 – 0.4 percentage points higher than the 10.6% recorded in September 2021. This means that in October 2021, the general price level was 11.0% higher than in October 2020 According...
Professor Peter Quartey, an Economist with the University of Ghana, has urged African governments to build robust security systems to safeguard the implementation of digital currency (e-currency) on the continent. He said while e-currency presented many trade advantages, it was important for Central Banks to ensure that platforms used for various transactions were secured. Prof Quartey, the Director of the...
Absa Bank has won the most coveted Bank of the Year honour at the 32nd National Chartered Institute of Marketing (CIMG) National Marketing Awards held in Accra at the weekend. Banks represent the engine of growth and stimulation for any emerging economy, and in Ghana, Absa plays a crucial role in the sustenance and progress of key business sectors. As a systemically...
Ghana’s foreign reserves have improved significantly and are sufficient to cover more than five months of prospective imports, the Bank of Ghana (BoG), has indicated. The country’s foreign reserves as of August 2021, stood at $11.4 billion. Foreign reserves are funds central banks exchange with each other at an international level and the reserves can either be in gold or in...
