Cyber and e-mail fraud has taken a nosedive, the 2020 Banking Industry Fraud Report by the Bank of Ghana has indicated. According to the report, cyber/e-mail fraud accounted for 1.05% of the total number of fraud cases recorded in 2020. This is compared to 92.6% registered in 2019. The report said cyber/e-mail fraud recorded a loss value of approximately ¢1.05 million in...
The Bank of Ghana has touted its achievements, saying despite the shocks of COVID-19, it has implemented prudent monetary policies which have yielded positive results. Speaking at the inauguration of the Bank’s Board at the Jubilee House in Accra on Friday, 20 August 2021, Governor of the Central Bank, Dr Ernest Addison stated that despite the COVID-19 shock, inflation has...
President Nana Akufo-Addo has praised the work of the Bank of Ghana under the leadership of Governor Dr Ernest Addison from 2017. Speaking at the swearing-in ceremony of the central bank’s new board of directors at the Jubilee House on Friday, 20 August 2021, President Akufo-Addo said he elected to swear in the board himself so he could have the...
The new digital currency introduced by the Bank of Ghana “will completely transform the architecture of our payment system and deepen financial inclusion, support inclusive and shared growth for our people”, President Nana Akufo-Addo has said. Praising the central bank’s digitalisation efforts after swearing in its new board of directors on Friday, 20 August 2021 at the Jubilee House, the...
Financial institutions and other allied organisations have been charged to prioritise cybersecurity since cyber-attacks if not curtail could erode trust and confidence in those institutions. According to the Chief Enablement Officer of ABSA Bank, Ebo Richardson, institutions should rank cybersecurity same as they do with the other important indicators such as liquidity and Non-Performing Loans. Speaking at the Joy Business Innovare...
Interest rates have assumed a downward spree for short-dated instruments since the year begun, the Bank of Ghana has revealed in its latest Monetary and Financial Developments. According to the Central Bank, the 91-day and 182-day Treasury bill rates declined to 12.65% and 13.40% respectively in June 2021 from 13.97% and 14.02% respectively, in June 2020. Similarly, the rate on...
The Bank of Ghana in its latest inflation outlook has confidently forecasted headline inflation to remain within the medium-term target band of 8±2 percent despite it inching up in the past two months, but has expressed concern about risk from the fiscal side. Domestic price pressures moderated during the second quarter of 2021, causing headline inflation to decline significantly from...
The debate on high lending rates will not vanish anytime soon, as President Nana Akufo-Addo has tasked the newly constituted Board of the Bank of Ghana to work around the clock and bring down the cost of credit in the country. Cost of borrowing is very high in Ghana and places the nation among countries in Sub-Saharan Africa with expensive...
President Akufo-Addo has sworn in Senior Lecturer at the Department of Economics of the University of Ghana, Professor Eric Osei Assibey and Executive Director/Regional Head for IBM North, East and West Africa, Angela Kyerematen-Jimoh, as new members of the reconstituted Governing Board of the Bank of Ghana (BoG). The swearing-in ceremony was held at the Jubilee House on Friday 20th...
The Securities and Exchange Commission (SEC) has said it will reject any audit report from SEC-licensed institutions if they do not follow the requirements of Act 929. SEC said in a statement that it “shall not accept any 2021 audited financial statements due to be published in 2022 that does not meet the requirements prescribed under Act 929”. It said “issuers...
