The Vice-President, Dr Mahamudu Bawumia, has hailed the decision by the Bank of Ghana to implement a Gold Purchase Programme designed to purchase locally-produced gold, describing it as a master stroke in the quest for stronger macroeconomic management and in providing a bulwark for the Cedi. Addressing participants at the Ghana Gold Expo 2021 (Ghana Mining Week ’21), a mining...
Chief Executive of the Ghana Interbank Payment and Settlement System, Archie Hesse, says the GhQR code payment service has been designed to replace the relatively more expensive payment systems found in shopping centres across the country. The GhQR code system of payment is a contactless mode of payment involving the scanning of a QR code and an endorsement on any...
The Minister of Finance, Ken Ofori-Atta says the fundamental objectives of special-purpose banks such as the NIB and ADB would have to be reviewed to help them secure the necessary capital so they can give out long-term funds as the government makes moves to establish a development bank. The Government of Ghana, in partnership with the European Investment Bank, and...
The Bank of Ghana has revised its directive for the “Treatment of Captured Payment Cards in Automated Teller Machines”. The BoG in a statement said, this would seek to address the perennial complaints that emanate from the capture of Payment Cards at ATMs of regulated financial institutions. It said it would also provide for standard procedures in retrieving payment cards captured...
The Police Administration has reviewed threats to withdraw police escorts on bullion vans used for carting money by banks if the financial institutions fail to provide fortified armoured vehicles for that purpose. Under a new arrangement, banks will use a pool of fortified armoured bullion vans provided by the Bank of Ghana. The police, on the other hand, according to the...
Governor of the Bank of Ghana Dr. Ernest Addison has said the bank’s latest move to introduce a digital currency for trade will foster competition in the financial space, advance financial inclusion, and drive the nation towards a cash-lite economy. Earlier this month, the central bank announced plans to start a three-phased pilot of the nation’s first digital currency, called...
The Governor of the Bank of Ghana, Dr. Ernest Addison, has stated that corporate governance plays an important role in the financial sector. He identified corporate governance breaches, overbearing shareholder behaviour and related party transactional breaches as some of the factors that led to the failure of some banks in the financial sector and their consequent resolution. He reiterated...
The appointment of Nii Amanor Dodoo as receiver of Unibank Ghana limited is a breach of the law, the Court has said. The court said the decision was a breach of specialized deposit-taking institutions act (act 930). The court made the declaration Thursday, June 24,2021. The court presided over by Justice Afi Agbanu-Kudemor also said the Receiver should not to have accepted...
Ghana is no longer on the European Union’s list of blacklisted countries that has failed to put in measures to fight money laundering. This follows the removal of the country from the league of countries cited for money laundering by the Financial Action Task Force today 25th June, 2021. Prior to that, the European Union had hinted that the country was...
The Bank of Ghana (BoG) has announced a review of Collateral Registry Service fees paid by banks and financial service institutions with effect from July 1 this year. The central bank said the fee for registration of secured interest has been pegged at GH¢20 and for searches at GH¢10. The new fees are double the previous rates, which were fixed...
