Governor of the Bank of Ghana (BoG), Dr Ernest Addison has lashed out at businesses that continually contract loans and fail to service them, calling for a cultural change in “businessmen in the way they treat borrowed money.” According to Dr Addison, the development was largely responsible for high non-performing loans and banks’ lack of enthusiasm to lend to the...
The Bank of Ghana is in the advanced stages of introducing a digital currency, the Governor of the central bank, Dr Ernest Addison has disclosed. According to Dr. Addison, the e-cedi will go through three phases before it goes into circulation. He said in the final stage, a pilot would determine whether the digital currency will be feasible before it goes...
The Securities and Exchange Commission has unveiled a new 10-year capital market ‘Masterplan’, aimed at diversifying the capital market as well as boosting economic growth. The strategic plan is intended to help raise enough capital for key infrastructural projects in order to meet the country’s growth agenda. This is the maiden master plan for the capital market since the establishment of...
Despite uptick in demand for dollars, the Ghana cedi remains very well on course to record a marginal appreciation against the dollar in the first half of this year. Recent forex auctioning by the Bank of Ghana indicates a surge in demand for the American currency. But analysts believe the Bank of Ghana has sufficient forex reserves to deal with...
As a consequence of a two-day working visit of the President Nana Akufo-Addo to Brussels, Belgium, on 19 and 20 May 2021, the European Commission has announced its decision to remove Ghana from the list of countries that are deficient in anti-money laundering and terrorism financing, the acting Director of Communication at the Presidency, Mr Eugene Arhin has announced...
Finance Minister, Ken Ofori-Atta has assured that the establishment of the Development Bank Ghana (DBG) will see a reduction in interest rates for Ghanaian businesses. This comes barely a day after the Ministry of Finance and the European Investment Bank signed an agreement for the provision of a €170 million facility for the establishment of the new national bank. Speaking at a press...
…but retain confidence in a stable cedi over the next one month The most recent forward foreign exchange auction, conducted by the Bank of Ghana on Tuesday, once again reaffirmed the confidence of foreign exchange users and their banks who bid on their behalf that the cedi’s exchange rate against the United States dollar will remain stable over the next...
The central bank has issued guidelines for Rural and Community Banks (RCBs), focused on de-risking that sector of the banking system. According to bank, the guidelines, issued last week, have been designed to provide a framework within which regulated RCBs will establish and embed a culture of risk management in their institutions. Additionally, they will ensure that RCBs have a structured...
The volume of electronic payment transactions processed by the Ghana Interbank Payment and Settlement Systems (GhIPSS) saw a huge jump in the first quarter of this year compared to the same period last year. The volume went up by 120 percent – from 13.1 million in the first quarter of 2020 to 28.8 million over the same period this year,...
Banks will soon adopt only the National Identification card as the primary source of documentation for banking transactions. This follows discussions between the banks, represented by the Ghana Association of Bankers, the National Identification Authority and the Bank of Ghana. The discussion is said to have reached an advanced stage and a roadmap on when to use the National ID...
