First Deputy Governor of the Bank of Ghana (BoG) Dr. Maxwell Opoku-Afari has indicated that the COVID-19 pandemic has tested the effectiveness and resilience of Ghana’s financial inclusion efforts. But the BoG, he said, adopted measures to swiftly respond to the policy gap exposed by the virus. In general, he added, the strategies and the specific COVID-19 interventions have...
The Vice President, Dr. Mahamudu Bawumia, has announced the launch of the Fraud Control Dashboard, an initiative by mobile network operators (MNOs), the central bank and the police to tackle the rising incidence of fraudulent activities in mobile money operations. Dr. Bawumia, who was speaking at the opening of the second edition of the Mobile Technology for Development (MT4D) conference...
The Ghana Association of Bankers has intensified calls by the Bank of Ghana (BoG) to all persons with dormant accounts to reactivate their accounts. BoG, last month, issued a directive on unclaimed balances and dormant accounts for banks and specialized deposit-taking institutions. The directive sought to ensure that balances in accounts that have been left unattended to for over a period...
A senior lecturer at the University of Ghana Business School, Dr Elikplimi Komla Agloyor has warned Ghanaian investors to resist investing in portfolios that offer extreme returns. According to him, extreme returns come with extreme risks which lure investors into schemes where they risk losing their entire investment. He explained that as Treasury bills currently offer 20% interest yearly, any debt...
Attuahene attributes to quality of boards Annual financial reports posted by commercial banks in the country, indicate that foreign-owned banks have made profits in excess of 185.5 percent in 2020 compared to that made by indigenous banks, a development banking consultant, Dr. Richmond Atuahene, attributes to good corporate governance structures of the foreign banks. Despite initial fears of the global pandemic...
The Institute of Directors-Ghana (IoD-Gh), has inducted 42 new members who have completed their training and orientation programmes. President of IoD-Gh, Mr. Rockson Kwesi Dogbegah congratulated the new members on behalf of the governing council and management for successfully satisfying the key requirement in becoming bona fide members of the Institute. “It’s always a great joy for me and members of...
…allows for processing EMV GH-Link prepaid cards eTranzact Ghana Limited, a leading electronic payment services provider, has secured an enhanced Payment Service Provider (PSP) licence from the Bank of Ghana (BoG) in accordance with the Payment Systems and Services Act, 2019 (Act 987). Established in the year 2006, eTranzact Ghana Limited has been at the forefront delivering cutting-edge innovation in the...
The GSMA has today published its annual ‘State of the Industry Report on Mobile Money’. It reveals a dramatic acceleration in mobile transactions during the Covid-19 pandemic as lockdown restrictions limited access to cash and financial institutions. The report found that the number of registered accounts grew by 13 per cent globally in 2020 to more than 1.2 billion – double...
Government is keen on meeting the 85 percent financial inclusion target set for 2023 in an attempt to enlighten the public on ponzi schemes and illicit financial activities, all to significantly reduce issues of financial fraud among others. Despite efforts to clean up the financial sector and ensure market discipline to protect investments of Ghanaians, many still continue to fall...
Inflation – which is the general increases in the prices of goods and services – remained unchanged at 10.3% in March 2021. In February 2021, the rate of inflation stood at 10.3%. According to figures from the Ghana Statistical Service, the month-on-month inflation between February and March 2021 was however 0.9%, slightly higher than last month. Housing, Water, Electricity and Gas recorded...
