The Bank of Ghana (BoG) is exploring the launch of a Central Bank Digital Currency. This is according to the Second Deputy Governor of the BoG, Mrs Elsie Awadzi-Addo. Speaking at the virtual regional capacity building workshop organised jointly by IMF’s AFRITAC West 2 and Monetary and Capital Markets Department, Mrs Awadzi-Addo noted the Bank’s decision to possible launch a...
… offenders to be severely sanctioned All financial institutions, especially commercial banks, in the country are being investigated over money transfer breaches by the central bank, Philip Danso, Chief Manager at the Bank of Ghana’s Banking Supervision Department has said. According to him, a very comprehensive work is being embarked upon as the various countries where the transfers ended up will...
The Bank of Ghana (BoG) has joined the Basel Consultative Group (BCG), a global body that sets and implements standards on banking supervision globally. The bank said it was admitted into the global body recently, making Ghana one of four countries in Africa to be members of the BCG. The other members are Tunisia, Mauritius and Nigeria. The BCG is one of...
The Bank of Ghana (BoG) has released the list of regulated companies approved to operate as electronic money issuers and payment service providers for business transactions in the country. They include five dedicated electronic money issuers and 21 payment service providers. This follows the passage of the Payment Systems and Services Act, 2019 (Act 987) in accordance with the licensing application...
Data from the financial statements of some leading banks in the country for the year ended 2020, shows increases in profits for some and some declines for others. This can be gleaned from the Summary Statements of Comprehensive Incomes of 10 of Ghana’s top banks during a year in which COVID-19 ravaged all aspects of the economy. ADB, out of the...
The European Union (EU) will soon remove Ghana from the list of money laundering and terrorist financing countries. The Head of the EU delegation to Ghana, Diana Acconcia, disclosed this on PM Express Business Edition on Joy TV. According to Mrs Acconcia, the Union was taking this action because Ghana had made a lot of progress in taking corrective measures to...
Finance Minister-Designate, Mr Ken Ofori-Atta has refuted claims that the banking sector cleanup undertaken by the government targeted specific individuals. According to him, the research on the banks and the rot in the sector had already been identified by the previous management of the Bank of Ghana. Therefore, after taking over, President Akufo-Addo’s administration simply followed through with the processes for...
The Bank of Ghana has touted its achievement in reducing the interoperability charges within the mobile money transactions system. Governor of Bank of Ghana (BoG), Dr Ernest Addison in his speech at the official opening of Zeepay Head Office said the interoperability charge which used to be 1.5% has now been reduced to 1%. The achievement, according to him, will promote...
Good corporate governance will be the defining issue that differentiates firms that will be able to ride the storm as the novel coronavirus pandemic rages on, the Second Deputy Governor of the Bank of Ghana (BoG), Dr Elsie Addo Awadzi has said. According to her good governance would be the deciding factor for companies that survived the COVID-19 storm because...
Finance Minister Designate, Ken Ofori-Atta has indicated the government plan of making the National Investment Bank an industrial bank to provide lending to industry to facilitate economic growth. “NIB has been a difficult one because of its nature, but NIB for us will be that industrial bank; we have put some money into that, we need to resolve final execution...
