The Governor of the Bank of Ghana, who chairs the Board of Governors of the IMF and the World Bank, Dr. Ernest Addison, has urged colleague Governors globally to ensure the speedy formulation and implementation of policies to protect the gains made prior to the Coronavirus crisis. In a virtual address to Governors at the IMF-World Bank annual...
The banking sector cleanup undertaken by the Bank of Ghana has given rise to a “robust banking sector” in Ghana, credit rating agency Fitch has said. Due to mismanagement and other infractions, the Bank of Ghana had to revoke the licences of nine local banks, 347 insolvent microfinance companies and 39 microcredit companies. In its latest review on Ghana’s economy, Fitch...
Banking Consultant, Nana Otuo Acheampong has called on financial institutions in the country to prioritize educating the public on the deposit protection scheme. According to him, this will ensure its success as well as increase the confidence of customers in the banking sector. The Ghana Deposit Protection Insurance Scheme was established to protect insured depositors against the consequences associated with the...
Notwithstanding improvements to Ghana’s credit referencing system, the central bank has indicated that some financial institutions have refused to subscribe to credit bureau services, contrary to the Credit Reporting Act 2007 (Act 726). This has been prevalent among the rural and community banks (RCBs) as well as microfinance institutions (MFIs). The Bank of Ghana (BoG) stated in its latest credit referencing...
The Bank of Ghana has announced that it is set to introduce new policies to ensure that the Banking and Special Deposit Taking Institutions sectors remain resilient, inclusive and supportive of Ghana’s economic growth trajectory. According to the BoG, this forms part of efforts to restore confidence in the country’s financial sector. It will be recalled that the Bank of Ghana,...
The Bank of Ghana (BoG) has been honoured at the seventh Central Banking Awards. The Governor of the BoG, Dr Ernest Addison received the Central Bank of Year award on behalf of the bank. The organisers of the award ceremony, Central Banking was joined by representatives of the winners of the Central Banking Awards 2020 to celebrate their achievements during a virtual awards presentation published...
A financial analyst Joe Jackson has indicated that the investors have lost confidence in the financial sector because the imprudent executives of closed down banks hasn’t been prosecuted. He told Alfred Ocansey on the Sunrise show on 3 92.7FM Wednesday October 14 that all the executives of these collapsed banks whose actions and inaction led to the banks’ failures should...
The Securities and Exchange Commission has issued new capital requirements for market operators in the Ghanaian Capital Market Industry. The new directive, in accordance with Section 209 of the Securities Industry Act 2016, (Act 929), is in line with the Commission’s mandate of regulating and promoting the growth and development of an efficient, fair and transparent securities market in which...
In a bid to fight cybercrime in the financial sector, it has become necessary to have cross-border cooperation that promotes information sharing, says Second Deputy Governor of the Bank of Ghana (BoG), Mrs. Elsie Addo Awadzi. Mrs. Awadzi was speaking at the Alliance for Financial Inclusion High-Level Joint Learning Programme on Inclusive FinTech Ecosystems and Cybersecurity. Sharing the BoG’s experience in implementing cybersecurity...
The Bank of Ghana (BoG) has cautioned the general public against the practice of “Money Doubling”, “Card Loading” and “Credit Card Loading Systems”. According to the central bank, these practices involving inviting members of the general public through traditional and social media outlets to deposit money with “Money Doubling”, “Card Loading” and “Credit Card Loading Systems” through various payment service...
