The value of mobile money transactions in Ghana witnessed a significant dip in its rate of increase in 2021 when compared to the rate of increase in 2020. This is according to data from the Bank of Ghana. Whereas the value of mobile money transactions increased by over 100% from December 2019 to December 2020, the increase between December 2020 and...
The Financial Intelligence Centre (FIC) has assured investors and the business community that the country is safe from the activities of Money Laundering (ML) and Terrorist Financing (TF). The Chief Executive Officer of the centre, Mr Kwaku Dua, told the Daily Graphic that adequate measures had been put in place to ensure that criminals did not use Ghana as a conduit to either launder...
The board has been tasked to establish DBG’s international pedigree rapidly and to scale up its resource envelope to drive the Ghanaian private sector The government, using an open and competitive selection process co-ordinated by PwC (Ghana), has appointed a seven-member board of directors to oversee the affairs of Development Bank Ghana (DBG). The board members are Yaw Ansu, Stephan Leudesdorff, Charles Boamah, Rosemary Yeboah, Mary Boakye, Yaw Nsarkoh and Nora Bannerman-Abbott. They...
Commercial banks are making a last-minute appeal for the tax on electronic transactions to be reduced marginally to not more than 1%. Speaking on PM Express Business Edition, Chief Executive of the Ghana Association of Bankers John Awuah noted that the current 1.75 per cent may erode some gains made so far in the banking sector and financial inclusion. “As an...
Average lending rate continued to remain in the 20% bracket though it fell marginally to 20.04% in November, 2021, from 20.17% in October 2021, the Summary of Economic and Financial Data released by the Bank of Ghana has revealed. According to the data, the average lending rate has fallen from 20.97% since January 2021 to 20.04% in November 2021, the...
The Office of the Special Prosecutor (OSP) says it has commenced investigations into the financial sector crisis which led to the collapse of some banks in the country. The investigations, according to the office, will target alleged corruption and corruption-related offences perpetrated by officials of the Bank of Ghana, banks, specialised deposit-taking institutions and financial holding companies. These were contained in a statement signed by...
The Institute of Economics Affairs (IEA) has advised the Bank of Ghana (BoG) to engage and seek a comprehensive approach in dealing with inflation. The research institute highlighted the need for the Central Bank to adopt a collaborative approach with stakeholders to consider other frameworks, in addition to the demand-focused inflation Targeting (IT) framework to manage persistent inflation that...
The National Insurance Commission (NIC) has said it has not approved any ‘Akwabaa Insurance’ for international travellers arriving in the country. It has therefore called on the general public to ignore reports of a purported compulsory ‘Akwabaa Insurance.’ There were reports that all international travellers who arrive at the Kotoka International Airport will have to sign up for an insurance cover...
The Data Protection Commission (DPC) is set to begin the prosecution of companies, institutions and organisations classified as Data Controllers that have refused to register with the Commission or renew their data protection licences. Executive Director of the Commission, Patricia Adusei-Poku, made this announcement on Wednesday, January 26, 2022 at a press conference as part of the Data Protection Commission...
Ghana Reinsurance Company Limited (Ghana Re), has announced a change in its name from Ghana Reinsurance Company Limited to Ghana Reinsurance PLC. According to a press statement signed by the Managing Director of Ghana Reinsurance PLC, Mr George Mensah, the development followed a resolution passed by its shareholders at the company’s Annual General Meeting held in June last year. “We wish...
