Economist with Databank Courage Martey says a reversal of the COVID-19 related interventions which were introduced by the Bank of Ghana at the start of the pandemic, will go a long way to reduce the rising inflation rate in the country. According to him, the raft of measures introduced to contain the impact of the COVID-19 on the Ghanaian economy...
The use of mobile money has grown exponentially within 10 years in Ghana. This makes the oil-producing west African country one of Africa’s leaders in mobile money innovation, adoption, and usage. According to figures from the Bank of Ghana (BoG), mobile money accounts now surpass bank accounts and greater financial inclusion has benefited large swathes of the population that remain...
The Bank of Ghana is presently working on testing a block chain based product and two innovations in the remittance space. This is part of its digital and innovation agenda. The Central Bank in February this year launched a regulatory and innovation sandbox pilot in line with its commitment to evolve an enabling and inclusive regulatory environment that promotes FinTechs and...
Chief Executive Officer of Dalex Finance, Ken Thompson, has said that one of the reasons financial institutions shy away from giving loans to private sector is the lack of available information to verify borrower’s credit worthiness, hence, government should step up efforts in providing a strong database that will address this problem. He said government can do this by digitizing...
Governor of the Bank of Ghana, Dr. Ernest Addison, has credited the strong resilience exhibited by the economy and the quick return to growth path amidst the ongoing coronavirus pandemic to credible homegrown policies. Speaking at the 10th edition of the Ghana Economic Forum in Accra, organised by the B&FT and themed: ‘Strengthening homegrown policies to underpin the national digitisation drive and shared...
As further evidence of its commitment to ensuring that the impending central bank digital currency, the e-cedi, will fulfil its role as a driver of financial inclusion, the Bank of Ghana (BoG) has assured that the currency will be equipped with offline capabilities for areas with limited connectivity and availability of payment platforms. This was disclosed by Head of Fintech...
The Ghana Association of Bankers is confident banks in the country will lend more to the private sector once the Development Bank Ghana begins operations. The failure of commercial banks to lend to the private sector has remained a problem in the industry for many years. According to the Central Bank, while credit to the private sector has seen a marginal...
Governor of the Bank of Ghana (BoG), Dr Ernest Addison has said that rapid changes in payments technology has made the use of technology in financial services has become a necessity rather than a choice, driven by consumer demand for convenience, efficiency, and lower cost of transactions. Currently, he said, digital payments have been on an uptrend and various Governments’ have...
Governor of the Bank of Ghana (BoG) Dr Ernest Addison has said that recent economic indicators show a steady turnaround. First, he said, the impact of the pandemic pushed inflation outside the medium-term target band to 11.4 percent in July 2020. Since then, inflation has fallen steadily and stayed around the central path of the target band of 8 percent. More recently,...
The Chartered Institute of Marketing, Ghana (CIMG), has released its maiden Customer Satisfaction Index (CSI) report, with 11 banks being rated 5-star for their service quality. Out of the 11 banks, only three of them were local banks. Ten other banks also earned 4-star status. With service quality as the main tool used for establishing the CIMG-CSI, the accepted cut-off point...
