Articles
26Aug

Prioritise cybersecurity to build trust and confidence among consumers – Financial institutions advised

Financial institutions and other allied organisations have been charged to prioritise cybersecurity since cyber-attacks if not curtail could erode trust and confidence in those institutions. According to the Chief Enablement Officer of ABSA Bank, Ebo Richardson, institutions should rank cybersecurity same as they do with the other important indicators such as liquidity and Non-Performing Loans. Speaking at the Joy Business Innovare...

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26Aug

Interest rates on a downward spree – BoG Report

Interest rates have assumed a downward spree for short-dated instruments since the year begun, the Bank of Ghana has revealed in its latest Monetary and Financial Developments. According to the Central Bank, the 91-day and 182-day Treasury bill rates declined to 12.65% and 13.40% respectively in June 2021 from 13.97% and 14.02% respectively, in June 2020. Similarly, the rate on...

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26Aug

BoG upbeat on inflation outlook despite fiscal risk

The Bank of Ghana in its latest inflation outlook has confidently forecasted headline inflation to remain within the medium-term target band of 8±2 percent despite it inching up in the past two months, but has expressed concern about risk from the fiscal side. Domestic price pressures moderated during the second quarter of 2021, causing headline inflation to decline significantly from...

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26Aug

It’s wrong for Policy Rate to be 13.5%, while lending rates are 21%+ – Akufo-Addo

The debate on high lending rates will not vanish anytime soon, as President Nana Akufo-Addo has tasked the newly constituted Board of the Bank of Ghana to work around the clock and bring down the cost of credit in the country. Cost of borrowing is very high in Ghana and places the nation among countries in Sub-Saharan Africa with expensive...

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26Aug

Prof. Eric Osei Assibey, Angela Kyerematen-Jimoh join new BoG Board

President Akufo-Addo has sworn in Senior Lecturer at the Department of Economics of the University of Ghana, Professor Eric Osei Assibey and Executive Director/Regional Head for IBM North, East and West Africa, Angela Kyerematen-Jimoh, as new members of the reconstituted Governing Board of the Bank of Ghana (BoG). The swearing-in ceremony was held at the Jubilee House on Friday 20th...

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26Aug

We’ll reject audit reports that don’t meet Act 929 requirements – SEC

The Securities and Exchange Commission (SEC) has said it will reject any audit report from SEC-licensed institutions if they do not follow the requirements of Act 929. SEC said in a statement that it “shall not accept any 2021 audited financial statements due to be published in 2022 that does not meet the requirements prescribed under Act 929”. It said “issuers...

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26Aug

We’re committed to pursuing prudent monetary policies to consolidate gains – Governor

The Governor of the Bank of Ghana, Dr. Ernest Addison has pledged his outfit’s commitment to pursue prudent monetary policies to consolidate the gains made in the last four years to support the ongoing transformation agenda of the Government. According to him, the previous Board and Management of the Central Bank have taken very important decisions that have shaped the...

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26Aug

Major boost for domestic cards

Efforts to see increased usage of domestic scheme cards are yielding results, as about 17 universal banks now issue the cards to their customers. The Bank of Ghana and three savings and loans companies also issue the cards, according to the Ghana Interbank Payment and Settlement Systems (GhIPSS). The domestic scheme cards are cards issued by banks locally, and the...

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26Aug

Banking fraud cases hit ¢1bn in 2020 – BoG

The Total Value of reported fraud cases in the banking industry witnessed substantial increase last year to hit ¢1.0 billion, data from the Bank of Ghana has revealed. This is compared to ¢115.51million recorded in 2019. According to the Central Bank, the notable increase in the value reported was as a result of high values recorded in attempted correspondent banking fraud...

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26Aug

BoG wins arbitration against Sibton Switch Systems

The Bank of Ghana has won an arbitration brought against it by Sibton Switch Systems Limited (“Sibton Switch”) regarding the termination of the Master Agreement for the Ghana Retail Payment Systems Infrastructure in 2017. Per the ruling by a Tribunal constituted under the auspices of the London International Court of Arbitration (LCIA), Sibton Switch has been ordered to make a...

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