Economist and Director at the Institute of Statistical, Social and Economic Research (ISSER), Prof. Peter Quartey has urged the new board of the Bank of Ghana to among other things strengthen the Central Bank’s enforcement and regulatory mechanisms. This follows the swearing-in of the board and a call by President Nana Akufo-Addo for the board to interrogate and resolve the...
This was largely driven by the food sub-sector which contributed 47 per cent to overall inflation. This was followed by the transport sub-sector which also contributed 14.3 per cent. The Government Statistician, Professor Samuel Annim, who announced the figures at a press conference in Accra on Wednesday said “more than three-quarters of the rate of inflation recorded in July 2021 was...
Mr Eli Hini, Chief Executive Officer of Mobile Money Limited, a subsidiary of MTN Ghana, has advised stakeholders in the digital financial ecosystem to allocate more resources towards customer education to eradicate mobile money fraud. Mr Eli Hini, Chief Executive Officer of Mobile Money Limited, MTN Ghana He said education would provide customers with the...
Value of transactions hit GH¢89bnOthers stand at GH¢26bn The mobile money platform has solidified its position as the most widely used and accepted payment system in the country, as data from the Bank of Ghana shows its transactional value is bigger than all the others combined. According to the Summary of Economic and Financial report (July 2021), the mobile money payment platform has hit...
The establishment of the Development Bank Ghana (DBG) will see micro, small and medium-scale enterprises (MSMEs) being able to access cheap but long-term loans with tenors of 5 years, 7 years, or even 15 years to finance their businesses. These loans will be at commercial but competitive interest rates (lower rates) agreed up by the government with the existing commercial...
The Bank of Ghana and the Monetary Authority of Singapore are creating a Financial Trust Corridor (FTC) – a dedicated ecosystem – for mutual recognition and closer relationships between businesses, including Small and Medium Scale enterprises (SMEs), and financial institutions on the platform. The FTC will comprise of a governance framework and digital infrastructure for banks and financial technology companies...
The Ministry of Finance has commenced work on developing a performance framework for some key state financial sector players in the country. Minister of State at the Ministry of Finance, Charles Adu Boahen, said this is to allow the Ministry monitor the performance of these agencies on a regular basis to ensure that they assist in policy formation . He announced...
First Deoputy Governor of the Bank of Ghana Dr Maxwell Opoku-Afari has noted that the critical role of Small and Medium Scale Enterprises (SMEs) in the Ghanaian economy is incontrovertible and the need to support them to contribute meaningfully to the national development agenda has been unanimously established at this forum. With a stack of foundational infrastructure currently in place,...
The Bank of Ghana is “one of the most secure central banks in Africa, as far as technology is concerned”, the CEO of Intercom Programming & Manufacturing Company Limited (IPMC), Mr Amardeep S Hari, has said. Speaking in separate interviews with Accra100.5FM’s Ghana Yensom and Class91.3FM’s Class Morning Show about plans by Ghana to introduce a BoG-backed digital currency, Mr...
Even though the rollout of the mobile money platform since a decade ago has been largely successful, as it has widely gained acceptance, most transactions are still cash driven, a situation Bank of Ghana’s Director and Head of Payment Systems, Dr. Settor Amediku, says requires more collaboration of both the regulator and players to improve on. Speaking on behalf of...
