The Bank of Ghana (BoG) has expressed concern about the continuous “sluggishness in new lending by banks,” stating that the development risked undermining the growth momentum currently enjoyed by the economy. In a statement issued on July 26 to announce the decision of the Monetary Policy Committee (MPC), the bank said the lag in credit disbursement in the first half...
Commissioner of Insurance, Dr. Justice Ofori has encouraged mobile money agents to consider getting insurance following the growing incidence of attacks in their line of work. The Mobile Money Agents Association of Ghana has in recent times expressed concern over the incessant robbery attacks on agents, saying their line of business is currently one of the riskiest. In an interview with Citi...
The Ghanaian currency is just one pesewa away from hitting ¢6 to a dollar. According to the Bank of Ghana’s official trading platform, the dollar is now selling at ¢5.99, which is almost 1% appreciation to the cedi. However, the forex bureaux are selling the local currency at ¢6.01 plus. Some actually began selling a dollar for ¢6.00 about a month...
The Bank of Ghana has directed telecommunications companies, financial technology companies, mobile money operators, utility providers, among other organisations to provide information on the credit behaviour of borrowers to curb risk associated with lending. Other organisations required to also provide information about their clients to the Credit Reporting System (CRS) database include retailers; government institutions that offer credit to MSMEs;...
The Ghana Stock Exchange (GSE) continued its bullish performance in July with the year-to-date return of 39.95 per cent. The market indices closed the month of July trading session with an increase in the Ghana Stock Index (GSE-CI) by 73.63 points, CDH Securities Limited said in its July Stock Summary Analysis of the performance of the Accra bourse. CDH Securities Limited...
The GhIPSS 2021 half year performance report has shown that the GhQR and other new electronic services have started making gains. These electronic channels, including GhQR, ACH Direct Credit Near Real Time, GIP Debit pull, and Proxy Pay introduced by Ghana Interbank Payment and Settlement Systems (GhIPSS) cumulatively recorded 358,000 transactions in the first half of the year, representing 0.51...
Vice President Dr Mahamudu Bawumia says it is time African governments embrace digital currency (bitcoin) to facilitate trade and enhance other productive sectors of their economies. He, therefore, lauded the Bank of Ghana’s decision to pilot digital currency later this year towards its nationwide roll-out in the near future, saying that it would give it the needed credibility and legal...
The Bank of Ghana’s Monetary Policy Committee (MPC) has maintained the policy rate at 13.5 percent. The Committee said this is because its assessment showed that the risks to inflation and growth were broadly balanced. The committee announced this in a press statement on Monday, 26 July 2021. The next MPC meeting is scheduled for September 22 - 24, 2021. The meeting will...
The business community in Ghana is not enthused about the decision of the Bank of Ghana (BoG) to keep the policy rate at 13.5 per cent. The central bank’s Monetary Policy Committee (MPC) maintained the policy rate at 13.5 per cent at its meeting on Monday, 26 July 2021. The committee said this is because its assessment showed that the risks...
President Akufo Addo has re-appointed First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari for a second term. He is expected to serve for the next four years. His first term is expected to expire on 7th August, 2021 Dr. Opoku-Afari has been instrumental in supporting the governor, Dr. Ernest Addison on some monetary reforms undertaken at the Central...
