As a consequence of a two-day working visit of the President Nana Akufo-Addo to Brussels, Belgium, on 19 and 20 May 2021, the European Commission has announced its decision to remove Ghana from the list of countries that are deficient in anti-money laundering and terrorism financing, the acting Director of Communication at the Presidency, Mr Eugene Arhin has announced...
Finance Minister, Ken Ofori-Atta has assured that the establishment of the Development Bank Ghana (DBG) will see a reduction in interest rates for Ghanaian businesses. This comes barely a day after the Ministry of Finance and the European Investment Bank signed an agreement for the provision of a €170 million facility for the establishment of the new national bank. Speaking at a press...
…but retain confidence in a stable cedi over the next one month The most recent forward foreign exchange auction, conducted by the Bank of Ghana on Tuesday, once again reaffirmed the confidence of foreign exchange users and their banks who bid on their behalf that the cedi’s exchange rate against the United States dollar will remain stable over the next...
The central bank has issued guidelines for Rural and Community Banks (RCBs), focused on de-risking that sector of the banking system. According to bank, the guidelines, issued last week, have been designed to provide a framework within which regulated RCBs will establish and embed a culture of risk management in their institutions. Additionally, they will ensure that RCBs have a structured...
The volume of electronic payment transactions processed by the Ghana Interbank Payment and Settlement Systems (GhIPSS) saw a huge jump in the first quarter of this year compared to the same period last year. The volume went up by 120 percent – from 13.1 million in the first quarter of 2020 to 28.8 million over the same period this year,...
Banks will soon adopt only the National Identification card as the primary source of documentation for banking transactions. This follows discussions between the banks, represented by the Ghana Association of Bankers, the National Identification Authority and the Bank of Ghana. The discussion is said to have reached an advanced stage and a roadmap on when to use the National ID...
Prudential Bank has established a state-of-the-art Customer Experience Centre in Accra. The establishment of the centre provides the bank with real-time engagement with its numerous cherished customers across the country during and outside official banking hours. The 18-hour a-day Customer Experience Centre complements the bank’s self-service electronic platforms and thus marks a timely response to the demands of today’s customers to...
The local currency continues to maintain its good form over major trading currencies, as data shows it has – for the first time in memorable history – recorded no loss in value for five continuous months against the US dollar: a feat that can be attributed to prudent currency management by the Bank of Ghana. According to the daily interbank...
The ECOWAS Bank for Investment and Development (EBID), has granted a 50 million USD facility to the Consolidated Bank Ghana Limited (CBG) to support Ghana’s road infrastructure development. The President and Chairman of the Board of Directors of EBID, Dr. George Agyekum Donkor, and the Managing Director of CBG, Mr. Daniel Wilson Addo, signed the deal at the Head Office...
The First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari has stated that resetting Ghana’s economy back to resilience would be a gradual process over the next two or three years. According to him, this would require the collective and collaborative support, of both the private and public sectors. Outlining some short-term strategies to reset Ghana’s economy, at the...
