The use of GhQR is expected to experience significant growth as the number of institutions going live with it increases to 15. It comprises 11 financial institutions and four payment service providers. GhQR was launched last year, adding to existing electronic payment channels as part of the larger cash-lite agenda. The payment service enables customers to scan displayed QR codes...
The amount of credit from the Bank of Ghana to the 23 universal banks in the country should reduce this year when compared to credit advanced to the banks in 2020. The amount of money advanced to banks from the Central bank throughout the period when the Coronavirus was at its height was about GHS2.6 billion as of October 2020. This...
The World Bank has noted that many poor population segments tend to be excluded from financial services, including credit, savings, insurance, and e-payments or mobile money. The World Bank said Financial Inclusion, through the use of savings groups, formal banking services, microcredit, government-to-person payments has the potential to improve resilience and opportunities for the extreme poor and the vulnerable, particularly women....
Stakeholders within the governance sector have charged the Bank of Ghana to improve on its supervisory role to reduce the risk of another financial sector collapse and ensure prudential standards are strictly been followed. According to them, this will enable the Banking and Special Deposit Taking Institutions sectors as well as other banks to remain resilient, inclusive and supportive of...
As the Governor of the Bank of Ghana Dr. Ernest Addison prepares to start his second term from April 1, 2021, as leader of the Central Bank, he is being called upon to dedicate time and resources to ensure that all persons behind the collapse of about 9 indigenous banks are prosecuted. Since 2017 banks such as UT Bank, Bank,...
… depreciates against pounds sterling While the cedi continue to respond positively to measures introduced by the central bank to cushion it from sharp depreciation against the dollar, it seems those measures do not apply to its trading with the pound sterling, as the data shows it is losing its strength against the British currency. Using the Bank of Ghana’s interbank...
Inflation for the month of January 2021 has dropped to 9.9%, the Ghana Statistical Service has disclosed. The GSS also said national month-on-month inflation from December 2020 to January 2021 was 0.9%. In its latest Consumer Price Index, the Government Statistician said January 2021 recorded the same year-on-year inflation as was recorded on average in 2020 which is 9.9%. Overall, the month-on-month...
Currency outside banks grew slightly better in the final quarter of last year particularly in the month of November 202, data from the Bank of Ghana has revealed. It meant more notes and coins were in circulation amongst households and businesses during the final quarter of last year to stimulate spending, and consequently economic growth. The increase money supply may...
Consumer and business confidence in the Ghanaian economy continues to soar in spite of the difficult macroeconomic challenges facing the country, the Bank of Ghana (BoG) has said. Governor of the BoG, Dr Ernest Addison who disclosed this in a press statement on the 98th meeting of the Monetary Policy Committee (MPC) of the BoG on Monday to announce a new...
According to Databank Research, the mid-year rate of the local currency to the dollar would however be GH¢6.04. “The Ghana cedi appears well supported for another year of relative stability but not without pressure points. We forecast full year 2021 depreciation range of 3.02 per cent – 6.18 per cent,” it said in its 2021 Economic Outlook Report. Factors that could...
