The Bank of Ghana (BoG) has cautioned the general public against the practice of “Money Doubling”, “Card Loading” and “Credit Card Loading Systems”. According to the central bank, these practices involving inviting members of the general public through traditional and social media outlets to deposit money with “Money Doubling”, “Card Loading” and “Credit Card Loading Systems” through various payment service...
The Bank of Ghana is calling for a regular debt management that include consistent access to domestic market with an eye on non-resident investors. According to the First Deputy Governor, Dr. Maxwell Opoku-Afari, there is the need to ensure regular access to the international capital market, the maintenance of a stable exchange rate and inflation, as well as sustained real...
A Banking consultant, Nana Otuo Acheampong, says the significant surge in the volume and value of mobile money transactions in the first 8 months of the year, should continue unabated in the last quarter of 2020. The volume and value of mobile money transactions from January to August of 2020, increased by 41 percent and 85 percent respectively, as against...
Mr Kojo Mattah, Managing Director of the Apex Bank of the Association of Rural Banks (ARB) has said despite the growth of rural banking through a rigorous sector clean-up, and an unexpected pandemic, business in the sector still picked up. He said management and boards of rural and community banks (RCBs) had been consistent in pursuing service innovation and digital...
A total of 11,545 reports have been made through government’s National Cyber Security Centre’s (NCSC) Incident Reporting Point of Contact (POC) between January and August 2020. According to the Communications Minister, Ursula Owusu-Ekuful a significant number of people have also contacted the NCSC through the POC seeking for guidance and direction in resolving cyber-crime related incidents. This was revealed in a speech read...
First Deputy Governor of the Bank of Ghana Dr Maxwell Opoku-Afari has said contrary to fears that the economy will take some time before getting back on track, data available to the Central Bank suggests that the economy is on its way to recovery. According to him, even though the country experienced a contraction in economic activities in the second...
The Bank of Ghana has warned persons trading the Ghana cedi notes and coins currently in circulation as legal tender on online platforms to desist from the illegal act. The central bank said it is the only institution with the right to issue and redeem Ghana cedi notes and coins in Ghana, according to Article 183 (1) of the 1992...
The use of cheques to make payment could witness further decline in volume, following the addition of the Automated Clearing House Direct Credit, Near Real Time payment channel. This is because the Near Real Time (NRT) payment channel offers a better and quicker alternative to cheques. The NRT payment allows corporate institutions or organisations to make single or batched payments by...
The Governor of the Bank of Ghana, Dr. Ernest Addison has justified the recent decision by government to release an amount of GHS3.56 billion in cash, to fully settle claims of depositors of defunct Microfinance companies, Savings and Loans firms and Finance Houses, instead of sticking to the original plan to pay that amount using bonds. Customers had raised concerns...
Board Chairman of COCOBOD, Hackman Owusu-Agyemang, has urged local banks and financial institutions to strategically position themselves, so they are able to fully provide the loan COCOBOD needs to purchase cocoa beans in the not too distant future. Since the 1992/1993 cocoa crop season Ghana’s cocoa sector regulator, has been signing syndicated loan facilities with the participation of a mix...
