The Bank of Ghana (BoG) has urged the general public to disregard reports suggesting that it is set to slap serious restrictions on holders of Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA). According to reports, BoG is reportedly doing this in a bid to curb the rapid depreciation of the cedi. However, in a statement released on the social...
Board of Directors of banks and financial institutions in the country have been advised to dedicate at least two of their board meetings to issues relating to cyber security. In the wake of increasing cyber security threats across the globe the Director at the Information Security Office at the Bank of Ghana, Samuel Senyo Okine, urged the board of directors...
The Bank of Ghana (BoG), on Tuesday, 25th October 2022, met with stakeholders within the foreign exchange market, including the Managing Directors of the universal banks in the country and the Association of Forex Bureau Operators to deliberate on measures to streamline, sanitise and provide clarity on the supply of forex in the country. In his opening remarks, the Governor of...
THE ARB Apex Bank has expressed worry about the impact of locked-up funds from the financial sector clean-up on the operations of rural and community banks in the country. It regretted that although a lot of work has gone into pursuing the repayment of the locked-up funds, the moves to get the monies have not been successful, a phenomenon which...
The Bank of Ghana (BoG) has reaffirmed its commitment toward small businesses, particularly those owned and led by women – noting the critical role they play in economic development. Second Deputy-Governor Elsie Addo Awadzi has said the bank is acutely aware of this segment’s contribution to the economy and the importance of technology in facilitating its growth, leading the BoG...
The Bank of Ghana has revoked the licences of two forex bureaus operating in Accra for several breaches of the Forex Bureau Act. The two companies – Trade House Forex Bureau Ltd. and Aiport City Forex Bureau Ltd. – which are under the same ownership, according to Head of Other Financial Institutions Supervision Department at the Bank of Ghana, Yaw...
With stiff application and access procedures for donor funds by banks to agribusinesses, the financial sector has been indirectly derailing growth of the agricultural sector, Chairperson of the Agribusiness Association of Ghana Industries, Fatima Alimohamed, has said. Speaking on the plenary at the 11th Ghana Economic Forum in Accra, on the topic ‘Ensuring food sustainability and security: an analytical overview of...
Ghana has been recognized as the only country that has reached maturity stage in access to financial inclusion in Africa. This was contained in this year’s State of Inclusive Instant Payment in Africa Report put together by AfricaNenda and launched at the ongoing Mobile World Congress Africa 2022 in Kigali, Rwanda. The report seeks to tell a story about all instant...
The Chief Operating Officer (COO) of UBA Ghana, Felix Ugbebor has said that ATM operations form a critical part of branding for any Bank. The UBA COO was speaking at a conference at the Movenpick Ambassador Hotel at this year’s ATM Innovation Roadshow organised by INLAKS, an Information Technology Solutions provider. The conference was under the theme, “Self Service Innovation Summit:...
The Bank of Ghana has assured Players in the financial service eco-system of its unwavering commitment to the cash-lite agenda. According to the Central Bank, it has already started collaborating with FinTech Accelerators, Technology Hubs, and has facilitated various sessions on licensing requirements, corporate governance and compliance for reporting institutions. This further demonstrates its openness and engaging attitude toward industry players. Delivering...
