As part of its financial literacy drive, the Bank of Ghana is urging the general public to be mindful of whom they guarantee loans for. The Central Bank maintains that the guarantor will be compelled to repay the loan with accrued interest if the borrower defaults in honoring the loans …
Read More »Uphold ethical standards – BoG Governor tells banking sector players
The Bank of Ghana (BoG) is urging stricter enforcement of the code of ethics regulating the banking industry. This advice according to the regulator is to limit corruption and fraud related cases in the banking sector. Banks and other financial institutions in the country lost GHS 56 million to fraud …
Read More »BoG releases list of unapproved money transfer organisations
The Bank of Ghana has cautioned the general public to desist from dealing with unapproved Money Transfer Organisations (MTOs). In a statement, the BoG said a number of these MTOs operating within the remittance and the Ghana Forex Market were without approval from it. These organisations include “LEMFI, WISE, TRANSFER …
Read More »‘It’s a worry to us’ – BoG governor on hoarding of dollars
The governor of the Bank of Ghana (BoG), Dr Ernest Addison, has expressed concern over the practice of individuals keeping large volumes of foreign currencies in their homes. Asked whether the BoG was worried over a report that the immediate past Minister of Sanitation and Water Resources Madam Cecilia Dapaah …
Read More »BoG assures of policy solvency despite DDEP-induced difficulties
The Bank of Ghana (BoG) has said it remains steadfast in its commitment to policy solvency – focusing on managing inflation and ensuring financial stability – despite challenges posed by the Domestic Debt Exchange Programme (DDEP). Director of Research-BoG, Dr. Philip Abradu-Otoo, made the assurance while insisting that there is …
Read More »BoG to shut down licensed forex bureaus flouting forex exchange laws
The Bank of Ghana intends to close down licensed forex bureaus flouting the laws governing foreign exchange operations in the country. This forms part of efforts to clamp down on illegal practices causing the free fall of the cedi. The local currency has crossed the GH¢10 to US$1 mark on …
Read More »Ghana Card to be the only accepted ID for all financial transactions from July – BoG
The Bank of Ghana (BoG) has served notice to all licenced financial institutions and the general public that effective July 1, 2022, the Ghana Card shall be the only identification card accepted for any form of banking or financial transactions in the country. According to a statement from the central …
Read More »1st Deputy BoG Governor, Maxwell Opoku-Afari’s speech at launch of cyber security awareness month [Full text]
Minister for Communications & Digitalisation Minister for Energy Selected Members of Parliament Former Ministers of State The US Ambassador, The Director-General of the National Communications Authority Ag. Director-General of the Cyber Security Authority CEOs from the Critical information Infrastructure Sectors including from the Telcos & Banks Members of the National …
Read More »BoG partners Giesecke+Devrient to pilot general-purpose digital currency in Ghana
The Bank of Ghana has join forces with Giesecke+Devrient (G+D) to pilot a general-purpose Central Bank Digital Currency (retail CBDC) in Ghana. G+D is providing the technology and developing the solution adapted to Ghana’s requirements, which will be tested in a trial phase with banks, payment service providers, merchants, consumers …
Read More »Ghana’s debt stock hits GH¢332.4 billion, debt to GDP now 76.6%
Ghana’s total public debt stock has increased once again according to new data released by the Bank of Ghana. The debt stock which ended the first quarter of 2021 at GH¢ 304.6 billion, increased by almost GH¢ 30 billion in April and May. This saw Ghana’s total public debt as …
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