Zeepay Ghana Limited has initiated discussions with the Bank of Ghana to resolve the suspension of its forex license. Last week, the Central Bank says it has temporarily suspended the forex licence of Zeepay Ghana for failing to use the average interbank exchange rate published by the Ghana Association of …
Read More »Ghana Cedi now selling at GH₵11.56 against a dollar for the month of November 2023 – BoG report
The November 2023 Summary of Economic and Financial Data by the Bank of Ghana has put the depreciation of Ghana’s currency – the cedi – at 25.8% as of November 2023. Per the data, the cedi had remained relatively stable between March and September 2023, selling at GHS 11.01 and …
Read More »BoG fines and suspends forex license of Zeepay Ghana
The Bank of Ghana has fined Zeepay Ghana Limited for failing to use the average interbank exchange rate published by the Ghana Association of Banks and the Bank of Ghana for the conversion of settlement funds into the local currency. This development was captured in a statement issued by the …
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 »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 »BoG to unwind countercyclical measures in financial sector – Governor
Dr Ernest Addison, Governor of the Bank of Ghana has hinted of plans to undo all countercyclical measures implemented in the financial sector due to the COVID-19 pandemic to allow for the proper functioning of the system. He has, therefore, charged banks to remain vigilant, upgrade staff capabilities and improve …
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