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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

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    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

  • TECHNOLOGY

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

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BoG directs banks; other financial institutions to take steps to prevent spread of COVID-19

byEbenezer Afanyi Dadzie
March 16, 2020
in Banking And Finance, Top Stories
Bank of Ghana Governor, Dr. Ernest Addison.

Bank of Ghana Governor, Dr. Ernest Addison.

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The Bank of Ghana has directed all financial institutions operating in the country to take adequate steps to help curtail the spread of the coronavirus COVID-19.

Ghana has already recorded 6 cases of the disease which has killed over 6,000 people out of nearly 170,000 cases globally.

All six of Ghana’s cases have been described as imported since the individuals in question had traveled to either Europe or the USA over the past two weeks.

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The Central Bank in a statement, has asked all the institutions to ensure that all Banking Halls, Automated Teller Machines (ATMs), Counting Machines and other relevant equipment are sanitized on a regular basis.

In addition, financial institutions are to make sure their staff and customers comply with the social distancing practice, as well as ensure that critical and front line staff are provided with protective equipment and gears such as gloves, face masks among others.

“The Bank of Ghana has been following the news and developments of the outbreak of the COVID-19 Pandemic. Not only has the life threatening nature and rapid transmission of this disease been felt globally, it’s significant impact on the global economy is also being felt, especially in advance economies. Central Banks in these jurisdictions, have taken measures to mitigate the negative impact of the Pandemic.”

The regulator says it continues to assess the possible impact of the Pandemic on the domestic economy and is taking the necessary steps to mitigate its impact, to ensure financial and economic stability. The Bank’s Monetary Policy Committee, is thus scheduled to meet from Wednesday, 18th March, 2020 to Friday, 20th March, 2020.

“The Committee’s assessment of the situation and interventions shall be communicated accordingly on Monday, 23rd March, 2020. In the interim however, all Banks, Savings and Loans Companies, Finance Houses, Microfinance Institutions, Rural and Community Banks and Foreign Exchange Bureaux, are directed to activate their business continuity and disaster recovery plans proportionate to the current circumstance, and to review these plans as the situation changes.

They’re also to abide by the public notices and advisory issued by the Government of Ghana, the Ministry of Health, the Ghana Health Service and other relevant authorities, in relation to the COVID-19 Pandemic, and ensure that all electronic channels are fully functional at all times, and ATMs do not run out of cash.

The Bank also advised the general public to strongly refrain from panic withdrawals, and banks and specialized Deposit-taking Institutions, shall remain open to offer services to customers.

The Bank of Ghana says it will continue to monitor developments in relation to the economic impact of the COVID-19 Pandemic.

Ghanaian banks announce safety measures to combat COVID-19

Already, some banks in the country are deploying safety measures to check against the spread of the novel Coronavirus. Messages sent out to customers by the banks urged their clients to remain calm as they collaborate with relevant health authorities to ensure their safety.

With currency notes found to be one of the conduits for the spread of the COVID-19, Stanbic Bank in a message advised its customers to ensure they have less contact with banknotes while admonishing the use of digital channels.

According to Ecobank, “It is collaborating with key health agencies on COVID-19 to ensure your safety while you do business with us”.

The National Investment Bank (NIB) also told its clients like many other companies that it is taking the necessary steps to ensure their safety.

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Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)
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VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

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