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    Private sector critical to renewable energy target- sector ministry

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    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

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    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

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

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    Private sector critical to renewable energy target- sector ministry

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

    Gov’t must invest more resources into agriculture sector – Agribusiness Chamber

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

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

    Farmers worried about possible unfair distribution of MoFA machines

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    Our cars to sell for cheaper soon- locally assembled automobile companies

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

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    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

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

  • TECHNOLOGY

    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

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

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    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

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

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BoG wins $478M arbitration against Sibton Switch

byDelali Adogla-Bessa
August 26, 2021
in News, Top Stories
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The Bank of Ghana has won an international arbitration of $478million against Sibton Switch Limited.

The case at the London International Court of Arbitration (LCIA) also saw Sibton Switch being ordered to make a substantial payment to the Bank in respect of its legal fees and costs of the arbitration.

According to a Bank of Ghana statement, its Governor, Dr. Ernest Addison, said he was pleased with the favourable outcome for the Bank in these proceedings, and for the billions of Ghana Cedis saved.

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Sibton Switch took Ghana’s Central Bank to the court in relation to the termination of the Master Agreement for the Ghana Retail Payment Systems Infrastructure in 2017 by the bank.

Sibton Switch Systems was earlier awarded a contract to enhance interoperability in mobile money transactions across telecom networks by the Bank of Ghana at the cost of GHS 4.6 billion.

The company defended the amount insisting that it was value for money.

But following public uproar, the contract was abrogated and handed over to the Ghana Interbank Payment and Settlement Systems (GhIPSS) at a drastically reduced cost.

In reviewing the contract, the Bank of Ghana reached the conclusion that “Sibton had neither acquired the licence nor fulfilled the condition precedent for the effectiveness of the rights and obligations of the parties.”

The central bank also noted that the tender price of Sibton Switch was 33 times more expensive than the next most expensive bid.

The mobile money interoperability platform was subsequently launched in May 2018.

During the arbitration, the Arbitral Panel made an interim award in favour of the Bank of Ghana, requiring Sibton Switch to make an interim award payment for the security of costs by July 2019.

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