Category: Banking And Finance
-
BoG issues out new directives for banks on digital financial services
The Bank of Ghana has issued a strong warning to banks and specialized deposit-taking institutions to ensure fairness and transparency in the delivery of information via digital platforms. This new directive is contained in the Disclosure and Transparency Guidelines for digital financial services and products provided by these parties. The proliferation of mobile devices and…
-
Do not take advantage of economic crisis to impose high interest rates – GHASALC cautions members
The Ghana Association of Savings and Loans Companies (GHASALC) has cautioned its members against taking advantage of the current economic crisis to impose high interest rates on loans acquired by clients. The Executive Secretary of the Association, Tweneboah Kodua Boakye, lamenting the impact of the cedi depreciation and high inflationary rates on their businesses, also…
-
Avoid issuing dud cheques, securing loans will be adversely affected – BoG
The Bank of Ghana is cautioning customers of banks who issue dud cheques to desist from that since it adversely affects their credit report and chance of securing a credit facility with any financial institution. The warning was captured as part of the Central Bank’s financial literacy program dubbed “Improving Your Credit Worthiness”. It is…
-
Deepened stakeholder collaboration needed to sanitize forex bureau sector – BoG
The Bank of Ghana is urging stakeholders within the financial sector to step up their collaborative efforts to ensure that the forex bureau sector is sanitized of all deliberate market practices that are fueling the cedi’s continuous depreciation. This, according to the Central Bank forms part of efforts to ensure the stability of the local…
-
Bank of Ghana to clamp down on forex bureaus trading illegally
The Bank of Ghana has disclosed plans to begin closing down forex bureaus flouting the laws governing foreign exchange operations. This is part of efforts meant to stop all market practices fueling the cedi’s fast depreciation. The local currency has crossed the GH¢10 to US$1 mark on the retail market. A visit by Citi Business…
-
BoG warns public against engaging services of 19 unlicensed loan providers
The Bank of Ghana has cautioned the public to desist from engaging the services of some 19 unlicensed entities engaged in the provision of loans to consumers. According to the Central Bank, the operations of the institutions are in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016. A statement, issued by the Central…
-
Full Text: Monetary Policy Committee of BoG increases key rate to 22%
The Monetary Policy Committee (MPC), today held an extraordinary meeting to review recent developments in the economy and assess risks to the outlook. The Committee took note of the increase in inflation in the month of July and heightened pressures in foreign exchange market and deliberated on the underlying drivers. A summary of the assessment…
-
Cost of credit to further go up as Bank of Ghana raises policy rate to 22%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate by 300 basis points to 22%. The increase in the key rate follows an emergency Monetary Policy Committee (MPC) meeting held by the Central Bank on August 17, 2022. It also comes at a time when the country is…
-
Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate
A global investment and research firm, Goldman Sachs, has predicted that the Bank of Ghana (BoG) will raise its policy rate by 200 basis points (bp) on Wednesday when it concludes an emergency Monetary Policy Committee (MPC) meeting called to respond to the current economic challenges. This is according to the Daily Graphic. The firm…