Category: Banking And Finance
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New Ghana cedi denominations could cause inflation- Economist warns
Financial Economist, Dr. Lord Mensah, has stated that the introduction of the new Ghana Cedi notes by the Bank of Ghana, is likely to increase the prices of goods and lead to inflation. “For me, I think it has the tendency of causing inflation because anytime you are pricing, you will look for the minimum…
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New GH¢100, GH¢200 notes will not be available in ATMs — Bank of Ghana
The Bank of Ghana says the new GH¢100 and GH¢200 notes to be issued will be limited in circulation as it will be restricted to high-value transactions and will not be dispensed by ATMs. The central bank in justifying its decision to introduce the higher denominations explained that the structure of banknotes denomination has changed…
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Bank of Ghana introduces new Ghc200, Ghc100 notes
The Bank of Ghana has introduced GH¢100 and GH¢200 notes to the country’s currency denomination mix. It has also introduced a GH¢2 coin. This was announced by the Governor of the Central Bank, Dr. Ernest Addison at a press conference in Accra on Friday. Explaining the rationale for these new denominations, the Governor said the…
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ADB wins Best Cocoa Financing Institution Award
The Agricultural Development Bank Limited (ADB) has been adjudged the best Cocoa Financing Institution at the maiden Ghana Cocoa Awards (GCA). The award was in recognition of the Bank’s contribution as a pioneer in financing the cocoa sector and also taking banking closer to Cocoa Farmers across the country. At the awards held at the Movenpick…
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BoG directs fintechs and MoMo operators to acquire license by June 2020
The Bank of Ghana has said companies engaged in online or digital transactions including Mobile Money Operators and fintechs, have up to June 2020 to acquire their licenses to enable them operate in the electronic payment space. The acquisition of the license by these companies is one of the requirements in the Payment Systems and…
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Banks sign ‘Sustainable Banking Principles’ to invest in environmentally friendly projects
Banks in the country have signed the Sustainable Banking Principles and Sector Guidance Notes that binds them to strictly invest only in environmentally friendly projects. Per the principles, banks in Ghana can reject investment in areas that may promote environmental degradation and pollution. Speaking at the launch of the guidelines, the Vice President, Dr. Mahamudu…
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Ghanaians confident in banks; but trust in Savings & Loans, Microfinance firms low – Survey
Ghanaians remain confident in banks despite the finance sector crisis and subsequent clean-up over the last two years. The story is however different for Savings and Loan companies and Microfinance companies, which are largely considered unsafe. According to a recent AfroBarometer survey, 58 percent of Ghanaians feel banks are a very safe place to keep…
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BoG to consider introduction of E-Cedi to boost digital transactions in future
The Bank of Ghana has announced plans to introduce an electronic currency, E-Cedi, in the near future to enhance digital financial services in the country. According to a report by the Bank of Ghana, digital transactions such as mobile money keeps increasing in the country, while the value of cheques issued by commercial banks keeps…
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BoG to scrutinize salaries of bank CEOs and compensations of boards
The Bank of Ghana (BoG), has served notice that it will soon scrutinize the salaries of Chief Executive Officers and compensations for boards of all banks in the country. The move according to the central bank is aimed at cutting down on the huge salaries of Managing Directors who are not performing to satisfaction. Reacting…
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Banking sector clean-up gradually restoring confidence – stakeholders
Some stakeholders in the financial sector say banking sector clean-up carried out by the Central Bank is gradually yielding positive results. Although there have been several arguments for and against the manner in which the exercise was done, some insist the clean-up was necessary to build a robust financial system. The shakeup in the financial…