Tag: Bank of Ghana
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BoG warns against fraudulent money doubling scheme dubbed ‘Worldremit’
The Bank of Ghana is cautioning the general public against the patronage of a money-doubling scheme operating in Ghana under the pseudo name “Worldremit”. According to the Central Bank, “this fraudulent scheme is distinct from the globally renowned Fintech, “WorldRemit” which is in the business of international fund transfers”. The central bank explained that the fraudulent…
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Comply with consumer protection policies – BoG to banks
Governor of the Bank of Ghana, Dr. Ernest Addison, is asking banks in the country to comply with the consumer protection policy governing the sector. This forms part of the Central Bank’s effort to ensure the comfort and safety of consumers are well attended to. Section 3 of the Banks and Specialized Deposits-Taking Institutions Act…
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BoG establishes Financial Industry Security Operating Centre to reduce cyber fraud
Bank of Ghana is seeking to significantly reduce Automatic Teller Machine (ATM) and cyber-related fraud with the setting up of a Financial Industry Security Operating Centre, to ensure a safer cyberspace for the banking sector in Ghana. The assurance follows a rise in the number and value of ATM fraud cases and other types of…
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Ghanaians to use more coins as BoG plans to phase out GH¢1 and GH¢2 notes
The GH¢1 and GH¢2 notes will soon be phased out of the Ghanaian economy. This was made known by the Governor of the Central Bank, Dr, Ernest Addison on Monday, September 27, 2021. Dr. Addison said the two notes which are usually not in good shape will be replaced by their respective coins. “The GH¢1…
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BoG maintains policy rate at 13.5% for third time
The Monetary Policy Committee of the Bank of Ghana (BoG) has maintained the policy rate at 13.5%. The policy rate is the rate at which the Central Bank lends to commercial banks in the country. Addressing a press conference after the 102nd MPC meeting on Monday, September 27, the Governor of the Bank of Ghana…
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Ghana’s debt stock hits GH¢336 billion; debt-to-GDP ratio now 76.4% – BoG
Latest figures released by the Bank of Ghana indicate that in two months, the country’s public debt stock has increased by GH¢3.5 billion. By this, Ghana’s total public debt stock increased from about GH¢332 billion in May 2021 to about GHC336 billion in July 2021. According to the latest Bank of Ghana’s Summary of Macroeconomic…
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BoG likely to maintain policy rate at 13.5% – Economist
Economist with Databank, Courage Martey is projecting an unchanged Policy Rate of 13.5% by the Bank of Ghana. The Monetary Policy Committee (MPC) of the Central Bank on Wednesday 22nd September, 2021 began holding its 102nd meeting to review developments in the economy. In an interview with Citi Business News on his expectations, Courage Martey said…
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Impose 5 percentage points ceiling on lending rates – IEA to BoG
The Institute of Economic Affairs (IEA) has called on the Monetary Policy Committee of the Bank of Ghana to impose a ceiling of 5 percentage points on the spread of lending rates on banks. This follows the recent call by President Nana Akufo-Addo on the Bank of Ghana to address the problem of high lending…
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Prof. Quartey cautions against a return to ‘dark days of banking’ in Ghana
Economist and Director at the Institute of Statistical, Social and Economic Research (ISSER), Prof. Peter Quartey has cautioned against a return to the dark days of the banking industry in Ghana. According to him, the new board of the Bank of Ghana should among other things continuously assess the soundness of the industry to ensure…
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1st Deputy BoG Governor proposes strategies to propel economic recovery
The First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari has prescribed a number of remedies to aid the recovery of the local economy following the Covid-19 pandemic. Addressing a public lecture organised by the University of Ghana Business School Under the theme, “Re-Thinking Development Finance: Macroeconomic Management When The Love is Gone,”…