Tag: Bank of Ghana
-
Banks decrease minimum deposit required to open current accounts – BoG report
A survey of bank charges by the Bank of Ghana for the first quarter 2021 has revealed that the individuals would need at least GHS10 and not more than GHS100 to open a current account with a bank in Ghana. Analysis conducted by Citi Business News on banks’ charges for the second quarter of 2020,…
-
CalBank has lowest average lending rate in Ghana – BoG
As average lending rates across Universal Banks continue to drop in the country, albeit marginally, some banks appear to have far lower average lending rates compared to their peers. In the past year, the country’s monetary policy rate, which informs the rate at which financial institutions lend to consumers and businesses, dropped from 14.5% in…
-
Reported value of fraud against Banks & SDIs hits GH¢1 billion
The reported value of fraud recorded by Banks and Specialized Deposit-Taking Institutions in Ghana in 2020 was about GH¢1 billion. This represents an increase of over 750 percent when compared to the reported value of fraud recorded in 2019, which stood at about GH¢115 million. That’s according to the Bank of Ghana’s Banks & SDI…
-
BoG wins $478M arbitration against Sibton Switch
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…
-
Resolve high interest rate concerns – Akufo-Addo urges new BoG board
President Nana Akufo-Addo has charged the new board of the Bank of Ghana to interrogate the issue of high interest rates in the country. According to the President, a low interest rate for businesses in the country is critical for ensuring that Ghanaian businesses become and stay competitive. The President made the remarks at the…
-
Prof. Eric Osei Assibey, Angela Kyerematen-Jimoh join new BoG Board
President Akufo-Addo has sworn in Senior Lecturer at the Department of Economics of the University of Ghana, Professor Eric Osei Assibey and Executive Director/Regional Head for IBM North, East and West Africa, Angela Kyerematen-Jimoh, as new members of the reconstituted Governing Board of the Bank of Ghana (BoG). The swearing-in ceremony was held at the…
-
Food prices likely to drop by end of August – Esoko Ghana
After several weeks of increases in food prices on the market, consumers should expect some stability and price reductions by the end of this month, August 2021. This prediction was made by commodity analyst, Esoko Ghana. The consistent increases in food prices over the past weeks have left many households and businesses worried. In an…
-
BoG intensifies preparations ahead of use of digital currency
The Bank of Ghana says it will by September 2021 begin the pilot phase for the first digital currency known as the ‘e-Cedi’ in the country. Also known as the Central Bank Digital Currency, it is expected to operate in a sandbox in the interim before its introduction to the general public as legal tender…
-
BoG partners Giesecke+Devrient to pilot digital currency in Ghana
The Bank of Ghana has join forces with Giesecke+Devrient (G+D) to pilot a general-purpose Central Bank Digital Currency (retail CBDC) in Ghana. G+D is providing the technology and developing the solution adapted to Ghana’s requirements, which will be tested in a trial phase with banks, payment service providers, merchants, consumers and other relevant stakeholders. To…
-
Bank of Ghana revises mergers and acquisitions directive
The Bank of Ghana still reserves the sole right to approve any merger, acquisition or transfer of shares and stakes in any regulated financial institution. This is according to the new directives on Mergers and Acquisitions issued by the Central Bank. Under the new set of directives, the Bank of Ghana draws heavily on its…