Tag: Bank of Ghana
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Ghana’s debt stock hits GH¢332 billion, debt to GDP now 76.6%
Ghana’s total public debt stock has increased once again according to new data released by the Bank of Ghana. The debt stock which ended the first quarter of 2021 at GH¢ 304.6 billion, increased by almost GH¢ 30 billion in April and May. This saw Ghana’s total public debt as of the end of May…
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You won’t lose your funds – BoG assures dormant account owners
The Bank of Ghana has debunked claims making rounds on social media that persons with dormant accounts will lose their funds if the accounts are moved to the Bank of Ghana after a period of inactivity. These claims come on the back of a recent directive issued by the Central Bank on unclaimed balances &…
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Piloting of digital currency in Ghana to begin in September 2021 – BoG
Ghana is set to commence the piloting of its electronic currency by September this year. This was disclosed by the First Deputy Governor of the Bank of Ghana, Maxwell Opoku-Afari. According to him, the introduction of the Central Bank’s Digital Currency (CBDC) is crucial as the pandemic has quickened the drive towards a cash-lite economy…
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Bank of Ghana still working to introduce digital currency – Deputy Governor
Plans are far advanced for the Bank of Ghana to introduce a digital currency, according to a Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi. Last month, the central bank announced plans to start a three-phased pilot of the currency to determine its feasibility and subsequent circulation. Speaking to the media at a…
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Bank of Ghana issues new directives on handling of captured ATM cards
Regulated Financial Institutions have been directed by the Bank of Ghana to among other things ensure that the replacement of ATM cards captured by Automated Teller Machines, due to technical issues among others, is done for free. This was contained in a document issued by the central bank on how payment cards captured in Automated…
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BoG urges companies to uphold corporate governance practices
Governor of the Bank of Ghana, Dr. Ernest Addison, has reiterated the need for the financial sector to uphold good corporate governance practices to enhance efficiency. According to him, corporate governance plays an important role in the financial sector as it helps to create a strong banking sector and enhance their financial intermediary role in…
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Banking sector cleanup: Allow the law to take its course – BoG Governor urges Parliament
The Governor of the Bank of Ghana, Dr. Ernest Addison, has asked Parliament to allow the law to take its course in the ongoing legal tussle regarding the revocation of licences of some financial institutions in the country. While the government has issued criminal proceedings against some shareholders of financial institutions whose licences were revoked,…
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BoG must sanction banks that flout new directives on fees and charges – Banking Consultant
A Banking consultant, Dr. Akwasi Atuahene, has called on the Bank of Ghana to take action against financial institutions that fail to implement its new directives to stop deducting some charges and fees on the accounts of customers. The Central Bank in a statement on Friday, June 18, 2021, directed banks and Specialized Deposit-Taking institutions…
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BoG abolishes bank charges on savings account and other ‘unfair’ fees
The Bank of Ghana has directed banks and Specialized Deposit-Taking institutions to desist from charging some fees and charges, as well engaging in some practices it describes as unfair to the banking populace. The fees and charges, and practices identified by the central bank as unfair include, Credit Insurance Premium Overcharges, Maintenance Fees on Savings…
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Bank of Ghana launches domestic gold purchasing programme to boost reserves
In its quest to shore up its reserves, the Bank of Ghana will in the coming days start purchasing gold from the local markets. This is according to the Governor of the Bank of Ghana, Dr. Ernest Addison. Speaking at an event to launch the Bank of Ghana’s Domestic Gold Purchase Programme, Dr. Addison explained…