Tag: Bank of Ghana
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BoG threatens 3-year ban for persons consistently issuing dud cheques
The Bank of Ghana says it will ban customers caught issuing dud cheques for three consecutive times, from accessing new credit facilities from the banking system for a period of up to three (3) years. This was contained in a notice from the Central Bank to Banks, Specialised Deposit-Taking Institutions (SDIs) and the Public, communicating…
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BoG issues directive on dormant and unclaimed accounts
The Bank of Ghana has issued a directive on unclaimed balances & dormant accounts for banks and specialized deposit-taking institutions. The directive seeks to ensure that balances in accounts that have been left unattended to for over a period of time are managed under a special account. The account is referred to as the dormant…
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Bank of Ghana, EMTECH launches new regulatory sandbox to promote FinTechs
In line with its commitment to develop an enabling and inclusive regulatory environment that promotes FinTechs and support innovation, the Bank of Ghana in partnership with EMTECH Service LLC, has launched a regulatory and innovation sandbox pilot. According to the Central Bank, the regulatory and innovation sandbox is a supportive and controlled policy environment that…
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Services sector maintains dominance in 2020 third quarter – BoG report
New data released by the Bank of Ghana on developments within the labour market indicates that the Services Sector has maintained its dominance as the leading job-providing sector in the economy, accounting for 80.2 percent of total job adverts recorded during the third quarter of 2020. This compares with a share of 82.2 percent recorded…
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BoG’s indices show boost in economy’s real sector
Latest data released by the Bank of Ghana indicate that some selected real sector pointers showed progress in economic activity during the third quarter of 2020 when compared with trends observed during the same period in 2019. The relative pick-up in real sector activities was mainly due to a gradual recovery from the adverse effects…
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BoG’s support for banks may reduce in 2021 – Banking Consultant
The amount of credit from the Bank of Ghana to the 23 universal banks in the country should reduce this year when compared to credit advanced to the banks in 2020. The amount of money advanced to banks from the Central bank throughout the period when the Coronavirus was at its height was about GHS2.6…
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Central Bank urged to enhance its supervisory role
Stakeholders within the governance sector have charged the Bank of Ghana to improve on its supervisory role to reduce the risk of another financial sector collapse and ensure prudential standards are strictly been followed. According to them, this will enable the Banking and Special Deposit Taking Institutions sectors as well as other banks to remain…
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Foreign inflows and BoG measures will see cedi depreciate by 4% in 2021 – Economist
Renewed inflow of foreign portfolio investment coupled with some measures by the Bank of Ghana such as the forex forward auctions should see the Cedi depreciate marginally by about 4 percent for all of 2021. That’s according to an economist with Databank Courage Martey. After depreciating by more than 8 percent and 12 percent against…
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Monetary Policy Rate maintained at 14.5% for fifth time
In its quest to review developments in the economy and take the necessary steps to ensure financial and economic stability, the Monetary Policy Committee of the Bank of Ghana has maintained the policy rate at 14.5 percent. This is the fifth time the Central Bank has maintained the policy rate at 14.5 percent. In a…
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Akufo-Addo renews tenure of BoG Governor, Dr. Ernest Addison
The tenure of the Governor of the Bank of Ghana, Dr. Ernest Addison has been renewed by President Nana Akufo-Addo for another four years. His current tenure which begun on 1st April 2017 will end at the end of March 2021. According to Citi Business News sources at the Central Bank, President Akufo-Addo has given…