Tag: Bank of Ghana
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Finance Minister urges businesses to be innovative to benefit from AfCFTA
Finance Minister, Ken Ofori-Atta, has advised private sector businesses to be innovative in their operations to enable them expand beyond the borders of Ghana. He says this is not only necessary for sustainability but also to help them to benefit adequately from the Africa Continental Free Trade Area (AfCFTA). Delivering the keynote address at the…
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Educate public on deposit protection scheme – Otuo Acheampong to banks
Banking Consultant, Nana Otuo Acheampong has called on financial institutions in the country to prioritize educating the public on the deposit protection scheme. According to him, this will ensure its success as well as increase the confidence of customers in the banking sector. The Ghana Deposit Protection Insurance Scheme was established to protect insured depositors…
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Bank of Ghana presented with Central Bank of the Year Award
The Bank of Ghana has been presented with the prestigious Central Bank of the Year Award by the Central Banking Awards Committee. The award follows the bank’s successful implementation of monetary policy and impressive achievement in reforming the banking sector in Ghana. A statement issued by the Central Bank stated that, “the usual awards dinner…
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BoG to introduce new policies to boost financial sector confidence
The Bank of Ghana has announced that it is set to introduce new policies to ensure that the Banking and Special Deposit Taking Institutions sectors remain resilient, inclusive and supportive of Ghana’s economic growth trajectory. According to the BoG, this forms part of efforts to restore confidence in the country’s financial sector. It will be…
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Bank of Ghana warns public against unlicensed money doublers
The Bank of Ghana is asking Ghanaians to desist from engaging in money doubling, card loading and credit card loading systems. The Central Bank says any entities or individuals engaged in such acts are unauthorized and must be avoided. Money doubling involves taking people’s money with the promise of giving back more than was paid…
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Ghana’s overall exports and imports decline due to poor oil performance
The value of Ghana’s total exports decreased to 9.6 billion dollars in the first eight months of 2020, from the 10.6 billion dollars recorded in the same period last year. This is contained in the Bank of Ghana’s Summary of Macroeconomic and Financial Data for September 2020. The report also showed a decrease in total…
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Public thoughts on state of Ghana’s banking sector
Confidence in Ghana’s banking sector was hard hit by the banking sector reforms implemented by the Bank of Ghana some two years ago. The reforms saw the collapse and merger of some local banks, while some depositors who had their funds locked up are yet to access their cash. Latest data from the Bank of…
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Value of Mobile Money transactions double in a year – BoG Report
The value of mobile money transactions has more than doubled in the last twelve months, according to the Bank of Ghana. The total value shot up by over 110 percent from August 2019 to August 2020. This is contained in the Central Bank’s Summary of Macroeconomic and Financial Data report. From January to August 2020,…
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Bank of Ghana cautions against online trading of Ghana Cedi notes and coins
The Bank of Ghana has cautioned against the buying or selling of Ghana Cedi notes and coins currently in circulation as legal tender on online platforms. The Bank says it is the only institution with the right to issue and redeem Ghana Cedi notes and coins in Ghana, according to Article 183 (1) of the…
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BoG Governor justifies conversion of bonds to cash to pay defunct MFIs, S&Ls’ customers
The Governor of the Bank of Ghana, Dr. Ernest Addison has justified the recent decision by government to release an amount of GHS3.56 billion in cash, to fully settle claims of depositors of defunct Microfinance companies, Savings and Loans firms and Finance Houses, instead of sticking to the original plan to pay that amount using…