Tag: Bank of Ghana
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Order BoG to restore our license – Owners of GN Savings pray High Court
The shareholders of GN Savings and Loans are praying the High Court to order the Bank of Ghana (BoG) to restore their specialised deposit-taking licence.This was contained in the written address that the lawyers filed on behalf of the shareholders. “These actions were taken pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking…
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GN Savings License Revocation case: BoG and A-G fail to file defence
The Bank of Ghana and the Attorney-General have failed to file a defence in the case brought against them by. Dr Papa Kwesi Nduom, Chairman of Groupe Nduom. In the suit, which is still pending in the High Court in Accra, Dr. Nduom accused the Bank of Ghana (BoG) and the Minister of Finance of…
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BoG offers $25 million to forex dealers in April auction
The Bank of Ghana in its latest auction of forex, accepted $25 million in bids. This represents 31.74% of the total amount of $78.75 million that forex dealers bid for. In a report published by the central bank in controlling the supply of dollars, the BoG said a total of 108 bids were submitted in the…
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Minimum capital requirement deadline for payment service providers extended by 6-months
The Bank of Ghana has officially extended by 6 months, the deadline for meeting the new minimum capital requirements by all existing Payment Service Providers, Electronic Money Issuers, banks and specialized deposit-taking institutions, from June 30, 2020 to December 31, 2020. To operationalize the new Payment Systems and Services Act, 2019 (Act 987), which sought…
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Reduced policy rate must reflect on banks’ lending rates – Businesses insist
Businesses that have been impacted by the COVID-19 pandemic in Ghana are urging the Bank of Ghana to ensure that commercial banks revise their lending rates to reflect the reduction in the policy rate. According to them, this will enable them bridge the shortfall in the supply of some goods in the wake of the…
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BoG to sanction banks, other SDIs for misuse of incentives amidst COVID-19 pandemic
The Bank of Ghana has served notice that it will not fail to sanction banks and other Specialized Deposit Taking Institutions (SDIs) that fail to efficiently utilize its interventions to increase their liquidity to contain the impact of the coronavirus pandemic. At the recently concluded MPC meeting, the central bank announced some major reviews to…
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Tisungtaba Community Bank clients call on gov’t to help them retrieve locked up funds
Clients of the Tisungtaba Community Bank in the North East Region are appealing to government to help them retrieve their monies from the struggling bank. The rural bank which originally serves several communities in the North East Region is now a pale shadow of itself as citi news checks reveals that the ceiling fans are…
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Bank of Ghana’s MPC meets from today to assess economic impact of COVID-19
The Bank of Ghana’s Monetary Policy Committee will today [Wednesday], March 18, 2020, meet to assess the possible impact of the coronavirus pandemic on the domestic economy. This is to enable the regulator take the necessary steps to mitigate its impact and ensure financial and economic stability. In a statement issued on Monday, the Bank…
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Telecoms Chamber contemplates possible reduction in MoMo charges to boost digital transactions
The Ghana Chamber of Telecoms says it is holding emergency discussions with relevant stakeholders, to possibly reduce mobile money charges across all networks, to improve the usage of such platforms for transactions as against the use of cash. This follows concerns that the continuous use of cash by the general public could aid in spreading…
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Printing of GHS100 and GHS200 denominations cost $8.97m – Finance Minister
It has emerged that government spent 8.97 million US dollars in printing the new 100 and 200 Ghana cedi notes. The new notes also came with a new GHS2:00 coin. The revelation was made on the floor of Parliament by the Finance Minister, Ken Ofori-Atta, during a response to a question on how much was…