Tag: Bank of Ghana
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Locked up funds: More than 13,000 microfinance, S&L customers paid – CBG
The Consolidated Bank, Ghana, says the process to pay customers of defunct microfinance companies, savings and loans companies and finance houses has been smooth. According to the bank, as of Friday, February 28, 2020, over 13,000 customers had been paid fully. The bank added that the number of customers paid includes 490 companies, 581 social…
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BoG to clamp down on entities pricing and accepting payments in dollars
The Bank of Ghana says it will not hesitate to penalize persons who flout the Foreign Exchange Act by pricing and taking payments for goods and services in any currency apart from the Ghana cedi. The BoG’s comment follows viral images of a shop attendant at Palace Hypermarket on the Spintex Road in Accra accepting dollars…
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BoG facilitates training for banks to support SMEs in agriculture
Banks and other financial institutions in the country will soon be trained with the requisite practical knowledge and skills needed to enable them increase financial access to agriculture and agribusiness organizations. The program, spearheaded by the Ghana Incentive-based Risk System for Agricultural Lending (GIRSAL) with assistance from the National Banking College will also build the…
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Reduction in number of indigenous banks unhealthy for economy – IEA
The Institute of Economic Affairs (IEA), an economic policy think tank, has said the result of the financial sector clean-up carried out by the Bank of Ghana which saw a reduction in the number of indigenous banks, has left the country’s financial sector in an unhealthy position. Banks operating in Ghana reduced from 35 to…
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Bank of Ghana to establish Enterprise Credit Scheme to support SMEs
As part of efforts to make access to credit much easier for Small and Medium Enterprises, SMEs, particularly in the agricultural value chain, the Bank of Ghana has announced the establishment of an Enterprise Credit Scheme to support SMEs to secure funding from local banks. Access to credit remains one of the major bottlenecks for…
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Banks and other financial institutions to be trained on agricultural credit risk management
Banks and other financial institutions in the country will soon be trained with the requisite practical knowledge and skills needed to enable them increase financial access to agriculture and agribusiness organizations. The program, spearheaded by the Ghana Incentive-based Risk System for Agricultural Lending (GIRSAL) with assistance from the National Banking College will also build the…
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BoG launches real-time platform for interbank forex trading
As part of plans to ensure the continuous stability of the local currency against its major trading partners, the Bank of Ghana has launched a platform for commercial banks to use in the trading of forex in a real-time manner. Referred to as the Refinitiv Matching Platform, it is part of the central bank’s plans…
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BoG satisfied with banks’ compliance with corporate governance directives
The Governor of the Bank of Ghana, Dr. Ernest Addison, has lauded commercial banks’ compliance with new corporate governance directives issued in the aftermath of the banking sector clean-up. Dr. Addison, speaking at the launch of rebranded Barclays Bank Ghana to Absa Bank Ghana Limited, said the central bank’s directives were intended to create a…
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uniBank’s collapse: Lawyers for Duffuor and son dispute charges
The lawyers for Dr. Kwabena Duffuor and his son, Kwabena Duffuor Jnr, have denied charges filed against them following the collapse of uniBank. Dr. Duffuor, founder of UniBank, his son Duffuor Jnr., who was Chief Operating Officer and subsequently Chief Executive of the Bank, a former Second Deputy Governor of the Bank of Ghana, Johnson…
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Auction proceeds won’t be enough to pay us – Depositors of collapsed financial firms
Some depositors of the collapsed savings and loans companies, microfinance firms and finance houses say they may not receive all their locked up funds through the auctioning of used cars and other assets belonging to the defunct financial institutions. The depositors are of the view that that the proceeds from the exercise may not be…