Tag: Bank of Ghana
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BoG directs fintechs and MoMo operators to acquire license by June 2020
The Bank of Ghana has said companies engaged in online or digital transactions including Mobile Money Operators and fintechs, have up to June 2020 to acquire their licenses to enable them operate in the electronic payment space. The acquisition of the license by these companies is one of the requirements in the Payment Systems and…
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Banks sign ‘Sustainable Banking Principles’ to invest in environmentally friendly projects
Banks in the country have signed the Sustainable Banking Principles and Sector Guidance Notes that binds them to strictly invest only in environmentally friendly projects. Per the principles, banks in Ghana can reject investment in areas that may promote environmental degradation and pollution. Speaking at the launch of the guidelines, the Vice President, Dr. Mahamudu…
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BoG to consider introduction of E-Cedi to boost digital transactions in future
The Bank of Ghana has announced plans to introduce an electronic currency, E-Cedi, in the near future to enhance digital financial services in the country. According to a report by the Bank of Ghana, digital transactions such as mobile money keeps increasing in the country, while the value of cheques issued by commercial banks keeps…
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BoG to scrutinize salaries of bank CEOs and compensations of boards
The Bank of Ghana (BoG), has served notice that it will soon scrutinize the salaries of Chief Executive Officers and compensations for boards of all banks in the country. The move according to the central bank is aimed at cutting down on the huge salaries of Managing Directors who are not performing to satisfaction. Reacting…
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ADB to partner Posco International of South Korea to establish oil palm refinery
The Managing Director of the Agricultural Development Bank (ADB) Limited, Dr. John Kofi Mensah has said the Bank is set to partner Posco International of South Korea for the establishment of a multi-million dollar oil palm refinery in Ghana. Posco International is multi-billion dollar company with expertise in establishing value chains in various areas of…
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Ghana’s debt stock reaches 208.6 billion cedis
Data released by the Bank of Ghana shows that between July and September 2019, Ghana’s total debt stock increased by 3.1 billion cedis, hitting 208.6 billion cedis. The figures contained in the Bank of Ghana’s Summary of Economic and Financial Data also shows that the total debt stock of 208.6 billion cedis represents 60.3 percent…
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BoG, Finance Ministry engage receiver to release locked up funds of rural banks
The Bank of Ghana and the Ministry of Finance have reached an agreement with the receiver of the collapsed savings and loans and finance houses as well as microfinance institutions, to release locked up funds of rural and community banks. The receiver, Eric Nana Nipah, had earlier announced that customers of the collapsed institutions cannot…
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Deposit Protection Scheme will restore confidence in financial sector—Dr. Bawumia
The Vice President, Dr. Mahamudu Bawumia, is optimistic the setting up of the Ghana Deposit Protection Scheme will enhance confidence in the financial sector. He explained that the passage of the Deposit Protection scheme, which will be implemented by the Ghana Deposit Protection Corporation, will also reform the financial sector since there are strict guidelines…
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EIU bets on BoG’s banking sector reforms to boost private sector growth
The Economist Intelligence Unit (EIU) is forecasting that the banking reforms done by the Bank of Ghana will boost growth in the country’s non-oil sector. The UK-based business advisory firm in its latest country report said the remaining banks after the clean up will be in a better position to lend to the private sector…
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BoG launches guidelines for repurchasing agreements to boost capital market
The Bank of Ghana today launched a set of guidelines that it is intended to facilitate the short-term trading of government securities between dealers as well as investors. Governor of the central bank, Dr. Ernest Addison speaking at the launch of the Global Master Repurchase (repo) Agreement (GMRA)-based Guidelines for repo trading on the Ghanaian…