Tag: Bank of Ghana
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Take advantage of Regulatory Sandbox, BoG to fintechs and financial service providers
The Bank of Ghana has called on various fintechs and financial service providers to take advantage of its Regulatory Sandbox as part of government’s quest to drive financial inclusion. A regulatory sandbox is a framework set up by a financial sector regulator to allow small-scale, live testing of innovations by private firms in a controlled…
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Mobile money loan defaulters to be denied access to future credit- BoG
The Bank of Ghana (BoG) has warned individuals who have acquired loans through Mobile Money platforms, but have deliberately refused to register their SIM cards with the intention of avoiding repayment of the loans to rescind the decision and clear their debt. A statement from the BoG stated that, “failure to repay such loans will…
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BoG postpones routine MPC meeting over IMF team visit
The Bank of Ghana’s (BoG) Monetary Policy Committee (MPC) will not be holding its routine quarterly meeting today, Monday, September 26, 2022, as scheduled. A statement from the Central Bank last Thursday said the rescheduled meeting will now coincide with Government’s next round of engagements with the International Monetary Fund (IMF). The Fund is scheduled…
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Cedi depreciation: BoG, Police arrest over 70 ‘Black Market’ dealers
Officials of the Bank of Ghana, in collaboration with the Ghana Police Service, have arrested over 70 individuals and entities engaged in the business of buying and selling foreign exchange without a licence from the apex bank. The move follows a special operation conducted by the two institutions on foreign exchange parallel market operators, otherwise…
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Bank of Ghana’s MPC meets over economy today
The Monetary Policy Committee (MPC) of the Bank of Ghana will today [September 20, 2022] commence its annual meetings to review developments in the economy. The meeting will also come out with the Monetary Policy Rate which is of keen interest to businesses, as it determines the rate at which the Bank of Ghana lends…
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BoG issues out new directives for banks on digital financial services
The Bank of Ghana has issued a strong warning to banks and specialized deposit-taking institutions to ensure fairness and transparency in the delivery of information via digital platforms. This new directive is contained in the Disclosure and Transparency Guidelines for digital financial services and products provided by these parties. The proliferation of mobile devices and…
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Avoid issuing dud cheques, securing loans will be adversely affected – BoG
The Bank of Ghana is cautioning customers of banks who issue dud cheques to desist from that since it adversely affects their credit report and chance of securing a credit facility with any financial institution. The warning was captured as part of the Central Bank’s financial literacy program dubbed “Improving Your Credit Worthiness”. It is…
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Investment in technology critical to economic growth – Elsie Addo Awadzi
Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi has underscored the need for more investments to be made in technology to ensure economic growth. Madam Elsie Addo Awadzi believes though the COVID-19 pandemic gave rise to the use of technology, there are some gaps in access to it. Delivering her speech as…
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Bank of Ghana to clamp down on forex bureaus trading illegally
The Bank of Ghana has disclosed plans to begin closing down forex bureaus flouting the laws governing foreign exchange operations. This is part of efforts meant to stop all market practices fueling the cedi’s fast depreciation. The local currency has crossed the GH¢10 to US$1 mark on the retail market. A visit by Citi Business…
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BoG warns public against engaging services of 19 unlicensed loan providers
The Bank of Ghana has cautioned the public to desist from engaging the services of some 19 unlicensed entities engaged in the provision of loans to consumers. According to the Central Bank, the operations of the institutions are in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016. A statement, issued by the Central…