Tag: BoG
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Fintech players laud BOG’s caution to MoMo loan, defaulters
Players in the fintech space have praised the announcement by the Bank of Ghana that defaulters of Momo loans stand the risk of being denied access to future credit facilities adding that it would help enhance Ghana’s credit system. Speaking to Citi Business News on the sidelines of the launch of the Qore ID Chief…
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Don’t rely solely on IMF to solve your problems- Theo Acheampong to gov’t
An Economist and Political Risk Analyst, Dr. Theo Acheampong, has urged government not to bank all its hopes on the International Monetary Fund (IMF) in its quest to fix the struggling economy. A team from the IMF has begun the second round of discussions with government on a bailout, with a focus on debt sustainability.…
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Stop pricing goods and services in foreign currencies – BoG warns
The Bank of Ghana (BoG) has cautioned persons pricing goods and services in foreign currencies to desist from such practices or have themselves to blame. According to the apex bank, such practices breach the Foreign Exchange Act, 2006 (Act 723) which prohibits companies and institutions from pricing, advertising, receipting, or making payments in foreign currencies…
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Bank of Ghana increases policy rate to 17%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate by 250 basis points to 17 percent. This is the first time the Central Bank has increased the key rate since November of last year. The rate, which is of keen interest to businesses, signals the rate at which…
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We’ve not dismissed 90% of recently recruited staff – BoG
The Bank of Ghana has dismissed reports circulating on social media that it has sacked 90% of recently recruited staff. According to the Central Bank, such reports have been twisted to misinform the general public. In a statement signed by the Bank and sighted by Citi Business News, the Bank noted that it is not…
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BoG establishes Financial Industry Security Operating Centre to reduce cyber fraud
Bank of Ghana is seeking to significantly reduce Automatic Teller Machine (ATM) and cyber-related fraud with the setting up of a Financial Industry Security Operating Centre, to ensure a safer cyberspace for the banking sector in Ghana. The assurance follows a rise in the number and value of ATM fraud cases and other types of…
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You won’t lose your funds – BoG assures dormant account owners
The Bank of Ghana has debunked claims making rounds on social media that persons with dormant accounts will lose their funds if the accounts are moved to the Bank of Ghana after a period of inactivity. These claims come on the back of a recent directive issued by the Central Bank on unclaimed balances &…
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BoG urges companies to uphold corporate governance practices
Governor of the Bank of Ghana, Dr. Ernest Addison, has reiterated the need for the financial sector to uphold good corporate governance practices to enhance efficiency. According to him, corporate governance plays an important role in the financial sector as it helps to create a strong banking sector and enhance their financial intermediary role in…
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Services sector maintains dominance in 2020 third quarter – BoG report
New data released by the Bank of Ghana on developments within the labour market indicates that the Services Sector has maintained its dominance as the leading job-providing sector in the economy, accounting for 80.2 percent of total job adverts recorded during the third quarter of 2020. This compares with a share of 82.2 percent recorded…
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Submission of bids for purchase of assets of defunct Microfinance, S&L firms extended
The Receiver of the 347 insolvent Microfinance Companies and 23 Savings and Loans Companies and Finance House Companies, Eric Nana Nipah, has extended the deadline for the submission of bids to purchase the assets of the dissolved companies by two more weeks. The initial deadline was Monday, 27 July 2020, but has been extended to…