Tag: BoG
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GOIL partners GhIPSS to launch electronic payment system at fuel stations
Ghana Oil Company Limited, (GOIL) has partnered the Ghana Interbank Payment and Settlements System (GhIPSS), to provide an electronic payment option aimed at ensuring efficiency and security in financial transactions at fuel stations. The partnership will enable customers to purchase fuel and other products at GOIL service stations with the use of the GH-link cards…
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BoG accepts less than 50% of bids in last dollar auction in June
The Bank of Ghana in its last auction of forex in June, received 33% of the total amount of dollars dealers bid for. The total bids were also about three times lower than the figure offered by the dealers. For the last auction in June 2020, the Forex Auction Committee of the Bank of Ghana…
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We have GH¢1.35bn locked up in collapsed Microfinance, S&Ls – Fund Managers lament
The Ghana Securities Industry Association, GSIA, is appealing to the Ministry of Finance to urgently facilitate the payments of locked up monies estimated at 1.35 billion cedis, belonging to its members in the collapsed Savings and Loans and Microfinance Companies. The Association says the delay in accessing their funds is affecting onward payments to their…
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![Governor Ernest Addison must prioritize consumer protection [Article]](https://citibusinessnews.com/wp-content/uploads/2020/05/EBEN-PIC.jpeg)
Governor Ernest Addison must prioritize consumer protection [Article]
Financial consumers in Ghana have in the recent past suffered distasteful treatment at the hands of financial service providers. This has happened because there is gross disregard for financial consumer protection in Ghana. Without mincing words, this unsatisfactory state of affairs can be pinned firmly at the doorstep of the Bank of Ghana, which is…
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Prof. Quartey backs BoG’s GH¢10bn financing for government’s 2020 budget
Economist, Prof. Peter Quartey, has backed the Bank of Ghana’s decision to support government’s budget to cushion the economy from the adverse impact of COVID-19. The central bank has indicated that it is supporting the Ghanaian economy with ten billion cedis to bridge the budget deficit caused by the global pandemic. The Governor of the…
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COVID-19: Banks can hold AGMs electronically to satisfy BoG requirement
Banks have been urged to organize their Annual General Meetings electronically to meet the Bank of Ghana requirement of meeting shareholders every year. Per the Banking Act, banks are expected to publish their statements of account and also hold Annual General Meetings with shareholders annually. But with the imposition of a ban on public gathering…
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BoG creates Fintech & Innovation office to deepen regulation of e-payment channels
The Bank of Ghana has established a new FinTech and Innovation Office to drive its cash-lite, e-payments and digitization agenda. According to the central bank, the emergence of FinTech solutions has introduced significant complexities that require it to focus, understand and supervise effectively. Among the role of the new FinTech and Innovation Office will be…
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First National Bank acquires GHL Bank
First National Bank (FNB) Ghana, has acquired hundred percent of GHL Bank. This therefore makes GHL Bank a subsidiary of First National Bank Ghana. A statement to Citi Business News confirmed the move, saying, the transaction has been approved by the boards of the two banks and has received the required regulatory approvals from the…
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Pensioners to be affected the most by non-payment of dividends – Financial Consultant
Financial Consultant and CEO of Sambed Consult, Sam Bediako Asante, says pensioners are likely to be impacted the most by the Bank of Ghana’s directive asking banks not to pay dividends to shareholders for the 2019 financial year. He argues that such persons, who rely largely on proceeds from the profits of companies listed on…
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BoG issues first Dedicated Electronic Money Issuer license to Zeepay
In accordance with the Payment Systems and Services Act, 2019 (Act 987), the Bank of Ghana (BoG), has authorized its first Dedicated Electronic Money Issuer license, to a local Financial Technology (Fintech) company, Zeepay Ghana Ltd. This is part of efforts to deepen financial inclusion in the country, the Bank of Ghana announced in a…