bank of ghana

BoG Issues Out New Directives For Banks On Digital Financial Services
12 Sep

BoG Issues Out New Directives For Banks On Digital Financial Services

wontumionlineBusiness,
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 access to technology has created a viable environment for the development and creation of services based on these devices and technological platforms. These new directives from the Bank of Ghana aim at providing the minimum disclosure and transparency framework to guide providers of Digital Financial…
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Deepened Stakeholder Collaboration Needed To Sanitize Forex Bureau Sector – BoG
31 Aug

Deepened Stakeholder Collaboration Needed To Sanitize Forex Bureau Sector – BoG

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The Bank of Ghana is urging stakeholders within the financial sector to step up their collaborative efforts to ensure that the forex bureau sector is sanitized of all deliberate market practices that are fueling the cedi’s continuous depreciation. This, according to the Central Bank forms part of efforts to ensure the stability of the local currency. Speaking at a sensitization workshop for members of the Committee for Co-operation between the Law Enforcement Agencies and Banking Community members in Accra, Second Deputy Governor of the Bank of Ghana, Elsie Addo-Awadzi highlighted the need for more to be done to ensure that…
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24 Aug

BoG Dollar Auction: Demand Exceeds Supply By $84.5m

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Demand for dollars by dealers outstripped supply by $84.5 million, latest data from the Bank of Ghana has revealed. This is a reduction of the $105.25 million recorded during the last auction a fortnight ago. According to the result of the sale of dollars through the Forex Forward Rates Auction to dealers, the Central Bank was only able to supply $25 million to the dealers, largely the banks. The bids submitted for the purchase of the American ‘greenback’ was estimated at $109.5 million, compared with $130.25 million two weeks ago (August 9th, 2022). From the results, it appears the high…
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23 Aug

BoG’s Role In Fiscal, Monetary Policies Should Be Clearly Spelt Out – Franklin Cudjoe

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The Founding President and Chief Executive Officer of IMANI Center for Policy and Education, Franklin Cudjoe says that the ambiguities surrounding the role of the Central Bank of Ghana on fiscal and monetary policies need to be reconsidered. Speaking on The Big Issue on Citi TV, he said the position of the Central Bank claiming that it is only in charge of the monetary aspect and not the fiscal aspect of the economy is really not clear. He pointed out that, in the long run, the Central Bank is drawn to the table to help solve the problem as seen…
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22 Aug

BoG Warns Public Against Engaging Services Of 19 Unlicensed Loan Providers

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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 Bank, noted that these illegal entities mostly employ the use of mobile applications and social media in their activities.   The entities which are 19 in number include SikaPurse Quick Online loan, 4Cedi Instant Mobile loan application, Zidisha Online Loans, Ghana Lending Application, AdamfoPa Loan,…
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15 Aug

BoG Gives Assurance Cedi’s Stability Will Be Restored

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The Bank of Ghana has given strong indication that the recently approved $750 million Afriexim loan facility by Parliament once disbursed, among other measures, will boost the foreign exchange position of the country and help restore confidence in the cedi. The additional measures include the cocoa syndication loan which is expected in the last quarter of 2022 and expected to provide more foreign currency to help address the cedi depreciation, the Gold Purchase Programme to increase foreign exchange reserves and the Special Foreign Exchange Auction for the Bulk Distribution Company’s (BDCs) to help with the importation of petroleum products. The…
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