BoG

Exercise Prudence In Adjusting Lending Rates Up – BoG Governor To Banks
09 Apr

Exercise Prudence In Adjusting Lending Rates Up – BoG Governor To Banks

CUD Wontumi0 CommentsBusiness,
The Bank of Ghana Governor(BoG), Dr. Johnson Asiama, has urged commercial banks to exercise prudence in adjusting their lending rates following the increase in the policy rate. According to him, the commercial banks should maintain transparent communication with clients in carrying out this action. He disclosed this at a meeting with captains of the commercial banks after the Monetary Policy Committee meeting. The engagement was part of the Bank of Ghana’s maiden meeting with the heads of the various commercial banks at the Bank Square, the headquarters of the central bank. This was also the first meeting with the banks…
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BoG Disassociates From Criminal Use Of Currency Boxes, Urges Prosecution
08 Apr

BoG Disassociates From Criminal Use Of Currency Boxes, Urges Prosecution

CUD Wontumi0 CommentsBusiness,
The Bank of Ghana has clarified that its currency containers are not designed for criminal purposes, as a recent National Security operation suggested. According to the apex bank, the boxes are durable and robust, and while primarily used for carrying currency, they can also serve other purposes. It noted that the boxes could be repurposed and used for alternative, non-currency-related functions. In a write-up titled “Use and Misuse of Bank of Ghana Currency Transport Boxes,” the BoG debunked assertions that it may be involved in the criminal use of these boxes, stating that the wooden containers are used for currency import operations and are…
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National Security Uncovers Fake Cash In Boxes Belonging To BoG At Sapeiman
07 Apr

National Security Uncovers Fake Cash In Boxes Belonging To BoG At Sapeiman

CUD Wontumi0 CommentsBusiness, ,
The discovery of official Bank of Ghana (BoG) cash boxes at the center of a major counterfeiting operation at Sapeiman, a suburb of the Ga West Municipality in the Greater Accra Region, has raised serious concerns over potential regulatory failures and the security of Ghana’s financial systems. The incident has brought to light the alarming possibility of insider involvements in what is being described as one of the most sophisticated criminal operations uncovered in recent years. During a site inspection, the Director of Special Operations at the National Security Secretariat, Richard Jakpa, confirmed that the recovered money boxes were authentic Bank of Ghana properties.…
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Bank Of Ghana Raises GH¢1.69 Million From 56-Day Bill Auction At 27%
26 Mar

Bank Of Ghana Raises GH¢1.69 Million From 56-Day Bill Auction At 27%

CUD Wontumi0 CommentsBusiness
The Bank of Ghana (BoG) has raised GH¢ 1,694 million from the issuance of its 56-day bills, auctioned on Monday, March 24, 2025. According to auction results from the Central Bank, the bills were sold at an interest rate of 27%. However, details regarding the total bids submitted by banks and the BoG’s target amount were not disclosed. BoG bills, issued as part of the Central Bank’s Open Market Operations (OMO), serve as a key monetary policy tool for managing liquidity in the banking system. These short-term securities help regulate money supply by absorbing excess liquidity from commercial banks. Proceeds from BoG…
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BoG Rate: Cedi Buys At 15.5422 To A Dollar, Sells At 15.5578 On Monday
10 Mar

BoG Rate: Cedi Buys At 15.5422 To A Dollar, Sells At 15.5578 On Monday

CUD WontumiBusiness, ,
Per the rate from the Bank of Ghana (BoG) on Monday, March 10, the Cedi was buying at 15.5422 to a Dollar, and selling at 15.5578. The Pound Sterling was buying at 20.0697 and selling at 20.09 13. The Euro was buying at 16.8639 and selling at 16.8792. The current managers of the economy have indicated their resolve to stabilise the Cedi against the major trading currencies. President John Dramani Mahama told Finance Minister Dr Cassiel Ato Forson that Ghanaians were expecting him to stabilise the Cedi and bring down inflation. Speaking after swearing his minister into office at the…
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Stop Photocopying Ghana Cards Of Customers – BoG Warns Banks
03 Mar

Stop Photocopying Ghana Cards Of Customers – BoG Warns Banks

CUD WontumiBusiness,
The Bank of Ghana (BoG) has warned banks to desist from photocopying the National Identification Cards (Ghana Card) of their clients for transactions as such a practice would attract sanctions. According to the central bank, biometric verification remained the standard process for identity authentication. The Deputy Head of Financial Integrity of the BoG, Ashitei Trebi-Ollennu, said photocopying of Ghana Cards was susceptible to fraud which could ultimately compromise banking transactions. “We have never said that banks should photocopy Ghana Cards. Photocopying leaves room for fraud and compromises the integrity of transactions,” he said. Instead, banks must authenticate identities directly through…
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BoG Launches Comprehensive Audit Of Remittance Activities
20 Feb

BoG Launches Comprehensive Audit Of Remittance Activities

CUD WontumiBusiness,
The Bank of Ghana (BoG) has commenced an audit of remittance activities covering the fourth quarter of last year, from October 1 to December 31, 2024. This was announced in an official notice issued by the Central Bank today. According to the BoG, the audit aims to assess the remittance process, recommend improvements to the existing regulatory framework, and ensure full compliance with all relevant regulations, including the Foreign Exchange Act, 2006 (Act 723). The Bank emphasized that all market participants are required to fully adhere to these regulatory obligations, underscoring its commitment to promoting transparency, efficiency, and integrity within…
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Domestic Banks Dominate Secured Loans In 2024 Q4 – BoG
19 Feb

Domestic Banks Dominate Secured Loans In 2024 Q4 – BoG

CUD WontumiBusiness
The Bank of Ghana’s (BoG) latest Quarterly Collateral Registry report has revealed that the share of secured loans granted by domestically owned banks increased significantly in the fourth quarter (Q4) of 2024. According to the report, domestically owned banks accounted for 48.5% of the total value of secured loans, up from 25.4% in Q4 2023. Conversely, the percentage share of secured loans granted by foreign-owned banks in Ghana declined to 51.5% in Q4 2024 from 74.6% in Q4 2023. “The share of the value of secured loans granted by domestically owned banks increased to 48.5% in Q4 2024 from 25.4%…
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Total Value Of Secured Loans In Q4 Hits GH¢8.2Bn – BoG
14 Feb

Total Value Of Secured Loans In Q4 Hits GH¢8.2Bn – BoG

CUD WontumiBusiness,
The total value of secured loans granted by banks and Specialised Deposit-Taking Institutions (SDIs) in Quarter 4 (Q4) 2024 was GH¢8.2 billion. This is relative to the GH¢5.9 billion recorded in Q4 2023, indicating an increase of 38.9% year-on-year. Banks accounted for GH¢5.7 billion of the total value of secured loans in Q4 2024, depicting an increase of 26.7% from GH¢4.5 billion recorded in Q4 2023. On the other hand, the total value of secured loans recorded by SDIs in Q4 2024 amounted to GH¢2.5 billion, an increase of 78.6% from GH¢1.4 billion recorded for the same period in 2023.…
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BoG Introduces Directive On Financial Inclusion For Persons With Disabilities
30 Jan

BoG Introduces Directive On Financial Inclusion For Persons With Disabilities

CUD WontumiBusiness
The Bank of Ghana has issued a directive on financial inclusion for persons with disabilities. This directive is in line with internationally accepted financial inclusion principles, which include safe, efficient, and widely reachable financial infrastructures, access to a broad network of service points, interoperability, and effective awareness and financial literacy initiatives. It is issued pursuant to sections 6 and 7 of the Persons with Disability Act, 2006 (Act 715), section 53 of the Borrowers and Lenders Act 2020 (Act 1052), section 92(1) of the Banks & Specialised Deposit Taking Institutions Act, 2016 (Act 930), and section 101(2)(f) of the Payment…
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