BoG

Report Companies That Price In Dollars – BoG
16 Sep

Report Companies That Price In Dollars – BoG

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The Head of Financial Stability at the Bank of Ghana (BoG), Dr. Joseph France, has called on Ghanaians to report individuals and companies that price their products and services in dollars. According to him, whereas some companies are permitted to directly deal with foreign exchange due to they being net earners of foreign exchange like mining companies and oil and gas companies etc., most companies are not permitted to do so. He said companies and individuals who price their products in dollars without explicit permission from the Bank of Ghana are in contravention of the Foreign Exchange Act and must…
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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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BoG To Impose Sanctions On Banks That Breach Digital Financial Services Guidelines
07 Sep

BoG To Impose Sanctions On Banks That Breach Digital Financial Services Guidelines

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The Bank of Ghana may impose on banks or Specialized Deposit-Taking Institutions, an administrative sanction of not more than 10,000 penalty units for breach of new guidelines on digital financial services. In the case of continuous breach, an additional penalty of not more 50 penalty units shall be imposed for each day the breach continues. This is in accordance with section 92 of Act 930. Again, in accordance with section 44 of the Non-Bank Financial Institutions Act, 2008 (Act 774), the Central Bank may impose on a non-bank financial institution, an administrative sanction of not more than 10,000 penalty units…
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BoG Has No Prosecutorial Powers To Chase Culprits In Bank Failures – Analyst Tells Critics
06 Sep

BoG Has No Prosecutorial Powers To Chase Culprits In Bank Failures – Analyst Tells Critics

wontumionlineBusiness
A financial analyst, Michael Dawson has said that the Bank of Ghana (BoG) cannot be blamed for the inadequate prosecution of persons whose actions and inaction led to the banking failures. He explained that the central bank does not have prosecutorial powers to go after these person. In his view, the BoG has done its part by cleaning up the sector to ensure a robust banking and financial industry. Prosecution of the culprits is now the duty of the state prosecutors, not the BoG, he said, adding that the Bank of Ghana is a regulator and not an investigative body.…
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18 Aug

BoG increases Policy Rate To 22%; Cost Of Borrowing To Shoot Up Significantly

wontumionlineBusiness,
The Bank of Ghana has increased the policy rate by 300 basis points to 22%, after an Emergency Monetary Policy Committee meeting today, August 17th, 2022. The move is part of measures to address the risks to the inflation outlook. However, cost of borrowing is expected to go up significantly, and consequently increase cost of living and doing business. Additional measures The MPC also took additional measures including raising the primary reserve requirement of banks from 12% to 15% to be implemented in a phased manner. Therefore, the reserve requirement will go up to 13% from September 1st, 2022 and…
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