BoG

21.188m Loan Records Submitted To Credit Bureaus Monthly In 2023 – BoG
20 Sep

21.188m Loan Records Submitted To Credit Bureaus Monthly In 2023 – BoG

wontumionlineBusiness
Data providers submitted an average of 21,188,043 loan records to credit bureaus every month in 2023, the Bank of Ghana has disclosed in its 2023 Annual Credit Reporting Activity. This represented a 455.0% increase compared to 3,820,194 records submitted in the previous year. Out of the total average submissions in 2023, 99% of these records were made up of data on individual borrowers. This significant increase is attributed to improvement in the submission of digital loan data to credit bureaus. S&Ls, finance houses submitted most individual loan data Savings and loans companies and finance houses submitted the most individual loan…
Read More
Gold For Oil Policy Still On Track – BoG
13 Aug

Gold For Oil Policy Still On Track – BoG

wontumionlineBusiness,
The Bank of Ghana (BoG) has affirmed that the government’s Gold for Oil policy is progressing as planned. This initiative was introduced to address Ghana’s dwindling foreign currency reserves and the strong demand for dollars by oil importers, which has been putting pressure on the Cedi and increasing the cost of living. Appearing before the Public Accounts Committee of Parliament on Monday, August 12, Dr. Maxwell Opoku-Afari, the First Deputy Governor of the Bank of Ghana, provided an update on the policy. “The Gold for Oil program is on track, and the reason the risk associated with the separate account…
Read More
Clamp Down On Unregistered And Unregulated Forex Businesses – ISSER To BoG
08 Aug

Clamp Down On Unregistered And Unregulated Forex Businesses – ISSER To BoG

wontumionlineBusiness,
The Institute of Statistical, Social and Economic Research (ISSER) has urged the Bank of Ghana (BoG) to take decisive action against unregistered and unregulated foreign exchange (forex) businesses to ensure macroeconomic stability and curb exchange rate volatility. This recommendation is part of ISSER’s 2024 Mid-Year Budget Review, titled “A Critical Assessment of the 2024 Mid-Year Budget by ISSER.” The review notes some improvements in Ghana’s macroeconomic environment in 2024, as evidenced by various monetary and financial sector indicators. Inflation rates have decreased, with an average rate from January to June of 23.9% in 2024, down from 46.1% in the same…
Read More
BoG’s Independence Should Remain A Priority – IMF To Government
01 Aug

BoG’s Independence Should Remain A Priority – IMF To Government

wontumionlineBusiness,
The International Monetary Fund (IMF) wants the adoption by Cabinet of the amendments to the Bank of Ghana Act to remain a priority to strengthen the Central Bank’s independence. This follows the high exposure of the Central Bank to the Government of Ghana’s financing. According to the Fund, the recapitalisation of the Bank of Ghana should follow a cautious approach that considers fiscal space available under the Economic Credit Facility programme. It however stated that the Bank of Ghana’s commitment to maintain a prudent monetary stance is welcome, but more progress is needed to address the Fund’s safeguards assessment recommendations.…
Read More
BoG Acted Rightly In Disapproving Smith-Graham’s Appointment As UMB Board Chair – Court
01 Aug

BoG Acted Rightly In Disapproving Smith-Graham’s Appointment As UMB Board Chair – Court

wontumionlineBusiness, ,
The High Court presided over by Justice Nana Brew dismissed an application for judicial review filed by George Smith-Graham, a former director of UMB Bank, against the Bank of Ghana (BoG). The decision was taken on July 10, 2024. Giving the judgment in favour of the BoG, the Court stated that the purpose of the Banks and Specialised Deposit-Taking Institutions Act, Act 930 and the Corporate Governance Directive 2018, was to enhance the supervisory powers of the Bank to ensure sanity in the banking sector. The Court explained that, it considered Section 102 of Act 930 and was of the…
Read More
Change Your Business Models To Reduce NPLs – BoG To Savings And Loans Companies
31 Jul

Change Your Business Models To Reduce NPLs – BoG To Savings And Loans Companies

wontumionlineBusiness,
The Bank of Ghana is advising savings and loans companies across the country to reassess their business models. Head of Banking Supervision Department at the Bank of Ghana, Osei Gyasi said the companies should focus on investing in small and medium scale enterprises to help in reducing its non-performing loans (NPLs). Speaking at the 14th Annual General Meeting of the Ghana Association of Savings and Loans Companies, Mr. Gyasi said, the sector’s high financing costs have resulted in high lending rates, which he says is hurting the industry’s ability to compete. In his speech, he urged the savings and loans…
Read More
BoG Launches Centralised Forex Exchange Platform
31 Jul

BoG Launches Centralised Forex Exchange Platform

wontumionlineBusiness,
The Bank of Ghana (BoG) has unveiled a centralised foreign exchange trading platform. In a statement signed by the Secretary to the Bank of Ghana, Sandra Thompson, it explained that the decision aligns with the bank’s goal to maintain the integrity and development of the financial system. Starting August 1, 2024, all licensed Foreign Exchange Bureaux will be required to use this platform for conducting foreign currency transactions. “This initiative marks a milestone in the Bank’s efforts to ensure safe and sound operations of the foreign exchange business. The platform will improve oversight for Directors and Management of bureaux and…
Read More
Supreme Court Vindicates BoG In UniCredit Licence Revocation
24 Jul

Supreme Court Vindicates BoG In UniCredit Licence Revocation

wontumionlineBusiness, ,
The Supreme Court of Ghana has affirmed that the Bank of Ghana (BoG) acted within its legal rights when it revoked the operating licence of UniCredit Ghana Limited. The highest court’s unanimous decision reverses an earlier judgment by the Court of Appeal, thus upholding the High Court’s initial ruling. The Supreme Court panel consisting of Chief Justice Gertrude Araba Esaaba Sackey Torkornoo; Justice Mariama Owusu; Justice Prof. Henrietta Joy Abena Nyarko Mensa-Bonsu; Justice Ernest Yao Gaewu; and Justice Yaw Darko Asare ruled that the BoG did not err in its decision to declare UniCredit insolvent and subsequently revoke its licence. Initial High…
Read More
Police And BoG Shut Down Dek-Nock Investments For Unauthorized Deposit-Taking Activities
19 Jul

Police And BoG Shut Down Dek-Nock Investments For Unauthorized Deposit-Taking Activities

wontumionlineBusiness, , ,
The Ghana Police Service, in collaboration with the Bank of Ghana, has shut down the operations of Dek-Nock Investments, which has branches in Nungua and Ashaiman within the Greater Accra Region. The action which took place on Friday, July 19, 2024, is in accordance with Section 20(2)(g) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930). In a statement issued by the Central Bank, it explained that Dek-Nock Investments was found to be engaged in unauthorized deposit-taking, which is a violation of Section 6(1) of Act 930. “The Ghana Police Service is conducting further investigations into the operations of Dek-Nock Investments. All…
Read More
Persons Implicated In Financial Sector Cleanup Not Fit To Hold Positions – BoG
11 Jul

Persons Implicated In Financial Sector Cleanup Not Fit To Hold Positions – BoG

wontumionlineBusiness
The Bank of Ghana has indicated that persons who have been directly implicated in the 2017-2019 Financial Sector clean-up, and all previous directors of failed banks and Specialized Deposit Taking institutions since the enactment of Banks and Specialised Deposit Taking Institution Act, 2016 (Act 930) do not qualify to hold key positions under the fit and proper persons criteria. As such, banks and SDIs and the general public are to note the above for their information. In a notice to banks, SDIs and the public, the Central Bank said in order to further promote the safety and soundness of (Regulated…
Read More