BoG

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

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

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

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

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…
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BoG Launches Centralised Forex Exchange Platform

BoG Launches Centralised Forex Exchange Platform

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…
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Supreme Court Vindicates BoG In UniCredit Licence Revocation

Supreme Court Vindicates BoG In UniCredit Licence Revocation

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

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

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

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

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…
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BoG To Auction $120M To BDCs In Quarter 3, 2024

BoG To Auction $120M To BDCs In Quarter 3, 2024

The Bank of Ghana would auction $120 million to Bulk Oil Distribution Companies (BDCs) in the third quarter of 2024. This will be same as it did in the second quarter of 2024. According to its Forex Forward Auction Calendar, $40 million will be sold to the BDCs in each month of quarter three 2024. In July 2024, the Central Bank will auction $20 million each to the BDCs. The same would be done in August 2024, as two auctions will take place on August 13, 2024, and August 28, 2024. In September 2024, the Central Bank will also sell…
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Prosecute Persons Implicated In Banking Sector Clean Up – BoG Governor To Govt

Prosecute Persons Implicated In Banking Sector Clean Up – BoG Governor To Govt

The Governor of the Bank of Ghana, Dr. Ernest Addison, has urged the government to take action against shareholders of banks and financial institutions implicated in the financial sector clean up. According to Dr Addison, there is a need for accountability, hence, these individuals should be held responsible for their actions and inactions. The Governor expressed concern over the government’s slow pace in addressing this matter, calling for more prompt and decisive action. At a joint press conference with the Ministry of Finance and the International Monetary Fund (IMF) on Monday, July 1, Dr. Addison said all those who are…
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$360m Third Tranche Of IMF Cash Hits BOG’s Account

$360m Third Tranche Of IMF Cash Hits BOG’s Account

Government has received US$360 million as the third tranche of Ghana’s bailout package with the International Monetary Fund (IMF). The cash meant for budget support and stabilization of the local currency, was officially credited to the Central Bank’s account today, Tuesday July 2, 2024. It follows the Executive Board’s approval of the second review last Friday, June 28, 2024. This means, Ghana has received a total of US$ 1.56 billion out of the $3 billion approved under the three-year extended credit facility. Citi News understands, the money will be used to support activities in the 2024 budget. The fourth tranche of…
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BoG Debunks Allegations Of Underreporting Remittance Inflows

BoG Debunks Allegations Of Underreporting Remittance Inflows

The Bank of Ghana has clarified reports suggesting it has been underreporting remittance inflows. The Bank of Ghana has recently faced scrutiny regarding discrepancies in remittance inflow figures reported by the World Bank and its own consolidated statements of foreign exchange receipts and payments. Concerns were raised after comparing the World Bank’s reported $20.7 billion in remittances flowing into Ghana from 2018 to 2022 with the $9.5 billion reported by the Auditor General’s reports on the Bank of Ghana’s consolidated statements for the same period. This discrepancy led to allegations of underreporting by the Central Bank. The Bank of Ghana…
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