The Bank of Ghana (BoG) has launched a regulatory and innovation sandbox pilot. According to the Bank in a release, the launch took place on Thursday, February 25, 2021. The release indicated that the launch was in collaboration with EMTECH Service LLC. “This is in line with its commitment to evolve an enabling and inclusive …
Month: February 2021
The Securities and Exchange Commission (SEC) says Wiseling Online Investment Company, a Finnish-based company operating in Ghana, has not been licensed by it to carry out any Capital Market activity. This Capital Market activity including investing or trading for returns is mandated by Section 3 of the Securities Industry Act, 2016 (Act 929). A statement …
In our world today, and particularly in recent times, we are constantly reminded of the basic economic problem – scarcity of resources. The problem stems, not from the absence of resources but from its uneven distribution. As such, the role of financial intermediation, which attempts to equilibrate the demand and supply of funds in the …
WTO members made history when the General Council agreed by consensus to select Dr. Ngozi Okonjo-Iweala of Nigeria as the organization’s seventh Director-General. When she takes office on 1 March, Dr Okonjo-Iweala will become the first woman and the first African to be chosen as Director-General. Her term, renewable, will expire on 31 August 2025. …
The Bank of Ghana (BoG) has once again cautioned the general public against the practice of engaging in money doubling, card loading, and credit card loading schemes. According to the bank, the practice often involves inviting the general public through the social, traditional mediums asking them to deposit funds through the various payment systems for …
First National Bank has added to its growing list of innovative products with the introduction of free monthly service offer for all new business accounts. With this offer, the monthly charges on account maintenance and cheque instruments on all new business cheque accounts will be waived for three months. The offer enables small- to medium-size …
According to data from the Bank of Ghana, the total value of mobile money transactions far exceeded the value of cheque transactions, by GH¢389 billion in 2020. The value of MoMo transactions was estimated at GH¢569 billion in the 2020 fiscal year, that of cheques was about GH¢180 billion at the close of the trading …
The consumer inflation kicked start this year at 9.9 percent, slowing down from 10.4 percent recorded at the end of 2020, data from the Ghana Statistical Services has shown. This reverses the indicator back to the Bank of Ghana’s medium-term target of 8±2. The combined consumer price index (CPI) measures the change over time in …
Even though the Bank of Ghana has announced that it is maintaining its benchmark Monetary Policy Rate at 14.5 percent for the next two months, borrowers are benefitting from the fact that interest rates continue to fall in Ghana despite government’s unprecedented demand for fiscal deficit financing. Ultimately monetary easing by the central bank has …
Towards achieving its financial stability objective, the Bank of Ghana (BoG) has developed a policy and operational framework for providing Intraday Liquidity Facility (ILF) and Emergency Liquidity Assistance (ELA) within the banking sector. The central bank said the framework has been designed to address weaknesses that were identified during the recent banking sector crisis, and it aims …