The Bank of Ghana has partnered with Giesecke+Devrient (G+D) to pilot a general purpose Central Bank Digital Currency (retail CBDC). G+D is providing the technology and developing the solution adapted to Ghana’s requirements, which will be tested in a trial phase with banks, payment service providers, merchants, consumers and other relevant stakeholders. To this end, …
The 2022 National Budget will be targeted at creating opportunities and providing solutions towards achieving a sustainable and broad-based economic growth without harming the climate or leaving families in poverty. According to the 2022-2025 Budget Preparation Guidelines, the approach of the budget which will be launched in November 2021 is to catalyse the private sector …
The Bank of Ghana has effectively been forced to halt further monetary easing for now as the latest consumer price inflation data from the Ghana Statistical Service, released on Wednesday last week, has revealed that Ghana’s inflation rate rose more than forecast in July after food, transport and housing prices surged. This confirms suspicions already …
The mobile money platform has solidified its position as the most widely used and accepted payment system in the country, as data from the Bank of Ghana shows its transactional value is bigger than all the others combined. According to the Summary of Economic and Financial report (July 2021), the mobile money payment platform has …
Even though the rollout of the mobile money platform since a decade ago has been largely successful, as it has widely gained acceptance, most transactions are still cash driven, a situation Bank of Ghana’s Director and Head of Payment Systems, Dr. Settor Amediku, says requires more collaboration of both the regulator and players to improve …
It is safe to say that banks are among the first adopters of digital transformation. Ghana’ banking sector has seen a lot of transformations over the past years. One may attribute this change to the digital drive from the regulator demanding that bank’s standardize their operations and to ensure that customers’ data are protected. Also …
The Minister of Finance, Ken Ofori-Atta has inaugurated the Board of the Securities and Exchange Commission at the Ministry of Finance. The reconstitution of the Board was in line with the Securities Industries Act, 2016 (Act 929) as amended. The Board members include Dr. Yeboa Amoa as Chairman, Rev. Daniel Ogbarmey Tetteh, Mrs. Deborah Mawuse …
For the first time this year, the cedi has ended a month with depreciation against its major trading currency, the US dollar, a development an economist says should be expected given uptick in economic activities, especially, imports. Data from the Bank of Ghana shows the cedi, as of August 5, 2021 traded averagely with the …
Ghana’s quest for a national development finance institution to provide critical financing for economic development cannot be overemphasised. This is because the existing commercial banks have over the years not been able to deliver and adequately supported the country’s development process, partly due to the maturity expectation gap. “The maturity expectation of the depositor is …
The Supreme Court has dismissed a case filed by the Association of Finance House challenging the Bank of Ghana for issuing corporate governance directives for financial institutions, ruling that the regulator’s action was lawful. The Association of Finance House, in November 2020, brought an action in the Supreme Court of Ghana challenging the Bank of …