Managing Director of the Agricultural Development Bank, Dr. John Kofi Mensah, has said that reforms introduced by the regulator in the past few years have strengthened the banking sector; hence, the industry can absorb the 5 percent levy recently introduced by government. Government has said it spent some GH¢21billion on the financial sector clean-up exercise, …
The central bank says it has revised the sanctioning regime in respect of the issuance of dud cheques for strict compliance by banks and specialised deposit-taking institutions (SDIs). According to the Bank of Ghana (BoG), it has observed with grave concern, the high issuance of dud cheques by some customers of banks and SDIs has …
The Bank of Ghana (BoG) has reminded banks, Specialised Deposit-Taking Institutions (SDIs) and the public that under section 313(A) of the Criminal Offences Act, 1960 (Act 29) as amended, it is an offence punishable by a fine and/or imprisonment of up to five (5) years for any person to issue a dud cheque1. The central …
The Bank of Ghana last week unveiled new regulations that address the sometimes controversial issue of inactive deposit accounts. Up till now, deposit-taking institutions have been allowed to apply their own definitions of what constitutes a dormant account and what to do with accounts they classify as dormant, and this has sometimes led to disputes …
Lending to women and women-led businesses has always made sense. Data from lenders in developing countries across the world has shown time and again that non-performing loans to women SMEs are consistently lower than in portfolios comprising men and women. In a similar vein, data from leading listed companies in the US and UK has …
The Bank of Ghana (BoG) has issued a directive on unacclaimed and dormant accounts of banks and special deposit-taking institutions. In a statement issued on March 2, 2021, the central bank said the directive is pursuant to Section 92 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930). The central bank further explained the move …
Information gathered by THE MEDIA indicates many banks are rejecting the new voters and national identification card as form of identification in opening accounts and undertaking transactions. It is however not the fault of the banks as both the voters and national identification cards have not been validated. THE MEDIA checks at some branches of the commercial banks …
One of the newest forms of financing small enterprises and projects – one which is generating huge successes all around the countries that have embraced it – is now about to become formalized in Ghana. The Bank of Ghana last week unveiled the basic frameworks for the two models for crowdfunding that fall under its …
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 …