At least 95% of all government payments to people and 75% of payments by people to the government would be digitised by the end of 2020. This will mean payment transactions by the government would be largely done via electronic means. The move is part of the National Payment Systems Strategic Plan (2019-2024) that provides …
The Securities and Exchange Commission (SEC) has issued guidelines on the registrations of auditors of public companies and SEC licence as well as the registration of accountants reporting for public companies. The move is part of efforts to sanitise the securities and investment industry which in recent times have been hit by liquidity challenges and …
The International Monetary Fund (IMF) has expressed concern about Ghana’s current status as a country at high risk of debt distress – a reference to countries where debt sustainability analyses (DSAs) show protracted breach of debt and debt service thresholds. The concern was contained in a statement issued on December 12 and followed the release …
Inflation shot up by 0.5 per cent in the month of November to reach 8.2 per cent, the highest since the rebased Consumer Price Index three months ago. According to the Ghana Statistical Service, Alcoholic Beverages, Tobacco & Narcotics (13.4%) and Transport (12.3%) were the divisions with the highest rates of inflation. But due to …
The next monetary policy rate (MPR) to be announced by the Bank of Ghana in November is set to hinge keenly on how inflation and exchange rates turn out in the coming weeks, the International Monetary Fund (IMF) has indicated. The next MPR will be effective for two months ending in late January 2020. In …
The volume of mobile money transactions done across different networks reached one million transactions in September this year, the highest number of transactions reorded in a single month since the service was introduced last year. The latest figure compares to the 312,000 transactions in September 2018, representing an increase of over 250 percent. The update in …
The Bank of Ghana (BoG) says African countries should institute policies that are focused on developing a vibrant capital market to support growth. The Central Bank also called for benchmarking of internal regulation against global standards to help improve standards, overcome regional integration challenges to support growth, and leverage on new technology and data sharing …
The Bank of Ghana (BoG) on Tuesday ordered the closure of Aero Cash forex bureau operated by two Nigerians in Dzorwulu, Accra. This is due to failure by the operators to provide relevant documents to the Bank of Ghana to ascertain the legality of their operations. A team from the Other Financial Institutions Supervision Department …
The Bank of Ghana has revoked the licences of 23 insolvent savings and loans companies and finance house companies in line with the Banks and Specialised Deposit-Taking Institutions Act, 2016. The Bank of Ghana has also appointed Mr. Eric Nipah as a Receiver for the specified institutions in line with the Act. In a statement, …
The Financial Stability Department of the Bank of Ghana has revealed that new regulations currently before Parliament when approved will require mobile money companies among others to submit data to the credit reference bureaus. Achieving a robust credit market would require a constant assessment of the creditworthiness of borrowers through the use of effective credit …