Over $14.6m, £2.4m, and GH₵167.8m found in dormant accounts at BoG – ILAPI

The Institute for Liberty and Policy Innovation (ILAPI) has revealed that the Bank of Ghana (BoG) currently holds a substantial sum in three currencies- Cedis, British Pounds, and US Dollars, all from dormant accounts in financial institutions across the country between 2016 and 2023. In Ghanaian cedis, more than GH₵167.8 million is held by BoG. Additionally, the bank has […]

MOMO loan not free money — BoG

Since the introduction of mobile money (MOMO) loans by the telecommunication companies (telecos), some of their customers have taken undue advantage of the opportunity. While some have taken the loans to either start or recapitalise their businesses, others have accessed the funds and misused it, hence their inability to pay. To prevent the telcos from […]

Public debt sustainable -but large external debt makes economy vulnerable – BoG Governor

Governor of the Bank of Ghana (BoG), Dr Ernest Addison maintains that Ghana’s public debt stock, which has risen to GH¢200 billion by May 2019, representing 58.1% of GDP, is sustainable. However, he fears the large foreign investor component makes the economy vulnerable. Consequently, he called for a shift in the conversation around the country’s […]

Closure of 386 microfinance and microcredit companies-nearly 1.2m depositors, gh₵1bn rescued

Provisional data being scrutinised by the Bank of Ghana (BoG) indicates that the revocation of licences of 386 microfinance and microcredit companies will save nearly 1.2 million depositors. The BoG revoked the licences of 347 insolvent microfinance and 39 insolvent microcredit companies, saying the institutions continue to pose risk to the entire financial system. According […]

You don’t deserve any pay, we’re only paying you on humanitarian grounds-BoG to ex-Capital and UT Banks staff

Ex-staff of some banks whose licenses were withdrawn by the Bank of Ghana will be considered for payment in place of the Central Bank “on humanitarian grounds,” the regulator has said. Elsie Addo Awadzi, Deputy BoG Governor said the Central Bank is prepared to waive its second position for the sake of the workers of defunct UT and Capital Banks so that they get some benefits […]