The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has announced the suspension of the country’s Gold-for-Oil programme due to unspecified policy and operational challenges. The decision marks a significant shift in Ghana’s economic strategy, as the initiative was originally designed to reduce reliance on foreign exchange for fuel imports and stabilise domestic […]
The Bank of Ghana (BoG) has warned banks to desist from photocopying the National Identification Cards (Ghana Card) of their clients for transactions as such a practice would attract sanctions. According to the central bank, biometric verification remained the standard process for identity authentication. The Deputy Head of Financial Integrity of the BoG, Ashitei Trebi-Ollennu, […]
Ghana placed 5th in Africa as the largest holder of central banks gold reserves, data from International Statistics has revealed. The country also placed 60th globally, According to the figures, the nation boasts of 28.1 tonnes of gold reserves, about 41.2% of the reserves. The country’s gold reserves have increased steadily since May 2023, when they stood […]
The Paramount Chief of Kwahu in the Eastern Region who doubles as the Board Chairman of the State-owned Agricultural Development Bank, ADB, Daasebre Akuamoah Agyapong II, has been asked to resign immediately from his role. The central bank gave the directive after a businessman petitioned President Akufo-Addo and accused the Board Chair of abuse of […]
The Bank of Ghana has launched the Ghana gold coin to provide more investment opportunities to Ghanaians. The gold coin, which is an initiative under its gold purchase programme will be available on the market in the next two weeks. Addressing the media at the Monetary Policy Committee (MPC) press conference on Friday [Sept 27, […]
The Bank of Ghana has revealed a rapid emergence of SIM swap fraud targeting individuals with access to mobile banking channels. According to the apex bank, about GHȼ4.6 million was lost to this fraud in 2023, attributed to 15 recorded cases. This type of fraud targets individuals with mobile banking access, including banking apps, WhatsApp […]
The Bank of Ghana has responded to concerns raised by Samuel Okudzeto Ablakwa regarding a $20 million transfer, which the Member of Parliament claimed lacked consistent documentation. In a statement issued on Wednesday, August 28, the central bank criticised the legislator for his allegations, noting that the funds were intended for the Central Bank of […]
The Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has given an assurance that the central bank has strong buffers to support the Cedi in spite of the local currency depreciating by 6.8 per cent in the first quarter of the year. He said with the gross international reserves increasing to $6.2 billion […]
Banks in Ghana wrote off GH¢4.33 billion as bad debt in 2023, a 79.2% reduction over that of 2022. In 2022, the total bad debt was estimated at GH¢20.8 billion. The bad debt was classified as loan losses, depreciation and others. According to the Bank of Ghana, banks reported lower impairments on financial assets in […]
The Bank of Ghana (BoG) has revised the balance and transaction limits of customers’ mobile money wallets upward, effective March 1, 2024. A statement from the Ghana Chamber of Telecommunications pointed out that the development is in line with increasing trends of transactional activities and evolving customer needs. On daily transaction limits, customers with a […]
Founder of Menzgold, Nana Appiah Mensah aka NAM 1, who is standing trial for allegedly using the company to defraud over 16,000 people of GH¢1.6 billion, has denied circumventing the laws of Ghana in order to operate an illegal gold deposit taking business. Counsel for NAM 1, Kwame Akuffo, told the High Court in today […]
The International Monetary Fund (IMF) has addressed the concerns surrounding the Bank of Ghana’s (BoG) GH¢60 billion loss incurred during the 2022 fiscal year, aiming to allay anxieties by asserting that there is no need for alarm. The BoG has faced heightened scrutiny from opposition political factions and civil society organizations due to the substantial […]
