Saturday, October 18

Tag: Bank of Ghana

BoG pledges to empower media to tackle mis/disinformation in digital economy
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BoG pledges to empower media to tackle mis/disinformation in digital economy

The Bank of Ghana (BoG) has ended a two-day training workshop for selected media practitioners, with a pledge to empower the media to tackle the growing misinformation and disinformation in the digital space. Mr Bernard Ato Otabil, the Director of Communications of the BoG who gave the pledge noted that misinformation and disinformation threatened the digital economy, hence the need to enlighten the media about emerging financial and economic issues to deepen their understanding. The workshop held in Sunyani, was attended by media practitioners drawn from the Bono, Bono East and Ahafo Regions and among other objectives sought to sharpen their skills, build their capacities to better understand and report accurately on the economy. Mr Otabil explained that training was in line with...
Bank of Ghana Advances Virtual Asset Regulatory Framework with Draft VASP Bill
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Bank of Ghana Advances Virtual Asset Regulatory Framework with Draft VASP Bill

The Bank of Ghana (BoG) has announced significant progress in establishing a comprehensive regulatory framework for virtual asset activities in the country. In collaboration with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC), the Bank has completed the drafting of the Virtual Asset Service Providers (VASP) Bill, which is currently advancing through processes leading to consideration by Parliament. According to the Bank, the draft bill has undergone extensive review by industry stakeholders, state institutions, and international development partners to ensure it is robust, market-relevant, and fit for purpose. As part of the preparatory measures, the BoG in July 2025 conducted a mandatory registration exercise for all virtual asset service...
Bank of Ghana Suspends UBA Ghana’s Forex Trading Licence Over Regulatory Breaches
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Bank of Ghana Suspends UBA Ghana’s Forex Trading Licence Over Regulatory Breaches

The Bank of Ghana has suspended the Foreign Exchange Trading Licence of United Bank for Africa (UBA) Ghana, effective September 18, 2025, for a period of one month. The decision, taken in accordance with section 11(2) of the Foreign Exchange Act, 2006 (Act 723), follows multiple breaches of the country’s foreign exchange market regulations. According to the central bank, UBA Ghana engaged in unauthorised remittance activities with three Payment Service Providers (PSPs) – Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc. – on behalf of Money Transfer Operators (MTOs), namely Top Connect, Send App, Taptap Send, Remit Choice, and Afriex. The Bank of Ghana noted that these actions contravened the Updated Guidelines for Inward Remittance Services by Payment...
BoG Suspends Remittance Partnerships of Five Money Transfer Operators
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BoG Suspends Remittance Partnerships of Five Money Transfer Operators

The Bank of Ghana (BoG) has announced the suspension of remittance partnerships involving five major Money Transfer Operators (MTOs), effective September 18, 2025. The affected operators are Taptap Send, Top Connect, Remit Choice, Send App, and Afriex. According to the central bank, the suspension, which will last for one month, follows various breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Bank of Ghana Notice No. BG/GOV/SEC/2025/25. Investigations by the BoG revealed that the MTOs conducted unauthorised remittance activities with Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., through their settlement bank, UBA Ghana. The regulator stressed that the affected operators will only b...
Bank of Ghana Bans Unbacked Foreign Currency Cash Payments to Large Corporates
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Bank of Ghana Bans Unbacked Foreign Currency Cash Payments to Large Corporates

The Bank of Ghana (BoG) has directed all banks to immediately discontinue the practice of making foreign currency (FCY) cash payments to large corporates that are not backed by equivalent FCY cash deposits. In a statement signed by Aimee V. Quashie, on behalf of the Secretary, the central bank said it had observed a growing trend where institutions such as Bulk Oil Distribution Companies, mining firms, and other large corporates were withdrawing foreign currency cash without prior deposits. According to the BoG, this practice puts avoidable pressure on the foreign exchange market and undermines ongoing efforts to stabilize the cedi. “Accordingly, with immediate effect, all banks are directed to discontinue the payment of FCY cash to Large Corporates unless such transactions are fu...
BoG develops comprehensive framework to guide Non-Interest Banking, Finance sector-Prof Gartchie  
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BoG develops comprehensive framework to guide Non-Interest Banking, Finance sector-Prof Gartchie  

The Bank of Ghana (BoG) is developing a comprehensive framework to guide the sector, as the central bank upscales measures for the introduction of Non-Interest Banking and Finance (NIBF) in country, Professor John Gartchie Gatsi, Advisor, BoG said at the weekend.The NIBF operates in accordance with Islamic law (shariah) which prohibits excessive uncertainty and investments in industries like alcohol, gambling, and pork-related businesses.Prof Gatsi said the BoG was undertaking extensive engagements with stakeholders, including academic institutions, including the Securities Exchange Commission and other professional bodies, and to shape the formulation of the framework.Additionally, the central bank had also held engagements with Nigeria banks and capital market players, saying “our target...
Bank of Ghana boosts regional media capacity on monetary policy  
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Bank of Ghana boosts regional media capacity on monetary policy  

The Bank of Ghana (BoG) has conducted an intensive media capacity-building workshop for journalists in Eastern Region to enhance their financial reporting competencies and deepen understanding of Ghana’s monetary policy framework and decision-making processes.   The initiative, which ran from June 25 to 28, was part of a broader national media engagement strategy of the Central Bank to promote accurate economic reporting, curb misinformation and disinformation, and enhance public understanding of monetary policy decisions.  Addressing participants during the opening session, Mr. Bernard Ato Otabil, Director of Communications, Bank of Ghana, underscored the fundamental role of the media in shaping national discourse on financial and macroeconomic issues.   “The Bank’...
Bank of Ghana warns against unapproved money transfer organizations
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Bank of Ghana warns against unapproved money transfer organizations

The Bank of Ghana (BoG) has issued a stern warning to the general public and financial institutions to avoid engaging with a list of unapproved Money Transfer Organisations (MTOs) currently operating within the remittance and foreign exchange market in Ghana. In an official notice (BG/FMD/2025/41) signed by Secretary Sandra Thompson on June 27, 2025, the central bank revealed that several MTOs are conducting business without the necessary regulatory approval. These entities include: ACE Money Transfer Remit Union Remit Home Roze Remit Monty Global Nairagram i-Transfer Hurupay Eversend 121 Send The Bank emphasized that such operations contravene Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), which mandates that no individual or entity shall en...
BoG Governor lauds Collateral Registry for Deepening Financial Inclusion
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BoG Governor lauds Collateral Registry for Deepening Financial Inclusion

Dr Johnson Asiama, Governor of the Bank of Ghana, has lauded the contributions of the Collateral Registry to the expansion of the frontiers of financial inclusion. In an address read on his behalf by Dr Zakari Mumuni, the First Deputy Governor at the 15th anniversary Celebration of the Collateral Registry Department, Dr Asiama said beyond supporting formal banking processes, the Registry had improved access to credit for micro, small and medium-sized enterprises. He said such enterprises, which often lacked traditional forms of collateral, could now use mobile access like stock receivables and tools of trade to secure credit. "This is a significant step towards democratizing finance in Ghana. And by unlocking access to credit for the underserved groups, the registry has contribute...
Mahama Appoints 12-Member BOG Board
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Mahama Appoints 12-Member BOG Board

Isaac Adongo President John Dramani Mahama has appointed a 12-member governing board for the Bank of Ghana, following consultations with the Council of State and in accordance with the Constitution and the Bank of Ghana Act. The appointments were announced on Wednesday, 26 February 2025. The newly appointed board members are, Dr Johnson Pandit Kwesi Asiama, Governor (Chairman), Dr. Zakari Mumuni, 1st Deputy Governor, Thomas Nyarko Ampem, Representative from the Ministry of Finance, Augustine Fritz Gockel, Economist, Nana Akua Ayivora, Accountant/Audit/Risk/Compliance, and Emma Akua Bulley – Lawyer. Other members are Evelyn Naa Checher Kwatia, Finance Markets/Treasury, Dr. Stephen Senyo Sapati – Finance/Audit, Beatrice Feehi Annangfio, Lawyer, Kizzita Mensah, Lawyer, Joseph W. A...
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