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The Bank of Ghana has suspended Consolidated Bank Ghana’s (CBG) Foreign Exchange Trading Licence, effective November 26, 2024, for one month. The BoG cited section 11(2) of the Foreign Exchange Act, 2006 (Act 723) as the basis for this decision. In a statement on November 12, the Central Bank clarified …
Read More »BoG Launches Gold Coin To Discourage Hoarding Of Dollars
The Bank of Ghana (BoG) has unveiled the Ghana Gold Coin, a new investment initiative aimed at reducing dollar hoarding. As part of the domestic gold programme, this initiative seeks to absorb excess liquidity in the market and strengthen the local currency against major trading currencies. The coin will …
Read More »BoG Sanctions 47 Individuals, 245 Business Entities For Issuing Dud Cheques
The Bank of Ghana has imposed sanctions on 47 individuals and 245 business entities for issuing dud cheques. A statement from the BoG on August 6, 2024, said the individuals and the entities breached a notice which was published in March 2021. “The affected bank customers issued dud cheques on …
Read More »BoG Directs All Forex Bureaux To Check Ghana Card Before Transactions Effective August 1
The Bank of Ghana (BoG) has announced that effective August 1, 2024, all licensed Foreign Exchange Bureaux will be required to demand the Ghana Card before transacting business with any person. This was after it launched a centralised foreign exchange trading platform in line with its objective to ensure the …
Read More »BoG Clears Air On Revocation Of GN Bank’s License
The Bank of Ghana (BOG) has defended its decision to revoke GN Bank’s licence in 2019, stating that significant regulatory breachesmade the action necessary. The Central Bank maintains that GN Bank failed to comply with critical financial regulations and banking standards which threatened its operational stability. Simply, the Bank of …
Read More »VIDEO: BoG Urged Forex Bureaus To Stop Advertising Rates On Social Media
The Bank of Ghana (BoG) has said that it remains fully committed to providing stability in the exchange rate for the cedi. The Governor of the Bank of Ghana, Dr Ernest Kwamina Addison, stated that enough foreign exchange reserves to support the market and economic agents should stop engaging in …
Read More »1% Cybersecurity Levy Has Not Been Implemented – BoG Clears Air
The Bank of Ghana (BoG) has denied reports of introducing a one percent cybersecurity levy on all banking transactions. These allegations surfaced on social media following reports that the Central Bank was planning to impose a one percent cybersecurity levy on all banking transactions due to increasing cybersecurity threats both …
Read More »BoG Reduces Monetary Policy Rate To 29%
The Bank of Ghana has lowered its Monetary Policy Rate by one percent. In effect, the rate that commercial banks use as a reference for lending has been reduced from 30 to 29 percent after six months. The rate has remained at 30 percent since July 2023 to keep inflation …
Read More »BoG Grants Approval To 16 Forex Brokers – See The Full List
At least sixteen foreign exchange (FX) brokers have been granted approval by the Bank of Ghana to commence operation on the Ghana Interbank Forex Market effective 1 January. A statement issued by the BoG on Friday (5 January) says the move is in accordance with section 3.13.1 of the Ghana …
Read More »Leaked Tape: The IGP Cannot Determine Outcome Of Elections – Dr. Dampare
The Inspector General of Police (IGP), Dr George Akuffo Dampare says no individual has the power to determine the outcome of elections as it was heard in the leaked tape. Speaking before Parliament’s Committee tasked to probe into a ‘leaked IGP tape’ to oust him from office, he said, elections …
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