Bank of Ghana intensifies fight against cyber attacks

GHANA – The Bank of Ghana (BoG) has intensified efforts to protect banks and other financial institutions from possible cyber-attacks amid surging rise in the use of the internet to transact businesses. Mrs. Elsie Addo Awadzi, 2nd Deputy Governor of the BoG said the approach of the regulator to addressing cyber risks in the banking and payments ecosystem is designed to safeguard operational resilience, safety, soundness, and integrity of the entire system while promoting confidence in the use of financial services. Key issues to be addressed from a regulatory perspective…

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Ghana’s economy rebounds, to expand in third and fourth quarters – Bank of Ghana

GHANA – Ghana’s economy is showing signs of recovering from the adverse effects of the corona virus pandemic and is projected to grow by at least two percent this year, according to Bank of Ghana’s (BoG) most recent projections. The latest projection is a revision of the 0.9 percent growth the BoG gave in the early part of the year when the Coronavirus pandemic was at its peak. Bleeding from the injuries sustained during the pandemic, the Ghanaian economy contracted by 3.2 per cent in the second quarter this year.…

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Use of advanced technologies exposing banks to fraudsters- Bank of Ghana says

GHANA – The Bank of Ghana has said that the various forms of advanced technologies adopted by financial institutions have made the banking sector more susceptible to various forms of fraud. Bank of Ghana revealed this while releasing the annual report on fraud in the Banking Industry which revealed a slight increase in the number of fraud cases reported by the banks to the apex bank. According to the report, the banking industry reported a total number of 2,295 fraud cases in 2019 as compared to 2,175 fraud cases reported…

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Bank of Ghana says new Cedi notes part of reforms

GHANA– The Bank of Ghana (BoG) has insisted that the decision to introduce the GH¢100 and GH¢200 new currency notes forms part of its reform program aimed at making the cedi relevant to changing times. “The Bank would like to inform the general public that the introduction of the new denominations is the result of a well-thought out currency reform program,” the Bank said in a press statement. The Bank of Ghana explained that it begun the process of a thorough review of the structure of the currency since 2017…

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Bank of Ghana introduces new notes to match prevailing economic conditions

GHANA  -Bank of Ghana has introduced new 100 and 200-cedi denomination banknotes into circulation to complement the existing series. The Bank has also introduced new two-cedi coins to reduce the cost of printing. While introducing the new denominations, Dr Ernest Addison, the Governor of the Central Bank  said that the GH¢100 will complement the existing high denomination banknotes to ease high value transaction, while the GH¢200 will be introduced gradually into circulation and will be in limited quantities. Dr Addison further noted that the higher denominations were to ensure customer…

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Bank of Ghana issues new deadline for mobile money operators to acquire license

GHANA – The Bank of Ghana (BoG) has released a new directive requiring all mobile operators in the country to acquire an operating license by end of June 2020. The Bank through its Head of Payment Systems at the Bank of Ghana, Dr Settor Amediku revealed this during the 23rd National banking Conference in Accra. According to the financial services regulator, this new directive which has been communicated to some of the operators is to ensure that digital financial services are well regulated in the country. Speaking on the theme,…

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Bank of Ghana’s governor appointed IMF/World Bank Chair of Board of Governors

AFRICA – The governor for Bank of Ghana, Dr Philip Yedu Addison has been appointed chair of the board of governors of the IMF and the World Bank for 2020. Dr. Addison was appointed during a selection process which took place at the 2019 Annual Meetings Plenary of the Bretton Woods institutions in Washington DC. The plenary meeting held in October this year, is one of many others conducted by the financial body on an annual regional rotation basis, 2020 is the turn of Africa. In a press statement released…

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