BoG abolishes bank charges on savings account and other ‘unfair’ fees

The Bank of Ghana has directed banks and Specialized Deposit-Taking institutions to desist from charging some fees and charges, as well engaging in some practices it describes as unfair to the banking populace. The fees and charges, and practices identified by the central bank as unfair include, Credit Insurance Premium Overcharges, Maintenance Fees on Savings […]

Bank of Ghana to Phase out GHS1, GHS2 notes, replace with coins

Even though the GHS1 and GHS2 banknotes remain legal tender in Ghana, the Bank of Ghana (BoG) will phase them out and substitute them with coins. Following the introduction of a GHS 2 coin together with new GHS100 and GHS200 banknotes, the central bank said in a statement on Friday, 29 November 2019 that it […]

Bank of Ghana introduces new Ghc200, Ghc100 notes

The Bank of Ghana has introduced GH¢100 and GH¢200 notes to the country’s currency denomination mix. It has also introduced a GH¢2 coin. This was announced by the Governor of the Central Bank, Dr. Ernest Addison at a press conference in Accra on Friday. More soon…

BoG directs fintechs and MoMo operators to acquire license by June 2020

The Bank of Ghana has said companies engaged in online or digital transactions including Mobile Money Operators and fintechs, have up to June 2020 to acquire their licenses to enable them to operate in the electronic payment space. The acquisition of the license by these companies is one of the requirements in the Payment Systems […]

Government to set up National Development Bank in 2020

Next year will see the coming into existence of a new bank, National Development Bank (NDB), the Minister of Finance has revealed. Ken Ofori-Atta says already feasibility study for the establishment of the bank, specifying its rationale, mandate, business model, legal and regulatory framework, ownership, governance and sustainability has been been completed. He made this […]

Bank of Ghana Increases Minimum Capital for Mobile Money Companies by 300 Percent

The Bank of Ghana (BoG) has increased the minimum capital for Mobile Money companies by 300 percent. The requirement has been increased to GH¢20 million from the initial GH¢5 million.The BoG captured this in a press statement it released. According to the central bank, “The emergence of new payment streams, institutions such as financial technology […]

Bank of Ghana Dismisses Official for Corruption

Gilbert Addy, a worker at the Bank of Ghana (BoG) has been dismissed after investigations revealed that he had accepted a bribe of GH¢ 410,000.00 in the award of a contract to Sibton Switch Systems Limited in 2016. The amount is said to be over 14 times his annual salary.Mr Addy, who was project manager […]

See full list: BoG shuts down over 300 microfinance companies

The Bank of Ghana (BoG) has revoked the operating licenses of over 300 microfinance institutions. A statement from the BoG says 192 of the companies that had their licenses revoked were insolvent and another 155 were revoked because they have ceased operations. These actions were taken pursuant to section 123 (1) of the Banks and Specialised […]

Bank of Ghana explains why GHS2, GHS5 aren’t upgraded

The Bank of Ghana has explained that the GHS2 and GHS5 notes are not part of the upgraded currencies introduced into circulation on Monday, May 6, 2019 because they are “standalone commemorative banknotes”.“In line with international best practice, commemorative banknotes are not subject to upgrades,” the Bank of Ghana said in a statement issued Tuesday […]

Bank of Ghana Has Upgraded the Ghana Cedi Banknotes

Bank of Ghana on Monday 8th April, 2019 has upgraded the Ghana Cedi Bank Notes. These upgraded banknotes will be in circulation from 6th May, 2019. These upgraded are intended to enhance security features in line with evolving changes in this technological era. Check below the Bank of Ghana’s official press release: