Tag: Bank of Ghana
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Ghana Unveils Stricter Rules for International Money Transfer Operators
Overview: A New Framework for IMTOs in Ghana In a move aimed at strengthening financial integrity and supervision, the Bank of Ghana has published comprehensive guidelines governing the registration and ongoing operations of International Money Transfer Operators (IMTOs). The new framework seeks to streamline how money moves into Ghana, bolstering transparency, consumer protection, and regulatory…
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Ghana Sets New Rules for International Money Transfer Operators (IMTOs)
Overview of the new IMTO guidelines The Bank of Ghana has unveiled comprehensive regulatory guidelines aimed at International Money Transfer Operators (IMTOs) operating within and into the country. The new framework seeks to formalize registration, strengthen compliance, and improve supervision of international money transfers flowing into Ghana. By establishing clear standards, the central bank intends…
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BoG Unveils New Regulatory Guidelines for International Money Transfer Operators in Ghana
Overview: A New Regulatory Era for IMTOs in Ghana The Bank of Ghana (BoG) has published comprehensive guidelines governing the registration and operations of all International Money Transfer Operators (IMTOs) operating in or targeting Ghana. The move signals a decisive step toward strengthening the safety, transparency, and efficiency of cross-border remittances, while ensuring that money…
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Gold for Reserves: Bawumia Deserves Commendation in Ghana
Introduction: Acknowledging strategic leadership in crisis The Ghanaian economy faced a turbulent period as the global economic crisis tightened its grip on the country. In the midst of this downturn, a policy initiative spearheaded by former Vice President Dr. Mahamudu Bawumia—commonly known as the Gold for Reserves programme—was highlighted as a beacon of strategic thinking.…
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Bawumia Deserves Commendation as the Brain Behind Ghana’s Gold for Reserves Programme, Says Senyo Hosi
Introduction: A strategic move in a tough era In a recent reflection on Ghana’s economic resilience, Senyo Hosi attributes a pivotal role to former Vice President Dr. Mahamudu Bawumia for conceiving and championing the Gold for Reserves programme at the Bank of Ghana. Hosi argues that the initiative was not just a policy novelty but…
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Non-Interest Banking Rules Could Spark Ghana Regulatory Confusion
Overview: The Bank of Ghana’s Non-Interest Banking Guidelines Ghana’s central bank, the Bank of Ghana (BoG), is rounding out its framework for regulating what it calls “Non-Interest Banking.” The move aims to formalize Sharia-compliant financial services and other forms of interest-free banking that some customers prefer for religious or ethical reasons. While the intent is…
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Non-Interest Banking in Ghana: Could The Bank of Ghana’s Framework Spark Regulatory Confusion?
Introduction: Aiming for clarity in a niche sector The Bank of Ghana’s draft guidelines for regulating non-interest banking—often associated with Islamic finance—have drawn sharp commentary from policy experts. Bright Simons, Vice President of policy think tank IMANI Africa, argues that the proposed framework could inadvertently create regulatory confusion, potentially undermining the sector’s stability and consumer…
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BoG Gold Coins: Current Prices Rise Amid Cedi Depreciation
Rising Prices for BoG Gold Coins Tied to Cedi Weakness Investors in Ghana are watching the Bank of Ghana’s (BoG) gold coins closely as the latest figures show a continued rise in their investment prices. The depreciation of the Ghanaian cedi against the US dollar has been a key driver, influencing both the cost of…
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DACF Withdrawal Allegations: Minority Accuses Finance
Background: What is the DACF and why it matters The District Assemblies Common Fund (DACF) is a statutory pool of funds allocated to district assemblies for development projects and service delivery across Ghana. Managed by the Bank of Ghana and disbursed under the oversight of the Ministry of Finance and the Controller and Accountant General,…
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DACF Withdrawal Allegations: Minority Claims GH¢1.4B Unlawful
Overview of the Allegations The Minority in Parliament has raised serious concerns about the management of public funds, accusing the Minister of Finance and the Controller and Accountant General of unlawfully withdrawing GH¢1.4 billion from the District Assemblies Common Fund (DACF) account at the Bank of Ghana. Officials from the governing party have not publicly…