Tag: BOG

BoG Governor Reassures Public Amid Cedi Dip, Cites Reforms and Market Discipline

Jasmine Adjei

Governor of the Bank of Ghana, Dr. Johnson Asiama, has downplayed concerns over the recent decline in the value of the cedi, asserting that it does not signal a reversal of the currency’s earlier stability gains. Addressing stakeholders at a Small and Medium Enterprises (SME) forum hosted by the Ghana Association of Banks on Thursday, September 11, Dr. Asiama emphasized that the central bank remains committed to safeguarding foreign reserves, bolstering investor confidence, and maintaining a stable exchange rate regime. “The slight depreciation observed reflects market adjustments to ongoing reforms…

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Bank of Ghana Suspends Remittance Operations of Three Payment Firms

Jasmine Adjei

Bank of Ghana (BoG) has imposed a one-month suspension on the remittance services of three Payment Service Providers (PSPs), Flutterwave Inc., Celulant Ghana Limited, and Halges Financial Technologies, effective September 18.This regulatory action stems from repeated violations of the central bank’s updated 2023 guidelines governing inward remittance services. Key Violations and Enforcement Specific Restrictions Halges Financial Technologies faces a stricter penalty: it is barred from conducting any remittance activitiesuntil it obtains prior approval from the BoG. The central bank emphasized that future collaborations between banks, MTOs, and the sanctioned PSPs will require fresh approval once the suspension ends. It…

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