Cashless payments and digital banking are not new subjects in the banking discourse. Over the past two decades, the Ghanaian payments industry has undergone significant transformation on account of adopting digital technology. With onset of the COVID-19 pandemic, a sense of urgency has been injected into Ghana’s payment ecosystem...
All societies across time and place have faced the ‘basic’ economic problem – scarcity and how best to make use of limited resources. Some have prioritised improving production through enhanced technology with varying degrees of success. Others have relied on the exchange of their natural resources to succeed. But some...
Welcome to another week of financial learning. It has been a while since I came your way with my financial nuggets. I had to come out of my shelve to touch on a seven-level approach towards financial freedom by Grant Sabatier. Grant is a is an American author, podcaster, and entrepreneur....
Foreign inward remittances have been observed to be one of the least volatile sources of foreign exchange earnings for developing countries. While foreign capital flows tend to rise during favourable economic cycles and fall in bad times, remittances appear to react less violently and as such tend to exhibit...
To enhance financial transfers, government has rolled out several policies and financial services to both the diaspora and recipients at home. These include savings and investment schemes and money transfer schemes. Direct Investments and Savings Direct investment schemes are a significant avenue created by government to channel financial remittances from the...
Remittances are a significant source of external financing and major contributor to national income. Many Ghanaian families depend on remittances from relations living abroad to cater for various expenses including education, health, rent, housekeeping and utilities. Ghanaians in the diaspora also send money home to fund the construction of...
Governor of the Bank of Ghana, Dr. Ernest Addison, has said that current global conditions have put central banks across the continent in a tight corner as they must come out with policies that will tame inflationary pressures without sacrificing growth. Speaking at the Financial Stability Board Conference in Accra,...
Governor of the central bank, Dr. Ernest Addison, says banks must step up efforts to digitise the value chain for both merchants and users through digitisation of payments to distributors, wholesalers and retail outlets. He made this call at the launch of GhanaPay – a mobile bank wallet for banks,...
Standard Chartered Bank Ghana PLC has held the first ‘Supplier Sustainability Forum’ in Accra. The Forum engaged suppliers on its Sustainability Agenda and how the bank demonstrates Diversity and Inclusion in its businesses. Present at the Forum were some of the bank’s suppliers, business banking clients, NGOs and representatives from...
The Bank of Ghana has won the Central Banking’s FinTech Policy of the Year Award 2022. This follows the Bank’s remarkable development of a Supervisory Intelligence Platform, which aims to streamline the collection and analysis of granular data from regulated FinTechs. The platform also enhances the Bank’s capabilities for evidence-based...