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Demand pressures for dollar to weigh on cedi this week; one dollar equals GH¢12.80

Demand pressures for dollar to weigh on cedi this week; one dollar equals GH¢12.80

Ghana News, News In Brief
The persistent demand pressures for the dollar would continue to weigh negatively on the cedi's performance this week. This follows a marginal depreciation of the local currency last week, taking its year-to-date loss to about 3.0%. The elevated demand continued to inhibit the cedi's performance last week, causing it to weaken across the major trading currencies. The Central Bank supported the market with $3 million but this was not substantial enough to keep the local currency afloat as it shed 0.60% week-on-week against the American greenback to close the week at GH¢12.80 in the retail market. The local unit also depreciated 0.16% versus the pound but gained 0.19% against the euro. Global creditors and rating agencies convened a meeting last week to discuss the impact of ...
BoG warns Ghanaians against 8 unapproved money transfer organizations

BoG warns Ghanaians against 8 unapproved money transfer organizations

Ghana News
The Bank of Ghana (BoG) has issued a warning to the public against engaging with unapproved Money Transfer Organisations (MTOs) in the country. In an official statement on Thursday, November 16, the central bank highlighted that several MTOs operating in the remittance and Ghana Forex Market lacked approval from the Bank of Ghana. The unapproved organizations mentioned in the statement include “Lemfi, Wise, Transfer Go, Xoom-A Paypal Service, Sendwalu, Boss Revolution, BTC-Aza Finance, and Supersonic.” The Bank of Ghana explicitly advised the general public, banks, Dedicated Electronic Money Issuers (DEMI), and Enhanced Payment Service Providers (EPSP) to refrain from conducting any transactions with the mentioned institutions.https://cdn.vuukle.com/widgets/quiz.html?version=...
Pricing, Advertising, Payments In Foreign Currency Illegal Without Authorization – BoG

Pricing, Advertising, Payments In Foreign Currency Illegal Without Authorization – BoG

Ghana News
The Bank of Ghana (BoG) has reminded the public that companies, institutions and individuals are prohibited from engaging in the foreign exchange business, pricing, advertising, receipting or making payments for goods and services without authorization. The BoG in a public notice dated April 5, 2022, said this is in accordance with the Foreign Exchange Act, 2006 (Act 723), which states that companies, institutions and individuals are prohibited from: i. engaging in foreign exchange business without a licence issued by Bank of Ghana; or ii. pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without written authorization from the Bank of Ghana. Violations The bank said such violations were punishable on summary conviction,...
Fuel prices reduced by 15 pesewas per litre

Fuel prices reduced by 15 pesewas per litre

Ghana News
The government has decided to reduce margins in the petroleum price build-up by a total of 15 pesewas per litre with effect from April 1, 2022. The reduction in margins is expected to reduce prices of petrol by 1.6 percent and diesel by 1.4 percent. This is part of measures to help mitigate the impact of the rising price of petroleum products at the pump, for the next three months [April to June, 2022]. The Minister of Finance, Mr Ken Ofori-Atta announced this at a press briefing in Accra Thursday [March 24, 2022] afternoon. He was speaking on measures being instituted by the government to help address the current economic challenges. He gave the details of the reductions as, BOST margin reduced by 2 pesewas per litre, Unified Petrole...
Value of MoMo transactions shoots up by over 120% in a year – BoG

Value of MoMo transactions shoots up by over 120% in a year – BoG

Ghana News, Headlines Today
The value of mobile money transactions has more than doubled in the last twelve months, according to the Bank of Ghana. The total value shot up by over 120 percent from February 2020 to February 2021. On a monthly basis, the value of transactions from January to February saw a minimal increase of about 1 percent. This was contained in the Central Bank’s Summary of Macroeconomic and Financial Data report. Apart from a few periods of reduction over the past 12 months, the value of mobile money transactions in Ghana has generally seen a consistent rise. After dropping marginally to GHS32.8 billion in April 2020, the month after Ghana recorded its first coronavirus cases, a surge in the value of mobile money transactions was seen in May, as the figure shot up to GHS41.5 billio...

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