The High Court (Human Rights Division) has overturned the Bank of Ghana’s (BoG) decision to revoke the operating licence of Ideal Finance Limited. Delivered on Monday, March 10, the ruling marks a major victory for the once-defunct financial institution in its ongoing battle against the central bank. The court concluded that the Bank of Ghana […]
Court reverses Bank of Ghana’s revocation of Ideal Finance’s licence Read More »
The Bank of Ghana (BoG) has issued a one-month suspension of Taptap Send’s remittance services with commercial banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) in the country. The suspension, which take effect from November 8, 2024, is a response to regulatory violations involving a cedi remittance wallet operated by Taptap
Bank of Ghana suspends Taptap Send over regulatory breaches Read More »
The Bank of Ghana (BoG) has announced sanctions against 292 individuals and businesses for persistently issuing dud cheques. In a statement released today, the central bank said the offenders comprise – 47 unnamed individuals and 245 unnamed business entities – that issued dud cheques on at least three occasions between January 2022 and January 2024,
Bank of Ghana bans 292 individuals & businesses from issuing cheques for three years Read More »
On July 10, 2024, Justice Nana Brew of the High Court dismissed an application for judicial review filed by George Smith-Graham, a former director of UMB Bank, against the Bank of Ghana (BoG). The case stemmed from events beginning on July 22, 2022, when the BoG issued a directive under the Banks and Specialised Deposit-Taking
High Court upholds BoG’s authority to revoke bank director’s appointment Read More »
The Supreme Court says it is satisfied that the revocation of UniCredit Ghana Limited’s license was done in accordance with the stipulated law appearing on the face of the record. “We are satisfied that on the face of the record, that there was evidence of hearing between UniCredit and Bank of Ghana (BOG) prior to
Revocation of UniCredit’s license done in accordance with the law-Supreme Court Read More »
The Director of Research of the Institute of Economic Affairs (IEA), Dr John Kwakye, has proposed an amendment to the terms and conditions of the service of Board of Directors of the Bank of Ghana so that their allowances will be determined by Parliament to insulate the bank from Executive control. He said allowing the
Amend Bank of Ghana Act — IEA Read More »
The Bank of Ghana has suspended the foreign exchange trading licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN). The one-month suspension by the Central Bank takes effect from March 18, 2024, and is in accordance with Section 11 (2) of the Foreign Exchange Act 2006, (Act 723). A statement from
BoG suspends forex licences of GT Bank, FBNBank Read More »
