Bank of Ghana – DIGIT INFO

Bank of Ghana unveils draft rules for cryptocurrency exchanges

DIGIT — Fri, 16 Aug 2024 07:29:40 +0000

The Bank of Ghana introduces draft guidelines to regulate digital assets, focusing on exchanges and consumer protection measures.

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Ghana, Singapore conduct trade in semi-fungible token pilot project

DIGIT — Fri, 17 May 2024 21:44:41 +0000

Project DESFT is meant to encourage trade between small businesses using a CBDC and a stablecoin, with an emphasis on credentialing.

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Ghanaian and Nigerian Central Bank Open Respective Regulatory Sandbox Application Processes

DIGIT — Sun, 29 Jan 2023 09:30:04 +0000

The Ghanaian and Nigerian central banks have invited financial innovators that wish to be included in their respective regulatory sandboxes to submit applications. The Bank of Ghana said its sandbox will also support innovations that attempt to solve the financial exclusion challenge. Solving the Financial Exclusion Challenge The Ghanaian central bank has called on registered […]

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Ghanaian Cedi Second Worst-Performing Asset Among Sub-Saharan Africa’s Top 15 Currencies

DIGIT — Wed, 25 Jan 2023 00:19:48 +0000

In just the first 17 days of the new year, the Ghanaian currency reportedly depreciated by 12.7%, making it the second worst-performing among Sub-Saharan Africa’s top 15 currencies. While one U.S. dollar bought 13.10 units of the cedi on the parallel market, according to the latest Bank of Ghana data, one greenback buys around 10.36 […]

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Ghanaian Cedi Appreciates by More Than 30% in 4 Days — Currency Recovery Follows IMF Loan Announcement

DIGIT — Sun, 18 Dec 2022 09:00:56 +0000

Just a few months after it became the world’s worst-performing currency, the Ghanaian cedi’s exchange rate versus the U.S. dollar bounced back from just over 14 units per dollar on Dec. 1, to 8 units for every dollar by Dec. 16, new data has shown. The currency’s resurgence appears to have been fueled by reports […]

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Ghana Takes Steps to Operationalize Gold-for-Oil Scheme — Move Expected to Help Halt Cedi’s Depreciation

DIGIT — Sun, 27 Nov 2022 07:00:29 +0000

According to directives issued by Samuel A. Jinapor, the Ghanaian minister for lands and natural resources, large-scale gold mining companies will be required to “sell 20% of all refined gold at their refineries to the Bank of Ghana.” A gold-for-oil scheme is part of the Ghanaian government’s plan to stop the further dwindling of the […]

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World’s Worst Performing Currency, the Cedi, Reverses Gains — Economist Steve Hanke Says Ghana Inflation Now Over 140%

DIGIT — Thu, 10 Nov 2022 06:30:28 +0000

Just days after registering marginal gains against the U.S. dollar, the Ghanaian currency — the cedi — slipped to C14:$1 versus the U.S. dollar on the foreign exchange parallel market on Nov. 7. The cedi’s reversal is said to have dented the currency’s recovery prospects. On the other hand, Ghana’s former president John Mahama and […]

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Displaying US Dollar Prices Still Prohibited, Ghanaian Central Bank Tells Actress Lydia Forson

DIGIT — Sat, 05 Nov 2022 12:30:13 +0000

The Bank of Ghana recently warned businesses quoting U.S. dollar prices that the practice is still prohibited and that the cedi remains Ghana’s sole legal tender. The bank said it is working with law enforcement to “clamp down on illegal foreign exchange operations.” In addition to naming and shaming businesses violating the law, a Ghanaian […]

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Bank of Ghana to foster financial inclusion through CBDC project

DIGIT — Wed, 28 Sep 2022 13:25:55 +0000

Kwame Oppong, an executive at Ghana’s central bank told Cointelegraph that a CBDC could give their citizens the opportunity to use a “decent form of payment.”

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Ghanaian Central Bank Allays Fears That a CBDC Will Disrupt Mobile Money Operations

DIGIT — Sun, 04 Sep 2022 10:30:48 +0000

The Bank of Ghana has said the expected implementation of the central bank digital currency will not disrupt or negatively impact the operations of mobile money operators. Rather, the central bank expects the digital currency to improve the efficiency of Ghana’s settlement systems as well as to “fast-track cross border trade.” CBDC to Complement Mobile […]

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