The central bank has kick-started a process to revise the Banking Act to better govern the conduct of banking business in Ghana. The Bank recently submitted a final draft of the Banks and Specialized Deposit-taking Institutions Bill and the Deposit Protection Bill together with the accompanying Memoranda to the Minister of Finance. We hope that these bills would be approved by Cabinet shortly and proceed to the lawmakers. Read more

 In spite of the ongoing macroeconomic challenges as well as energy and infrastructural bottlenecks confronting the business environment among others, it is significant to note that Ghana emerged the number one destination for business in the ECOWAS region according to the 2014 World Bank’s Doing Business report. Read more

 In response to emerging trends in the banking landscape, following the global financial crisis, the Bank of Ghana is in the process of finalizing a new Banks and SDI Bill to address key weaknesses in the regulatory framework as well as build a safety net for small savers through the introduction of a deposit insurance scheme in Ghana. These two pieces of legislation would bolster the supervisory framework and build confidence into our banking system. Read more

As a commodity exporting country, the Ghanaian economy is subject to the vagaries of external market conditions which impact on export revenue flows. In circumstances where commodity prices decline for example, the adverse impact is felt through low export revenues and dwindling foreign exchange reserves, increased pressure on the exchange rate and weak growth prospects. Read more