Latest news with #BoG
Express Tribune
17-07-2025
- Health
- Express Tribune
Nursing director made dean at LRH
In a controversial move at Khyber-Pakhtunkhwa's largest medical facility, Lady Reading Hospital (LRH) Peshawar, standard protocols have allegedly been disregarded as the hospital's Nursing Director has been appointed to the key academic and administrative position of Dean. The Board of Governors (BoG) has also handed the additional charge of Medical Director to the Hospital Director, triggering outrage within the doctors' community. Sources confirmed that the BoG issued an official notification relieving Dr Ameer Muhammad (Dean) and Dr Zafar Mehmood (Medical Director) from their posts upon completion of their tenures, reassigning them to their respective faculties. Subsequently, the additional responsibilities were assigned to the Nursing Director and Hospital Director, along with full administrative authority. This decision has raised serious concerns among medical professionals, who argue that such appointments blatantly violate the Medical Teaching Institutions (MTI) Act's regulations. According to the rules, the Dean must hold an MBBS degree, an FCPS qualification, a minimum of eight years of experience as a department head, and a professor-level appointment. Similarly, the Medical Director must also be a professor in the medical field. Sources further revealed that the Service Tribunal has already ruled that acting appointments to positions like Medical Director, Hospital Director, Nursing Director, Finance Director, Director HR, and Secretary BoG cannot exceed three months. However, both the Medical Director and Dean roles at LRH had been held on an ad-hoc basis for over two years and one year respectively. Adding to the controversy, LRH had recently suspended 19 doctors. When these doctors challenged the decision in the Service Tribunal, the tribunal reportedly questioned the legality of orders passed by an unlawfully extended Dean. A hospital spokesperson, however, downplayed the matter, stating, "These are routine administrative matters. The Board of Governors regularly makes such decisions as needed."
Business Insider
15-07-2025
- Business
- Business Insider
Ghana to regulate crypto exchanges
The Bank of Ghana (BoG) is putting the finishing touches on a comprehensive regulatory framework for cryptocurrency platforms and Virtual Asset Service Providers (VASPs), according to Governor Johnson Asiama. The Bank of Ghana (BoG) is finalizing a regulatory framework for cryptocurrency platforms and Virtual Asset Service Providers (VASPs). Governor Johnson Asiama stressed the importance of regulation amid the rise of digital financial technologies. The framework will align with anti-money laundering and financial stability mandates, ensuring robust oversight. Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting, Asiama emphasised the urgency for clear rules amid the rise of digital financial technologies. 'Crypto is like the air we breathe—you can't stop it. So let's regulate it properly,' he stated. 'We are working on a framework that aligns with our anti-money laundering and financial stability mandates.' Coordination with key institutions To ensure a robust and collaborative regulatory environment, the BoG has been in close consultation with the Financial Intelligence Centre (FIC) and the Ministry of Finance. The forthcoming regulations will establish clear licensing requirements, operational standards, and safeguards against abuse for all crypto-related entities operating in Ghana. Regulating, not restricting Governor Asiama was clear in stating that the central bank is not opposed to innovation, but rather committed to preserving financial integrity. 'Crypto is here. The question is how do we manage it, not whether to ban it,' he said. ' The Bank is not anti-innovation. We only seek to ensure that digital financial products do not undermine confidence in the monetary system or facilitate illicit transactions.' Ghana takes a leading role in Africa's crypto policy With this move, Ghana is positioning itself among a small but growing number of African nations proactively tackling the regulation of digital currencies. The new framework aims to balance oversight with flexibility, ensuring that the fintech and crypto sectors can continue to innovate within a safe and supervised environment.
Business Insider
04-07-2025
- Business
- Business Insider
Ghana's gold reserves increased by 8.05% since January 1, 2025, to 32.99 tonnes in June
The Bank of Ghana's (BoG) gold reserves climbed to 32.99 tonnes by the end of June 2025, up from 32.16 tonnes recorded in May 2025, marking a steady increase in the country's efforts to strengthen its foreign exchange buffers. The Bank of Ghana's gold reserves reached 32.99 tonnes by June 2025, reflecting steady monthly growth since January. Gold reserves in Ghana have seen an 8.05% increase since the beginning of 2025, a significant rise from 30.53 tonnes in January. The gold stockpile increased over three times compared to May 2023, enhancing Ghana's economic stability and investor confidence. According to official data released by the central bank, Ghana's gold reserves have grown 8.05% since January 2025, when the figure stood at 30.53 tonnes. A slight rise was first recorded on 31 January, increasing to 30.62 tonnes, and the reserves have since seen consistent month-on-month growth. Significant progress from 2023 In May 2023, Ghana's gold reserves were only 8.78 tonnes, indicating a more than threefold increase over the past year. This growth has played a crucial role in helping to stabilise the Ghanaian cedi and improve investor confidence in the country's macroeconomic environment. Domestic Gold purchase programme drives growth The BoG attributes the sharp rise to its Domestic Gold Purchase Programme, a strategic policy aimed at strengthening Ghana's international reserves. The initiative is designed to improve exchange rate stability, attract foreign direct investment, and reduce reliance on external borrowing. In an earlier statement, the central bank noted: 'The gold accumulation programme is an essential tool in our efforts to diversify reserve assets, reduce exposure to global financial volatility, and provide the economy with more robust buffers against external shocks.' Improved access to financing By building its gold stockpile, the BoG hopes to leverage these assets to secure more affordable financing, thereby enhancing short-term foreign exchange liquidity.
Business Insider
02-07-2025
- Business
- Business Insider
Bank of Ghana injects $20 million into oil sector to support cedi and fuel supply
The Bank of Ghana (BoG) has disbursed $20 million to ten Bulk Oil Distribution Companies (BDCs) as part of its latest foreign exchange (FX) forward auction, reinforcing the central bank's efforts to stabilise the Ghanaian cedi and ensure consistent fuel availability. The Bank of Ghana has allocated $20 million to Bulk Oil Distribution Companies in a foreign exchange auction. The FX auction was priced at GH¢10.40 per US dollar and is part of a larger $120 million initiative. The next FX forward auction is scheduled for early July, allocating a further $20 million. Fixed rate auction targets petroleum sector The FX auction, held on Thursday, 26 June 2025, was priced at a fixed rate of GH¢10.40 per US dollar, with bids submitted in the range of GH¢10.00 to GH¢10.35. This forms part of a broader $120 million initiative launched by the central bank in April 2025, aimed at providing fortnightly dollar support to qualified BDCs throughout the second quarter. According to the BoG, the FX auction is a targeted response to external economic shocks, especially those related to fluctuating global oil prices. The measure is intended to reduce the burden on the interbank FX market by directly supplying foreign currency to the downstream petroleum sector. The central bank explained that this intervention is essential in preserving macroeconomic stability and containing inflationary pressures, particularly those driven by rising import costs in the energy sector. The BoG has scheduled the next FX auction for early July, with an additional $20 million earmarked for distribution to qualifying BDCs.
Business Insider
29-06-2025
- Business
- Business Insider
Ghana's national bank blacklists 10 unlicensed money transfer firms
As part of efforts to safeguard Ghana's financial system, the Bank of Ghana (BoG) has issued a stern warning to Ghanaians and financial service providers to steer clear of specific Money Transfer Organisations (MTOs) operating without the required regulatory approval from the Apex bank. The Bank of Ghana (BoG) has warned against engaging with unlicensed Money Transfer Organizations (MTOs). Ten firms were identified for allegedly violating Ghanaian financial laws by operating without necessary approvals. Financial providers are instructed to avoid collaboration with these entities or face significant penalties. In a statement released on its website on June 27, and cited by The High Street Journal, the Bank identified ten unlicensed money transfer firms allegedly conducting foreign exchange and remittance activities in violation of Ghanaian financial laws The BoG emphasized that these entities are neither licensed nor authorised to operate within the country's financial ecosystem. 'A person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act,' the Bank quoted from Section 3.1 of the Act. It further emphasized that all foreign exchange transfers to or from Ghana must be done through licensed operators, stressing that unapproved MTO s not only break the law but also undermine public trust and also expose users to the risk of fraud, data misuse, or loss of funds. The unlicensed organizations named are: ACE Money Transfer Remit Union Remit Home Roze Remit Monty Global Nairagram i-Transfer Hurupay Eversend Izi Send The Bank of Ghana's directive was particularly accorded to local banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs), instructing them to avoid all forms of engagement with these blacklisted entities. Licensed MTO s were also reminded to channel all forex flows through approved partners and adhere to operational standards or face penalties. 'Non-compliance will result in severe sanctions, including the withdrawal of the licence of the institution in breach,' the Bank warned. To help the public make informed decisions, the BoG has provided a complete list of authorised money transfer providers on its official website. The central bank further urged Ghanaians to verify the licensing status of any MTO before initiating transactions. According to the BoG, these regulatory provisions are in place to maintain the integrity, transparency, and security of the country's financial system. This announcement forms part of the BoG 's ongoing efforts to sanitise Ghana's remittance and forex market, particularly as digital payments and cross-border money transfers gain popularity.
