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Greater Accra

National Security Operatives Raid Former BoG Governor’s Home, Seize Vehicles and CCTV System

On the morning of March 19, 2025, a group of heavily armed operatives from the National Security Secretariat, reportedly led by Richard Jakpa, Director of Special Operations, raided the home of former Bank of Ghana (BoG) Governor Dr. Ernest Addison at 5 a.m.The operatives, numbering around 20 and arriving in three vehicles, were seen wearing balaclavas and carrying AK-47 rifles. Upon entering the premises, they disabled the CCTV system before demanding that Dr. Addison lead them to alleged vaults hidden in the house. However, Dr. Addison denied any knowledge of such vaults or caches of cash.Despite his denial, the operatives ransacked the house, overturning furniture and disrupting the household. After a lengthy search, they confiscated the CCTV monitor and control unit, as well as four of Dr. Addison's vehicles, including his Toyota Lexus and Mercedes Benz, which were driven to […]

Edem 4Style March 20, 2025

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Bank of Ghana Seeks GH₵53 Billion Bailout to Address Financial Challenges

In a significant announcement during the presentation of the 2025 Budget Statement and Economic Policy on March 11, 2025, Finance Minister Dr. Cassiel Ato Forson revealed that the Bank of Ghana (BoG) is requesting a GH₵53 billion bailout to resolve its financial difficulties caused by negative equity.Dr. Forson highlighted the central bank's dire need for substantial financial support to stabilize its operations and address the ongoing challenges. He explained that the bailout request is critical to help restore BoG’s financial health and ensure it can continue its functions effectively.Fiscal Pressures and Government ArrearsDr. Forson also addressed the wider fiscal challenges the government faces. He disclosed that as of December 2024, Ghana's total arrears had risen to GH₵67.5 billion, equivalent to 5.2% of the country’s GDP. A significant portion of this amount—GH₵21 billion—is attributed to the road sector.The Finance Minister expressed […]

Edem 4Style March 11, 2025

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Greater Accra

BoG Warns Banks: Stop Photocopying Ghana Cards!

The Bank of Ghana (BoG) has issued a strong warning to banks, instructing them to stop photocopying customers' Ghana Cards for transactions. According to the central bank, this practice increases the risk of fraud and compromises financial security.Ashitei Trebi-Ollennu, Deputy Head of Financial Integrity at BoG, emphasized that biometric verification is the only approved method for authenticating identities in banking transactions. He stated that banks should rely on the National Identification Authority’s (NIA) biometric system instead of keeping photocopies, which could be exploited for fraudulent activities.The warning was reiterated during a forum on identity verification in financial transactions, organized by Identity Management Systems II (IMS II) Ltd in collaboration with the NIA. Industry experts at the event stressed the importance of using biometric technology to enhance security and prevent financial crimes.

Edem 4Style March 3, 2025

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Greater Accra

Internet and Mobile Banking Users Surge in 2023 – BoG Report.

The Bank of Ghana's 2023 Financial Stability Review reveals a notable rise in internet and mobile banking adoption. Internet banking users grew by 16.6%, reaching over 1.3 million in 2023. The volume of internet banking transactions increased by 30.65%, totaling 13.5 million transactions valued at GH₵98.87 billion. Mobile banking saw even higher growth, with a 51.54% jump to over 7.2 million users, and transaction values doubling from GH₵38.47 billion in 2022 to GH₵80.4 billion in 2023.Amid this growth, the Bank of Ghana strengthened oversight of the payments ecosystem to address risks such as fraud and cybersecurity threats. Enhanced collaboration with security agencies and public awareness efforts were key strategies to foster secure digital transactions.

Edem 4Style November 12, 2024

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