2016 was a challenging year for the Ghanaian Banking sector. Reports of microfinance institutions folding up were rife. “Owners” of these financial institutions were disappearing mysteriously. The hard-earned savings of many were in jeopardy....
Category Archives: Banking and Finance
Banking in Ghana began in the 1890s when Standard Chartered Bank (Ghana) Limited established its first branch in Accra. This was followed by the opening in 1917 of a Barclays Bank branch. Until 1953, these two banks were the only commercial banks operating in the country. Then the Bank of the Gold Coast was set up. When Ghana gained independence in...
The Bank of Ghana in a recent notice[1] headed “Digital and Virtual Currency Operations in Ghana” sought to clarify the Ghanaian position on digital and virtual currencies in Ghana. Significantly, the notice informed the general public that operations in digital and virtual currencies are illegal and “… activities [operations in digital and...