BoG Freezes US$1bn Sibton Deal

The central bank has reportedly put on hold the billion-dollar deal it handed to Sibton Switch, a local IT firm, to interconnect all payment systems in the country, following public outcry over whether such an intermediary was necessary, given the cost implications for consumers. Sources close to the central bank told the B&FT that the … Read more

Massive Shakeup Hits Tema Port

There has been a massive shakeup and reshuffle among officials of the Customs Division of the Ghana Revenue Authority (GRA) at the Tema Habour as part of internal measures to ensure the Authority performs at its maximum efficiency. The shakeup which happened on Monday had some ten top officials being asked to change positions as … Read more

Massive Shakeup Hits Tema Port

There has been a massive shakeup and reshuffle among officials of the Customs Division of the Ghana Revenue Authority (GRA) at the Tema Habour as part of internal measures to ensure the Authority performs at its maximum efficiency. The shakeup happened on Monday and had some ten top officials being asked to change positions as … Read more

Ghana’s Modern Payment Regime

The current Payment system in Ghana refers to the entire matrix of institutional infrastructure arrangements and processes in a country set up to enable economic agents (individuals, businesses, organizations and Government) initiate and transfer monetary claims in the form of commercial and central bank liabilities. According to Bank of Ghana records, Ghana’s payment system has … Read more

BoG Swerves Own Subsidiary In Mobile Money Deal

Enquiries made by the B&FT have established that the Ghana Interbank Payment and Settlement Systems (GhIPSS), can handle the intermediary role in across-network mobile money transactions, a multi-million-dollar job the central bank has outsourced to a private company. An insider source told the B&FT that what GhIPSS, a wholly owned subsidiary of the central bank, … Read more

BEIGE Capital To Unveil Banking System Upgrade

BEIGE Capital Savings and Loans (BCSL) is to unveil a transformational core banking system upgrade which has the capacity to serve over two (2) million customers. The bank is currently at the final stages of rolling out a recent version of the T-24 Banking Software. The T24 project formally kicked off in February this year, … Read more

Clearing Agents Renew Their Call For A Review In Import Taxes

Clearing Agents are calling on government to replicate a similar sense of urgency it employed in halting the implementation of the TerminalHandling Charges in scrapping other import charges and taxes. Government has ordered for shipping lines to withdraw the Handling Charges introduced at the country’s ports in August. This follows recent agitations by several business … Read more