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JUST IN: Bank of Ghana Sends Out Important Message and Cautioned The Public -Check Out and Don’t Fall A Victim Of Losing Your Money

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JUST IN: Bank of Ghana Sends Out Important Message and Cautioned The Public -Check Out and Don’t Fall A Victim Of Losing Your Money

The Bank of Ghana has organised a financial literacy programme for Officers of the Ghana Immigration Service (GIS) in the Volta Regional capital, Ho.

The programme, dubbed ‘Public Sensitization Programme on Banking Services, Consumer Rights and Responsibilities’, seeks to help officers of the Ghana Immigration Service understand the financial system and empower them with relevant knowledge to assist them make the right financial decisions.

Speaking at the Financial Literacy programme, the Head of the Conduct Supervision Unit of the Financial Stability Department of the Bank of Ghana, Mr. Augustine Amoako Donkor, cautioned the public on certain financial products which promise huge returns on investments, saying such offers are usually fraudulent.

He advised the Officers to always consider the safety of their funds as they get attracted to the unreasonably huge returns promised by some financial institutions.

Mr. Amoako Donkor stressed the need for customers of financial institutions to exercise due diligence before signing on to investment products, indicating that most people are lured into investments without adequate knowledge of the critical components of the financial instrument and how it works.

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He encouraged the officers and public to avoid any suspicious financial product or company and report same to the regulator for it to take quick action.

Mr. Amoako Donkor stressed the need for customers of financial institutions to read and understand the agreements and terms and conditions of products and services given them by service providers before signing for them.

He urged the GIS Officers to ensure that they receive clarity on all information on products and services provided by financial institutions, particularly on fees and charges, and requested them to report all undisclosed fees and charges to the central bank.

Mr. Amoako Donkor further encouraged the GIS Officers to continuously monitor their accounts and the activities of the institutions they do business with, and not to go to sleep after signing on to financial products and services.

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In this way, he said they will be able to promptly observe or detect any unauthorized or illegal happenings on their accounts to enable them to raise the necessary alerts.

He urged customers of financial institutions to demonstrate responsibility by sticking to signed agreements and terms and conditions, especially in the area of credit facilities.

He called on borrowers to endeavour to pay off credit facilities, adding that the credit reporting system which facilitates credit information sharing among lenders could make other lenders refuse to grant further credit to borrowers who default in loan repayment.

Speaking on Customer Complaint Handling Procedures, Mr. Daniel Mensah Sarpong of the Market Conduct Office of the Financial Stability Department of the central bank stated that it is the right of every customer of a financial institution to make a complaint to the service provider and receive resolution anytime they are not satisfied with a product or service.

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He added that customers may seek the intervention of the Bank of Ghana where they are not satisfied with the resolution provided by financial institutions.

The Officers were also encouraged to update their bank records with the Ghana Card.

The programme focused on topics such as the regulatory authorities of Ghana’s financial sector, institutions regulated by the Bank of Ghana, responsible borrowing, identifying Ponzi schemes, complaint reporting guidelines, and anti-money laundering/countering the financing of terrorism matters.

Source: www.GhanaCNN.com

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JUST IN: National Service Scheme Sends Out Important Message To The Public and Prospective Personnel-See Statement Issued

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JUST IN: National Service Scheme Sends Out Important Message To The Public and Prospective Personnel-See Statement Issued

The National Service Scheme has sent a vital information to all Ghanaians. According to them, they have extended Pin Codes Registration deadline for 2022/2023 prospective National Service Personnel.

“The Management of the National Service Scheme (NSS) has extended the deadline for registration of PIN codes to Monday, August 22, 2022, for the prospective National Service Personnel to register and undertake their mandatory national service for the 2022/2023 service year.” A letter signed by Armstrong Esaah on Monday, 8th August 2022 reported.

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The extension of the deadline is to give an opportunity to the prospective National Service Personnel who faced challenges during the registration process to have ample time to complete their registration. 3. It must be noted that prospective National Service Personnel include eligible Ghanaian final year students from all accredited tertiary institutions, defaulters who submitted their applications and private registrants.

According to the letter, All prospective national service personnel are hereby requested to take advantage of this extension to access their PIN Codes with their respective Index Numbers and Date of Birth on the Scheme’s website, www.nss.gov.gh and then proceed to any Agricultural Development Bank (ADB) Ltd. branch throughout the country to make a payment of Forty Ghana Cedis (GHC 40.00).

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Source: www.GhanaCNN.com

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Over 700 Refugees Fleeing Attacks In Burkina Faso Arrive In Ghana

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Over 700 Refugees Fleeing Attacks In Burkina Faso Arrive In Ghana

The Ghana Refugee Board has confirmed the arrival of over 700 Burkinabe nationals who have fled terrorist attacks in neighbouring Burkina Faso.

Refugee

The refugees, most of them women and children, are said to have fled from several communities near Bittou province in the Boulgou department, where Islamist militant fighters have stepped up attacks targeting local militias.

Civilians have also come under attack following accusations by the Islamic militant fighters of collaborating with Burkina’s security and defence forces.

The foreigners are seeking refuge in communities including Bansi, Mognori, Sapeliga, Kutanga and Yarigungu in the Binduri, Bawku municipal and Bawku West district.

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The majority of refugees are said to be from the Benliyali community in Burkina Faso where a suspected jihadist attack took place leading to the death of two residents including a local Imam.

Refugees in Upper East

Tetteh Paddy, the executive secretary of the Ghana Refugee Board who confirmed the arrival of the Burkinabe nationals said some of the refugees are also being housed in Getiga, a border community in the Binduri district of the Upper East Region.

He said the Refugee Board was in close contact with both the local and regional authorities to monitor the situation.

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Meanwhile, the district chief executive for Binduri, Ayinga Yakubu Abagre has said adequate arrangements have been put in place to temporarily accommodate the Burkinabe nationals.

The DCE said the assembly has been able to organise relief items to support the overwhelming number of the Burkinabe nationals who have flooded different parts of the district in a getaway from the Islamic militant fighters.

Addressing the media during a visit to six camps in the district where the Burkinabe nationals are being kept, the DCE said the assembly was working closely with the National Disaster Management Organization (NADMO), the Ghana Health Service and other local authorities to ensure the refugees are well catered for.

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While he admonished the refugees against behaviours that would hamper their temporary stay, the DCE called for donor support for the distressed refugees.

Source: www.GhanaCNN.com

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Cedi Depreciation Pushes Ghana’s Debt to Over GH¢393bn; 78.3% of GDP

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Cedi Depreciation Pushes Ghana’s Debt to Over GH¢393bn; 78.3% of GDP

Latest figures released by the Bank of Ghana put Ghana’s total public debt stock, as of June 2022, at USS 54.4 billion or GH¢393.4 billion.

In Dollar terms, the debt dropped by about $4 billion in the first 6 months of the year, from $58.6 billion in December 2021 to $54.4 billion in the first half of the year 2022.

In Cedi terms, however, the total debt stock within the first 6 months of this year, increased by about GH¢41 billion.

Per the data from the Central Bank’s Summary of Economic and Financial Data report, for July 2022, an additional 41.6 billion Ghana cedis has pushed Ghana’s public debt stock to GH¢393.4 billion as of June 2022.

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The June 2022 debt figure brings Ghana’s debt to gross domestic product, GDP ratio to 78.3%, using an estimated GDP for 2022 of about 502 billion Ghana cedis.

Despite Ghana’s total public debt stock increasing from 351.8 billion Ghana cedis in December 2021 to 393.4 billion Ghana cedis in June 2022, the debt figure in dollar terms dropped from $58.6 billion in December 2021 to $54.4 billion at half year, 2022.

The new debt figure of GH¢393.4 billion represents an increase of GH¢41.6bn from the GH¢351.8bn total public debt recorded in December 2021.

A look at the data from the Central Bank shows that year on year, from June 2021 to June 2022, the debt stock rose by about 17.5% from 334.8 billion Ghana cedis to 393.4 billion Ghana cedis.

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On a year-on-year basis, that is from June 2021 to June 2022, that represents an increase of GH¢58.6 billion.

A further breakdown of the debt numbers shows that the component of debt secured locally rose by about 8 billion Ghana cedis from 181.8 billion Ghana cedis in December 2021 to 190.1 billion Ghana cedis in June 2022, which represents about 38% of the projected GDP for 2022.

The external component of the debt increased significantly, however, by about 33 billion Ghana cedis in the first six months of 2022, from 170.0 billion Ghana cedis in December 2021 to 203.4 billion Ghana cedis in June 2022.

The overall increase in the debt numbers in cedi terms, according to data from the Bank of Ghana, came largely from the over 16% depreciation of the cedi against the dollar from December to June 2022.

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According to the Central Bank, the US Dollar, on the interbank foreign exchange market, was selling at around 6 cedis in December 2021 and at about 7 cedis 43 pesewas in June 2022.

Source: www.GhanaCNN.com

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