The Penalty and Interest Waiver Act 2021 (the “Act”) was passed by Parliament and assented to by the President on the 31st March, 2021.

Central banks must collaborate more for PAPSS success  — Afua Adubea Koranteng Managing Partner at Koranteng & Koranteng Legal Advisors, Afua Adubea Koranteng, is confident that constant communication and more collaboration between central banks and other regulatory bodies on the continent will better position them to harness benefits of the Pan African Payment and Settlement…

PAPSS will bring everyone on board The Pan African Payment and Settlement System (PAPSS) is poised to incorporate all regulated payment and settlement outlets across participating countries into its framework, and in the process ensure that no segment of the economy is left out. In Ghana, banks and non-bank financial institutions – including saving and…

Enhanced collaboration by relevant stakeholders is needed to harness the full range of benefits, including interoperability, from payment and settlement systems on the continent, panelists at the second edition of The Money Summit, organised by the B&FT have said. According to the panelists, who were speaking on the topic: ‘Africa’s Payment and Settlement Systems; Opportunities,…

AN EFFECTIVE PAPSS COULD ACTUALISE COMMON CURRENCY ASPIRATION – FIDELITY BANK’S YEBOAH-GYAN     Effective implementation of the Pan African Payments and Settlement System (PAPSS) could move the continent closer to realising a common currency. This, according to Atta Yeboah-Gyan – an executive at Fidelity Bank, is because PAPSS will eliminate many of the challenges…

PROHIBITION OF PRICING, ADVERTISING, RECEIPTING AND/OR MAKING PAYMENTS FOR GOODS & SERVICES IN FOREIGN CURRENCY IN GHANA Further to Bank of Ghana’s previous notices Nos. BG/GOV/SEC/2019/07 and BG/GOV/SEC/2012/12 which advised the public against unauthorized dealings in foreign currency, Bank of Ghana hereby reminds the public that in accordance with the Foreign Exchange Act, 2006 (Act…

BANK OF GHANA ADOPTS RETAIL TOKEN-BASED DIGITAL CURRENCY The Bank of Ghana has adopted a retail token-based central bank digital currency (CBDC) as the ‘eCedi of choice’, which enables the currency to be stored locally on a card, on a phone, or a smart device and can be passed on from one user to another….