{"id":11088,"date":"2024-05-30T14:31:15","date_gmt":"2024-05-30T14:31:15","guid":{"rendered":"https:\/\/sotnews.agency\/?p=11088"},"modified":"2024-05-30T14:45:59","modified_gmt":"2024-05-30T14:45:59","slug":"bog-refutes-claims-of-ghana-becoming-a-dual-currency-state","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=11088","title":{"rendered":"BoG refutes claims of Ghana becoming a dual currency state"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>1 Minute, 36 Second <\/div>\n\n <\/div>

The Bank of Ghana (BoG) has responded to an article titled \u201cIs Ghana Becoming a Dual Currency State? The Rise of Yellow Currency!\u201d to correct some inconsistencies and misinformation.<\/p>\n

The article claimed electronic money was superseding the Ghanaian cedi for which reason strategic measures had to be taken to safeguard the use and relevance of the cedi.<\/p>\n

But the Communications Department of the BoG in an interaction with Journalists on Thursday, May 30 clarified that in 2007, when licensing mobile money, Ghana decided on the bank-based model, while other jurisdictions rolled out the telco-based model.<\/p>\n

According to BoG,\u00a0 the author of the article confused the telco-based model with the bank-based model as all such services in the country had banks and fintechs (licensed by BoG) behind them with actual transactions in cedis.<\/p>\n

The BoG said these back-office services, coordinated by the Ghana Interbank Payments and Settlement Systems (GhIPSS)\u2014a wholly owned subsidiary of BoG, were not visible to the general public and that was what distinguished Ghana from other telco-based jurisdictions.<\/p>\n

\u201cIn fact, Ghana is among the few countries that have full interoperability between mobile money wallets and bank accounts and are fully backed by cash floats at corresponding commercial banks, without which settlement won\u2019t happen. Other jurisdictions are now trying to establish such interoperability.\u201d<\/p>\n

\u201cThat said, the BoG is fully engaged and will continue to monitor this ecosystem to ensure we constantly promote financial stability while balancing that with flexibility for financial inclusion,\u201d the BoG further stated.<\/p>\n

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The post BoG refutes claims of Ghana becoming a dual currency state<\/a> appeared first on Citinewsroom – Comprehensive News in Ghana<\/a>.<\/p>

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The Bank of Ghana (BoG) has responded to an article titled \u201cIs Ghana Becoming a Dual Currency State? The Rise of Yellow Currency!\u201d to correct some inconsistencies and misinformation. The… <\/p>\n","protected":false},"author":1,"featured_media":11113,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"yes","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[10],"tags":[],"class_list":["post-11088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/11088","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11088"}],"version-history":[{"count":1,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/11088\/revisions"}],"predecessor-version":[{"id":11112,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/11088\/revisions\/11112"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/media\/11113"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}