Bussiness
July 1 Deadline: You Wil Not Lose Your Account But Your Risk Profile Will Increase – Bank To Customers
Bank customers who fail or are unable to link their GhanaCard to their bank accounts before the July 1 deadline, will not lose the account but will have their risk profile elevated, Deputy Chief Executive Officer of the Ghana Bankers Association, John Awuah has said.
If they fail to link the Card to the accounts, the banks are going to scale up due diligence when such customers attempt to transact business, Mr Awauh stressed.
The Bank of Ghana (BoG) had earlier directed that starting July 1, the GhanaCard shall be the only identification card to undertake transactions at all BoG licensed and regulated financial institutions.
“In furtherance of its objective of ensuring the safety of the financial system, Bank of Ghana pursuant to Regulation 7 of the National Identity Register, 2012 (L.I.2111), hereby directs that with effect from 1st July, 2022, the Ghana Card shall be the only identification card that will be used to undertake transactions at all Bank of Ghana licensed and regulated financial institutions including: i. Banks; ii. Specialised Deposit-Taking Institutions; iii. Non-Deposit-Taking Financial Institutions; iv. Payment Service Providers and Dedicated Electronic Money Issuers; v. Forex Bureaus and Credit Reference Bureaus,” the regulator said.
Speaking in interview with TV3, on Thursday June 30, just a day before the deadline, Mr John Awuah said “If you don’t have it and the deadline comes, yes, your account will not be closed but the risk profile for your account will just be elevated and therefore, there will be extra due diligence that the banks will ask before you can transact.
“This is a situation you don’t want to put yourself into. So for your own convenience and for your own safety, the GhanaCard also provides extra safety in terms of security features. Some banks have sent links to their customers to update their records.”
Meanwhile, the Economic and Organized Crime Office (EOCO) has warned that fraudsters are taking undue advantage of the exercise to link the GhanaCard to bank accounts.
EOCO said these fraudsters send messages to suspecting customers demanding their bank account details, Mobile App PIN and Mobile numbers.
A statement by EOCO on Thursday June 30 said it has taken “notice with great concerns the rate at which some members of the general public have fallen victims to fraudulent banking transactions.
“Fraudsters have taken advantage of the ongoing call on customers of bank to link their accounts to Ghana Card. Regarding the bank fraud, the fraudulent messages are sent to individuals requesting them to click on links in order to update their bank records.
“Customers are therefore asked to provide their bank account names, Mobile numbers, Mobile App PIN , One Time Password. Some daring fraudsters even make phone calls to members of the public to request for the aforementioned information.
“Do not click on any link purporting to be emanating from your bank unless you have confirmed from your bank,” EOCO warned.
Source: 3news
Bussiness
Charterhouse announces the Business Elevate Series with launch of ‘The Gastro Feastival’
Charterhouse, Ghana’s leading event management and audiovisual production company, is marking its 25th anniversary of delivering top-tier events with the introduction of an exciting new initiative: The Business Elevate Series.
This innovative series is designed to shine a spotlight on key economic sectors through a series of dynamic B2B and B2C events, including industry conferences, seminars, and exhibitions.
Kicking off the series is The Gastro Feastival, a groundbreaking annual food industry festival that will showcase Ghana’s rich and diverse food ecosystem and agribusinesses from production to consumption.
The launch event will take place on Friday, March 7, 2025, from 4:00 PM to 6:00 PM at the Grand Arena (Accra International Conference Centre).
This landmark event will bring together food industry stakeholders, enthusiasts, experts, and organizations to highlight the food industry’s critical role in Ghana’s socio-economic development and culture.
It will also promote food security, digital innovation, women’s empowerment, youth employment in agribusiness, and sustainable practices.
The Business Elevate Series is a game-changing initiative designed to foster growth and transformation across multiple sectors. With Charterhouse’s deep expertise in organizing impactful meetings, the series aims to unlock investment opportunities, drive innovation, and catalyze social and economic change.
The Gastro Feastival will address six major pillars that drive industry transformation: Investment Opportunities; Job Creation; Innovation, Technology, and Digitization; Youth Involvement (entrepreneurship and career opportunities); Women’s Involvement; Environmental and Social Governance (ESG); Export Opportunities
The event will also establish a Resource Bank, spotlighting key growth opportunities and ensuring the effective allocation of resources to transform Ghana’s food industry.
The Gastro Feastival is a Charterhouse initiative, with Kosmos Innovation Centre as the technical partner.
Bussiness
Ghana’s GDP shows economy is fast recovering despite DDEP – Finance Ministry
Ghana’s Gross Domestic Product (GDP) indicates a rapid economic recovery despite global challenges and ongoing debt restructuring, according to the Ministry of Finance (MoF).
The Ministry in a statement today indicated that latest data from the Ghana Statistical Service (GSS), cumulative economic growth for the second quarter (Q2) of 2024 reached 6.9%, a notable increase from the 4.7% recorded in the first quarter of 2024.
The MoF statement further noted that, “The economy’s robust recovery is in response to the macroeconomic stability and growth interventions that government is pursuing under our IMF-supported Post Covid-19 Programme for Economic Growth (PC-PEG).”
According to them, the overall real GDP growth for the first half of 2024 rebounded strongly, with year-on-year GDP growth averaging 5.8% for the period, significantly higher than the 2.9% recorded in the same period in 2023.
By Edem Mensah-Tsotorme
Read full statement below
