BoG introduces directive on financial inclusion for persons with disabilities

The Bank of Ghana has issued a directive on financial inclusion for persons with disabilities.

This directive is in line with internationally accepted financial inclusion principles which include safe, efficient, and widely reachable financial infrastructures, access to a broad network of service points and interoperability and effective awareness and financial literacy initiatives.

It is issued pursuant to sections 6 and 7 of the Persons with Disability Act, 2006 (Act 715), section 53 of the Borrowers and Lenders Act 2020, (Act 1052), section 92(1) of the Banks & Specialised Deposit Taking Institutions Act, 2016 (Act 930) and section 101(2)(f) of the Payment Systems and Services Act 2019 (Act 987).

The objective of this directive is to promote access to financial products and services for Persons with Disabilities., promote usage of financial products and services by Persons with Disabilities and establish a framework for Financial Service Providers to create policies, procedures and provide facilities to ensure that Persons with Disabilities have access to wide range of financial products and services.

The directive is guided by the principles of the UN Convention on the Rights of Persons with Disability.

This implies taking positive action to ensure the removal of all barriers that inhibit Persons with Disabilities.

Penalties for Non-Compliance

The Bank of Ghana warned that a Financial Service Provider that fails to institute policies, procedures, and facilities as prescribed by this directive shall be liable to an administrative penalty of not less than two thousand penalty units.

This is in accordance with section 92 (8) of the Banks and Specialised Deposit Taking Institutions Act, 2016 (Act 930) and section 44 (3) of the Non-Bank Financial Institution Act, 2008 (Act 774).

Comments

Fitch Solutions retains 2025 growth rate projection at 4.2%

Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...

BoG injects $20m into FX market to support 11 BDCs

The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...

Kofi Ahovi

Search This Blog