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BoG urges stakeholders in financial sector to intensify education on electronic payments

Wednesday 25th March, 2020
Dr Ernest Addison20
By Godwill Arthur-Mensah,GNA
Accra, March 25, GNA – The Bank of Ghana (BoG) has encouraged stakeholders in the financial sector to intensify public education and sensitisation on the new electronic payment system including the use of Universal QR Code Payment Service and Proxy Pay for efficient and convenient payment.

Speaking at the launch of the Universal QR Code and the Proxy Pay in Accra on Wednesday, Dr Ernest Addison, the Governor of the Central Bank, said the QR Code and the Proxy Pay had the potential to become the game changer by supporting merchants and non-bank entities to accept payments from customers of different financial institutions.

The new payment solution, he said, would also speed up digitisation of payments to distributors, wholesalers, and suppliers as well as encourage users and merchants to accept and use electronic payment platforms.

“This will further provide a boost to the financial inclusiveness through the digitisation agenda,”Dr Addison noted.

The Governor of the Central Bank said for the public to have confidence in the electronic payments, it was imperative to create the needed awareness of such electronic payment platforms, in order to enhance public confidence and acceptability.

Dr Addison urged financial sector players to improve the cyber security features of those payment platforms by using latest technology such as machine learning and artificial intelligence.

Beyond that, he said, it was prudent to offer dedicated platforms for resolving customer complaints timeously, and also provide assurance to boost customers’ confidence in the electronic payment products.

The Governor urged banks to continue working with the existing financial service providers and integrate new ones to develop new products that suited into the changing trend of the business climate.

“Let me state that the high penetration of electronic wallets and mobile phones has positioned Ghana to leverage on the Universal QR Code and Proxy Pay to advance our quest for a cash-lite economy, as we improve financial inclusion agenda,” the Governor of BoG said.

Dr Addison acknowledged the contributions of the Ghana Inter-bank Payment and Settlement System and other stakeholders for working diligently towards the launch of the Universal QR Code Payment Service and Proxy Pay in the country.

Ghana Gets $14 Billion of Orders as It Issues 40-Year Eurobond

Moses Mozart DzawuBloombergFebruary 5, 2020

Ghana Gets $14 Billion of Orders as It Issues 40-Year Eurobond

(Bloomberg) — Sign up to our Next Africa newsletter and follow Bloomberg Africa on Twitter

Ghana sold sub-Saharan Africa’s longest-ever Eurobond as part of a $3 billion deal that was almost five times oversubscribed.

West Africa’s second-biggest economy issued a $750 million tranche, which amortizes and has an average life of 40 years, at 8.875%, making it the highest-yielding sovereign dollar bond so far this year. Pricing was reduced from the initial talk of 9.4%

The government also sold $1.25 billion of debt with an average maturity of six years and a yield of 6.375%. A third segment of $1 billion has an average life of 14 years, yielding 8%.

Bids topped $14 billion, a person familiar with the transaction said.

Ghana said in September 2018 that it planned a century bond in dollars. While that didn’t happen, it did issue a $1 billion, 2051 instrument at 8.95% six months later. The yield on that dropped 12 basis points on Tuesday to 8.66%.

The latest offering comes at a time when the premium investors demand to hold riskier assets is rising, in large part due to the coronavirus outbreak. Spreads on emerging-market government dollar bonds have widened to 307 basis points over U.S. Treasuries, from 291 basis points at the start of the year, according to a JPMorgan Chase & Co. index.

Bank of America, JPMorgan, Morgan Stanley, Standard Bank Group Ltd. and Standard Chartered Plc arranged Tuesday’s sale.

(Updates from first paragraph with final size and pricing)

–With assistance from Maciej Onoszko, Yinka Ibukun and Alex Nicholson.

To contact the reporter on this story: Moses Mozart Dzawu in Accra at

To contact the editors responsible for this story: Andre Janse van Vuuren at, Paul Wallace, Justin Carrigan

For more articles like this, please visit us at

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©2020 Bloomberg L.P.

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