Dr. Ernest Addison - Afrikan Heroes

Bank of Ghana Removes Charges on Money Transfer Below GH¢100

March 19, 2020

Governor, bank of Ghana, Dr Ernest Addison

The Ghanaian government has released series of programmes aimed to help mitigate the impact of the Corona Virus disease in the country. One of such incentives is the removal of all forms of charges on money transfer of GH¢100 ($18) and below which analysts believe is aimed at alleviating the effects on the poor people. The Bank of Ghana (BoG) in a statement said that there will be no charges on all mobile money transfers of GH¢100 and below from both banks and mobile network operators for the next three months. This new policy which is subjected to review will commence Friday, March 20, 2020.

BoG noted that the policy applies to money transfers to recipients on either the same network or sent to another network using the interoperability platform. Cash out have been excluded from this service. In a statement issued by the central bank, it stated that “the Bank of Ghana has agreed with banks and mobile network operators on measures to facilitate more efficient payments and promote digital forms of payments for the next three months, subject to review, effective March 20, 2020.”

Meanwhile, the daily transaction limits for users have been increased, and all mobile phone subscribers are now permitted to use their already existing mobile phone registration details to be onboard for Minimum KYC Account. This action taken by the telcos is to restrict the movements of customers and also to prevent them from contracting the global pandemic, coronavirus.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Ghanaian Appointed Chairman of IMF/World Bank Board of Governors

October 22, 2019

It was a major breakthrough for Africa over the weekend as Ghana’s Central Bank Governor; Dr. Ernest Addison was appointed Chairman of the Board of Governors of IMF and the World Bank Group. With this appointment, Dr. Addison will chair the Board of Governors of IMF and the World Bank Group for 2020. To this end, he will preside over the 2020 plenary and other committee responsibilities.

Dr. Addison takes over from Aiyaz Sayed-Khaiyum who is the Fijian Attorney-General and the Minister for Economy, Civil Service and Communications. The Board of Governors is the highest decision-making body of the IMF consisting of one governor and one alternate governor for each member country, the governor who is mostly appointed by the member country of the Brettonwoods institution is usually the minister of finance or the head of the central bank.

While the Board of Governors has delegated most of its powers to the IMF’s Executive Board, it retains the right to approve quota increases, special drawing right (SDR) allocations, the admittance of new members, compulsory withdrawal of members, and amendments to the Articles of Agreement and By-Laws.

The Board of Governors also elects or appoints executive directors and is the ultimate arbiter on issues related to the interpretation of the IMF’s Articles of Agreement. Voting by the Board of Governors usually takes place by mail-in ballot.

With this elevation, Dr. Addison will among other things chair other functional Committees of the two institutions. He will chair the Joint Committee on Remuneration of Executive Directors and their Alternates (JCR). His duties also include the appointment of two other Committee members (on the recommendation of the President of the Bank and the Managing Director of the Fund), reviewing briefing papers, and convening meetings of the Committee. And equally chair the Joint Procedures Committee (JPC)/MIGA Procedures Committee.

Kelechi Deca