Ghanaian and Nigerian Central Bank Open Respective Regulatory Sandbox Application Processes

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The Ghanaian and Nigerian central banks have invited financial innovators that wish to be included in their respective regulatory sandboxes to submit applications.The Bank of Ghana said its sandbox will also support innovations that attempt to solve the financial exclusion challenge.Solving the Financial Exclusion Challenge The Ghanaian central bank has called on registered financial institutions…

The Ghanaian and Nigerian central banks have invited financial innovators that wish to be included in their respective regulatory sandboxes to submit applications.The Bank of Ghana said its sandbox will also support innovations that attempt to solve the financial exclusion challenge.Solving the Financial Exclusion Challenge The Ghanaian central bank has called on registered financial institutions and unlicensed fintech startups to apply for admission into its regulatory sandbox.In a press statement issued on Jan.26, the bank said the process to admit the first cohort of participants will open on Feb.13 and close on March 14.According to the Bank of Ghana (BOG), the sandbox will support innovations that include “new digital business models not currently covered explicitly or implicitly under any regulation.” The sandbox will also support innovations that attempt to solve the financial exclusion challenge as well as “new and immature digital financial service technology.” As reported by Bitcoin.com news, Ghana’s central bank launched the sandbox, which was developed in collaboration with Emetech Solutions Inc, on Aug.

22, 2022.At the time, the bank characterized the sandbox launch as proof of its “commitment to providing the enabling environment for innovation to promote financial inclusion, and facilitate Ghana’s digitization and cash-lite agenda.” As per the press release, interested participants are required to submit a complete form which can be accessed via a link.The statement adds prospective participants will be informed of the outcome of their respective applications “within twenty-one (21) working days after the closure of the application window on 14th March 2023.” Meanwhile, the BOG’s Nigerian counterpart, the Central Bank of Nigeria, recently said its own regulatory sandbox is now live.The bank said interested innovators can now submit “expressions of interest to participate in the regulatory sandbox to explore novel applications of technology and innovation on behalf of our customers and stakeholders.” In a video shared via Twitter, the Nigerian central bank said all entities with innovative financial solutions can apply online.Register your email here to get a weekly update on African news sent to your inbox: Tags in this story What are your thoughts on this story? Let us know what you think in the comments section below.Terence Zimwara Terence Zimwara is a Zimbabwe award-winning journalist, author and writer.He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Bank of Ghana Ghanaian Cedi Second Worst-Performing Asset Among Sub-Saharan Africa’s Top 15 Currencies In just the first 17 days of the new year, the Ghanaian currency reportedly depreciated by 12.7%, making it the second worst-performing among Sub-Saharan Africa’s top 15 currencies.While one U.S.dollar bought 13.10 units of the cedi on the parallel market, according to the latest Bank of Ghana data, one greenback buys around 10.36 units of the local currency.

The Cedi’s Short-Lived Resurgence After ending 2022 as one of the world’s worst-performing currencies, the Ghanaian currency is already one of two in Sub-Saharan Africa’s top 15 currencies that depreciated by double-digit figures within the first 17 days of the new year, a report has said.The Egyptian pound, which depreciated by 16.5% during the same period, is the only currency among Sub-Saharan Africa’s top 15 that has depreciated faster than the cedi.Although the Ghanaian cedi’s year-to-date 12.7% drop is still lower than that of the whole of 2022 (38.86%), the latest depreciation suggests that the currency’s resurgence that started in late 2022 has dissipated.

As reported by Bitcoin.com News in mid-December 2022, the cedi rallied from around GHS14:$1 to under 9:1 in just four days.The currency’s revival had been fueled by reports suggesting the Ghanaian government had secured a $3 billion loan from the International Monetary Fund (IMF).Ghana needs the loan to help it stabilize its economy.In addition to the IMF loan package, Ghana, one of Africa’s top gold producers, hopes to ease the pressure on the cedi through the recently launched gold-for-oil scheme.Bank of Ghana Exchange Rates pic.twitter.com/AGI7GfW5M3 — Bank of Ghana (@thebankofghana) January 20, 2023 However, the cedi’s plunge to around GHS13.10:$1 on the forex parallel market suggests that neither the IMF loan nor the barter scheme can halt the currency’s fall.Meanwhile, at the time of writing, the Bank of Ghana’s data showed that one U.S.

dollar bought GHS10.36 on the official foreign exchange market.Register your email here to get a weekly update on African news sent to your inbox: Tags in this story What are your thoughts on this story? Let us know what you think in the comments section below.Terence Zimwara Terence Zimwara is a Zimbabwe award-winning journalist, author and writer.He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.

It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Bank of Ghana Ghana Takes Steps To Operationalize Gold-For-Oil Scheme — Move Expected To Help Halt Cedi’s Depreciation According to directives issued by Samuel A.Jinapor, the Ghanaian minister for lands and natural resources, large-scale gold mining companies will be required to “sell 20% of all refined gold at their refineries to the Bank of Ghana.” A gold-for-oil scheme is part of the Ghanaian government’s plan to stop the further dwindling of the country’s foreign exchange reserves.Bank of Ghana to Use Cedi to Pay for Gold Following the revelation that Ghana plans to buy oil products using gold, Samuel A.Jinapor, the country’s minister for lands and natural resources, announced on Nov.

25 that starting in 2023, large-scale mining companies “shall sell twenty per cent (20%) of all refined gold at their refineries to the Bank of Ghana.” Payments for the gold will be made using the local currency — the cedi — and will be “at spot price with no discounts.” According to a Facebook post shared by Ghanaian vice president Mahamudu Bawumia, the Bank of Ghana (BOG) and the Precious Minerals Marketing Company (PMMC), will work with the mining companies to ensure their compliance with the directive.Concerning Ghana’s so-called community mining schemes (CMS), the government said these will be required to sell their “gold outputs to government through PMMC.” To ensure compliance, Jinapor stipulated that “mining licenses for CMS shall include a clause mandating licensees to sell their gold output to government.” According to the directives issued by Jinapor, all licensed small-scale gold miners will be subjected to conditions that are similar to those imposed on community mining schemes.Ghana’s Dwindling Foreign Exchange Reserves Meanwhile, in an earlier post that revealed Ghana’s gold-for-oil plan, Vice President Bawumia insisted such a decision would help preserve the country’s depleting foreign exchange reserves.He added: The barter of sustainably mined gold for oil is one of the most important economic policy changes in Ghana since independence.If we implement it as envisioned, it will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency with its associated increases in fuel, electricity, water, transport, and food prices.By reducing or eliminating the use of U.S.

dollars when importing oil products, Ghana will effectively tackle one of the key factors behind the cedi’s rapid depreciation, Bawumia argued.

As reported by Bitcoin.com News, the Ghanaian currency’s rapid decline since the start of 2022 has seen it being named the world’s worst-performing currency.While Jinapor’s directives to gold mining companies are being framed as a channel that helps “local gold refineries obtain gold supplies from PMMC to support their operations,” some of Bawumia’s followers on the social media platform have criticized the proposed gold-for-oil policy.Reacting to the Ghanaian vice president’s post, Facebook user Naji Alhassan said: “These are not good measures.These are window-dressing to please the bourgeois class.The best way to go is to own at least 50% of our gold and also a gold refinery to refine our gold.

Very soon, the bourgeois class will deplete all the gold that the Bank of Ghana will be buying.We want pragmatic measures.” However, some of Bawumia’s followers, like Mohammed Hashiru, applauded the move which they claimed would stop “imperialists from using their worthless papers to control, manipulate and destroy our economies.” Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara Terence Zimwara is a Zimbabwe award-winning journalist, author and writer.He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.

Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Bank of Ghana Displaying US Dollar Prices Still Prohibited, Ghanaian Central Bank Tells Actress Lydia Forson The Bank of Ghana recently warned businesses quoting U.S.dollar prices that the practice is still prohibited and that the cedi remains Ghana’s sole legal tender.The bank said it is working with law enforcement to “clamp down on illegal foreign exchange operations.” In addition to naming and shaming businesses violating the law, a Ghanaian actress urged the central bank to stop Ghanaians from operating USD accounts.

Cedi Ghana’s Sole Legal Tender As shortages of foreign exchange and currency depreciation continue to weigh on the Ghanaian economy, the country’s central bank has again warned businesses displaying prices in U.S.dollars that the cedi is the sole legal tender.Responding to Ghanaian actress Lydia Forson’s Nov.

2 tweet which questioned the practice of quoting prices in U.S.dollars for local real estate transactions, the Bank of Ghana (BOG) insisted that the practice is still outlawed.Dear @thebankofghana we need to know the dollar is the official currency for transactions, if not why are so many properties quoted in dollars? I will tweet about this until you respond; if you don’t I ( and everyone else) will assume your laws are only on paper! — miss forson (@lydiaforson) November 2, 2022 Also, in its reply to the actress’ tweet, the BOG said it has since enlisted the services of law enforcement agencies in its bid to end the practice.“BOG is collaborating with law enforcement agencies to clamp down on illegal foreign exchange operations.

We encourage you to report any violations to [[email protected]](/cdn-cgi/l/email-protection),” the central bank said.As explained in the BOG’s April 22 public notice, Ghanaian businesses are prohibited from pricing, advertising, or paying for goods and services using foreign currency.The notice warned persons found violating the law they risked being imprisoned for up to 18 months.Bank of Ghana’s Seriousness Questioned Meanwhile, some Twitter users that replied to the BOG’s tweet seemed to query the central bank’s claim it wants to stop the practice.For instance, one user named Amin asked: “Are you saying no agents of BOG have seen those billboards in town advertising properties in foreign-denominated currencies?” @lydiaforson please look at this.Yet their not enforcing what is written in here.Just paper talk.pic.twitter.com/shZSuTpG0z — Mishael (@MGyemawu) November 2, 2022 Others suggested that the cedi’s depreciation is the primary reason why some businesses are quoting prices in U.S.

dollars, and naming and shaming institutions that are violating the law.One user added that the BOG should “stop people from operating USD accounts especially those who have nothing to do with international trade or schooling abroad.” Another user, The Ivan, claimed that Ghana’s import duty is indexed to the greenback which may suggest that the laws against quoting prices in U.S.dollars “are just for show.” Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below.Terence Zimwara Terence Zimwara is a Zimbabwe award-winning journalist, author and writer.He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Top posts analyst3 hours ago Market Strategist Warns Of ‘Blood’ On February 1 Ahead Of Fed Meeting Stocks, precious metals, and cryptocurrencies rallied during the first month of the year, and market strategists are saying that markets…

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