Prime News Ghana

BoG to hold 99th monetary policy committee meeting on March 17

By Justice Kofi Bimpeh
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The Bank of Ghana, BoG will on March 17 hold its 99th monetary policy committee meetings.

The meeting will be to review developments in the economy.

BoG will on Monday, March 22 conclude the meeting with a press conference to announce the decision of the committee.

BoG last month also launched a regulatory and innovation sandbox pilot.

Bank of Ghana in a release said the launch took place on Thursday, February 25, 2021.

The release indicated that the launch was in collaboration with EMTECH Service LLC.

“This is in line with its commitment to evolve an enabling and inclusive regulatory environment that promotes FinTechs and supports innovation,” it added.

“Within the financial sector, a regulatory and innovation sandbox is a supportive and controlled policy environment that enables firms to test innovative products, services and business models under the supervision of a regulator. Effectively, the regulatory and innovation sandbox will provide a forum for financial sector innovators to interact with the sector regulator to test digital financial service innovations while evolving enabling regulatory environment,” it noted.

In this regard, the release added, the Bank and the innovator were able to assess the usefulness, viability and safety of innovations through shared understanding of their respective interests.

“The sandbox will be available to banks, specialised deposit-taking institutions and payment service providers including dedicated electronic money issuers as well as unregulated entities and persons that have innovations that meet the sandbox requirements.”

“Innovations eligible for the sandbox environment will have to satisfy any of the following broad categories: New digital business models not currently covered explicitly or implicitly under any regulation; New and immature digital financial service technology; and Innovative digital financial services products that have the potential of addressing a persistent financial inclusion challenge,” it said.