Bank of Ghana cancels charges on GHC100 mobile money transfers and below for 3 months

Bank of Ghana cancels charges on GHC100 mobile money transfers and below for 3 months

- The Bank of Ghana has announced that there would be no charges on mobile money transactions valued at GHC100 and below

- Plans are also in place to make access to key websites such as the health ministry data-free

- The measures have been implemented for three months and are subject to review by the Bank of Ghana

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The Bank of Ghana (BoG) has revealed that mobile money transactions that are valued at GHC100 and below would attract no charges.

The directive is expected to last for three months and is subject to review, the Central Bank indicated.

The directive takes effect from Friday, March 20, 2020, and is designed to help with the fight against the coronavirus epidemic.

READ ALSO: Funds for fight against coronavirus would come from IMF and World Bank - Finance minister

Per a report by graphic.com.gh, it is hoped that the move would help facilitate payments and promote digital forms of payment.

A statement from the BoG indicated that the plan includes transactions on the same as well as different networks.

Again, limits for daily transactions have been increased and all mobile money subscribers can conveniently use their existing mobile phone registration details to take advantage of the package.

YEN.com.gh understands that the decision was reached following discussions between the telecommunication companies and the BoG.

Plans are also in place to team up with the health ministry, the communications ministry and the National Communications Authority (NCA) to officially outdoor 112, which is the national emergency short code, as the official helpline for the coronavirus epidemic.

Ghanaians can also access key websites such as that of the health ministry even if they have no data.

In other news, Ghana’s total debt stock in the year 2019 grew by 25.93%, the Bank of Ghana has revealed.

The country’s debt, therefore, increased from GHC173.1 billion in 2018 to GHC218 billion in 2019.

The latest figure shows an addition of GHC44.9 billion to the country’s total debt stock.

The details were part of the Summary of Economic and Financial Data.

The latest debt figure of GHC218 billion represents 63% of Ghana’s Gross Domestic Product (GDP).

READ ALSO: Fitch predicts a fall in Ghana's growth rate to 6.2%

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