Bank of Ghana Archives - Wontumi Online

01 Nov

Cedi Will Appreciate Soon With Sufficient Buffers – BoG Governor

Wontumi1BusinessBank of Ghana, CEDI

The Bank of Ghana (BoG) has affirmed that it is increasing its reserves to prevent the cedi's depreciation against major foreign currencies as demand for forex is expected to rise during the upcoming festive season. The apex bank believes the action is aimed at reassuring businesses and consumers by guiding the local currency towards greater stability in light of current pressures. Currently, the cedi is trading at around GH¢17 to a dollar on the forex market, representing a year-to-date depreciation of 24.3 percent. Governor of the of Central Bank, Dr. Ernest Addison emphasised that boosting reserves is crucial in managing fluctuations in the cedi's…

18 Sep

BoG Directs Banks To Submit Strategies Aimed At Reducing Financial Fraud

Wontumi2BusinessBank of Ghana

The Bank of Ghana (BoG) says it has tightened its supervisory and monitoring systems in the financial sector to reduce the alarming number of fraud cases. This was after its latest annual Fraud Report showed that the number of staff involved in fraudulent activities in banks and Specialized Deposit-Taking Institutions (SDIs) rose from 188 in 2022 to 274 in 2023, representing an increase of 46 percent. In addition money lost through fraud cases increase by 7 percent to hit 88 million cedis in the same period under assessment. Speaking to Joy Business, the Deputy Director of the Financial Stability Department…

28 Aug

Next Of Kin Does Not Automatically Inherit Bank Accounts – BoG

Wontumi2BusinessBank of Ghana

The Bank of Ghana (BoG) has advised the public to carefully consider their choice of next of kin, stressing that they select someone who is not only of legal age but also capable of providing relevant information about the account holder when necessary. This follows what the Central Bank describes as a “pervasive misconception that the person nominated as Next-of-Kin by the account holder automatically inherits the funds in the account when the account holder passes on”. In a notice signed by the secretary of BoG, Sandra Thompson, Bank of Ghana explained that specific legal procedures must be followed by…

17 Jul

World Bank Lauds Bank Of Ghana’s Inflation-Fighting Success

Wontumi1BusinessBank of Ghana, World Bank

The Bank of Ghana’s robust independence has garnered commendation from the World Bank. The World Bank highlighted the Central Bank’s critical role in successfully implementing policy reforms to curb inflation in the Ghanaian economy. This was contained in the World Bank's latest Country Policy and Institutional Assessment (CPIA) report, titled "CPIA Africa 2024: Structural Reforms for a Vibrant Private Sector." The CPIA report underscores the significant achievements of the Bank of Ghana in maintaining monetary stability and enhancing economic credibility. It said the Bank’s independent stance has been instrumental in transitioning from managing global economic shocks to establishing stronger financial…

10 Jul

Bank Of Ghana Not Bankrupt – Otabil

Wontumi1BusinessBank of Ghana

The Director of Communications of the Bank of Ghana, Mr. Bernard Otabil, said that as a matter of public interest, central banks all over the world have registered losses in their quest to achieve their price stability mandate. His comment comes after the Member of Parliament (MP) for Bawku Central, Mr. Mahama Ayariga, on the authority of Dr. Cassiel Ato Forson, the Minority Leader in Parliament, wrote to the Greater Accra Regional Commander of the Ghana Police Service notifying the police command about a planned public protest against the Governors and Board of the Bank of Ghana on July 30,…

14 Jun

BoG Defends License Revocation Of GN Bank Citing Major Regulatory Breaches

Wontumi2NewsBank of Ghana

The Bank of Ghana (BOG) has defended its 2019 decision to revoke GN Bank's license, citing significant regulatory breaches as the primary justification. According to the Central Bank, GN Bank's failure to comply with critical financial regulations and banking standards posed a threat to its operational stability. In response to demands from GN Bank’s management to restore the license, BOG reiterated its stance, referencing an August 2019 statement that outlined the reasons for the revocation. The statement highlighted GN Bank's shortcomings in capital adequacy, liquidity, governance, and risk management. The bank consistently failed to meet minimum capital requirements, raising concerns about its ability…

14 May

BoG Vows To Tackle FX Market Headwinds

Wontumi2BusinessBank of Ghana

The Bank of Ghana (BoG) has moved to calm the forex markets, with Governor Dr. Ernest Addison assuring that the central bank has built up “enough reserves to tackle the pressures” battering the cedi in recent weeks. Speaking at the launch of the new commercial paper market, Dr. Addison acknowledged the cedi has faced “some headwinds” after a period of relative stability. However, he indicated that the BoG is “giving much attention” to the issue and has the firepower to intervene. “The exchange rate has been generally stable until recent weeks when some headwinds have been observed in segments of…

02 May

BoG Urges Banking Sector To Embrace Innovation

Wontumi2BusinessBank of Ghana

The Bank of Ghana (BoG) has called on the banking and finance industry to prioritize innovation, adaptation, and evolution to meet the changing needs of the sector. This clarion call was made by Dr. Maxwell Opoku-Afari, the First Deputy Governor of the Bank of Ghana on behalf of the Governor, Dr. Ernest Addison, during a speech commemorating the 30th anniversary of the National Banking College (NBC). “The commitment to innovate, adapt, and evolve to meet the changing needs of the banking and finance industry should be at the forefront of all our endeavours,” Dr. Opoku-Afari stated. “This will help us grow a strong and…

09 Apr

BoG Governor Backs Government’s Gold For Oil Policy For Economic Stability

Wontumi1BusinessBank of Ghana, Business, Gold for Oil policy

The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, reaffirmed his strong support for the government’s Gold for Oil policy, emphasizing its crucial role in bolstering the nation’s economy during challenging times. Addressing the Public Accounts Committee (PAC) on Monday, April 8, 2024, Dr. Addison commended the initiative for its significant contributions to stabilizing fuel prices amidst economic uncertainties. Dr. Addison explained that the Gold for Oil programme has been instrumental in mitigating the impact of economic downturns, particularly in stabilizing fuel prices. He revealed that discussions are underway to transition the programme to a commercial bank, allowing…

20 Jan

Bank Of Ghana Acquires Over 432,000 Oz Of Gold

Wontumi2BusinessBank of Ghana

The Bank of Ghana (BoG) had acquired a total 432,358 ounces (oz) of gold from Ghana Chamber of Mines (GCM) members as of mid-December 2023, under the Domestic Gold Purchase Programme (DGPP) and voluntary forex sales initiative. This is equivalent to about 84 percent of the Bank’s planned purchases in 2023, and nearly 15 percent of members’ planned output in 2023, according to GCM. BoG’s gold purchases are primarily aimed at alleviating depreciation of the local currency and its knock-on effect on inflation. The Chamber’s president, Joshua Mortoti, noted that this is in line with the commitment of GCM’s producing…