Bank of Ghana (BoG)

BoG’s Current Financial Position Will Not Affect Monetary Policy Operations – IMF
11 Aug

BoG’s Current Financial Position Will Not Affect Monetary Policy Operations – IMF

wontumionlineBusiness,
The International Monetary Fund (IMF) jumped to the Bank of Ghana (BoG)’s defence insisting the regulator’s current financial position will not affect monetary policy operations. IMF has maintained that the Bank of Ghana’s current financial position will not affect monetary policy operations and mandate. This was captured in an update issued by the IMF on Ghana’s programme with the Fund. The IMF in its latest Question and Answer on Ghana’s Programme noted that despite the Bank of Ghana’s challenging financial position, this will not prevent the central bank from fulfilling its policy mandate and ensuring that the inflation rate gradually…
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Critically Look Out For Interest Rates Before Accepting Loans – BoG To Borrowers
06 Apr

Critically Look Out For Interest Rates Before Accepting Loans – BoG To Borrowers

wontumionlineBusiness
The Central Bank has urged customers of banks and specialized deposit-taking institutions to keenly look out for interest rates when deciding to accept a loan offer, which is known as the Annual Percentage Rate (APR). The APR represents the total cost to be paid to the lender annually for the loan facility which is expressed as a percentage and provides a broader measure of the cost that a borrower pays for taking a loan. It further reflects not only the interest rate but also the other charges that borrowers have to pay for the loan. According to the Central Bank,…
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All You Need To Know About The Gold For Oil Programme
04 Feb

All You Need To Know About The Gold For Oil Programme

wontumionlineBusiness, News, ,
Introduction: 1. The Gold for Oil (G4O) Programme is an initiative of the Government of Ghana to use the existing Bank of Ghana (BoG) Domestic Gold Purchase (DGP) Programme to support the import of petroleum products into Ghana. 2. The prime objective of the programme is to use additional foreign exchange resources from the BoG’s DGP programme to provide foreign currency for the importation of petroleum products for the country which currently stands at about USD350 million per month. 3. The government has begun the implementation of the G4O Programme where gold purchases under the BoG’s DGP Programme mainly through…
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