bank of ghana Archives - Page 2 of 10

20 Jan

Bank Of Ghana Acquires Over 432,000 Oz Of Gold

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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…

30 Nov

BoG Increases Minimum Paid Up Capital Of Credit Bureaus To GH₵6M

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The Bank of Ghana (BoG) has increased the minimum paid up capital for existing and new Credit Bureaus to ₵6,000,000 from ₵500,000. This represents 1,100 percent increase. The Bank of Ghana in a statement explained that the revision is in accordance with section 18 (3) of the Credit Reporting Act, 2007 (Act 726), and takes effect from Monday, 20th November, 2023 under the following conditions. “Existing credit bureaus have up to the end of January 2025 to meet the new minimum paid up capital and shall always maintain an unimpaired minimum capital of GHS6,000,000 going forward”, the statement said. It…

26 Oct

Private Sector Credit Growth Hits Four-Year Low – BoG Report

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Challenges facing the banking sector have taken a toll on businesses, with private sector credit dropping to a four-year low according to Bank of Ghana data. The banking sector, as revealed by the data, is at a critical juncture; and this unsettling trend, persisting over the past four years, highlights a growing risk aversion among banks – leading to a significant reduction in lending to both businesses and individuals in real terms. This downturn has been compounded by a series of macroeconomic challenges, including an upswing in non-performing loans and fluctuations in lending rates. While government’s Treasury market has remained…

20 Oct

Borrowing Will Become A Thing Of The Past If Ghanaians Are Disciplined- Economic Analyst Advises

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Economic and fiscal policy analyst, Julius Gyimah, has advised that if Ghanaians are disciplined, borrowing of funds by government will become a thing of the past. He noted that the country must ensure that all boxes that bring profit to the country is ticked. "Ghana's inflation at the beginning of the year stood at 53.6%...and we know the Bank of Ghana controls our liquidity, so they always need to ensure that there's supply of money in the market. However, when there's essence of money in the marker, it amounts to inflation which goes against the economy", he said. He explained…

05 Oct

BoG Undecided On eCedi Roll-Out

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The Bank of Ghana (BoG) has yet to decide a roadmap for the eCedi roll-out, despite a successful completion of the pilot last year, Head-FinTech and Innovation, BoG, Kwame Oppong, has said. The uncertainty surrounding official introduction of the digital currency, he explains, is due to the crunch economic conditions in the country – marked by high inflation, rising debt stock and a rising cost of living. “Currently, the decision when to potentially introduce eCedi is yet to be determined, ” he told journalists during the Africa Money & DeFi Summit West Africa in Accra. “We completed the pilot successfully last year.…

27 Sep

Ghana Lost $6.3 Billion In Reserves In 2 Years

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A country’s Gross International Reserves (GIR) includes the US dollar value of holdings of foreign exchange, special drawing rights, reserves position in the IMF, and gold at the end of a given period. In simple terms, the GIR is a country’s safety net against unforeseen international payment difficulties. However, in a span of 2 years, Ghana has lost a whopping $6.3 billion worth of GIR. This is according to the Bank of Ghana’s Summary of Economic and Financial Data report. Details of the report indicate that Ghana had about $11.4 billion (an all-time high) in GIR as of August 2021.…

13 Sep

Banking Sector Experienced Improved Performance In First Half Of 2023 – BoG Governor

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Governor of the Bank of Ghana (BoG), Dr Ernest Adison, has said that the banking sector data for the first half of 2023 reflected some improved performance, despite declines in some key financial soundness indicators. This, he said, comes after consensus reached among industry stakeholders on the treatment of the losses, and the timely introduction of the temporary prudential and regulatory reliefs by the Bank of Ghana. Dr Addison stated that the prudential data showed portfolio rebalancing from medium- and long-term investments to short-term investments by banks, amid gradual increases in new loans. As of June 2023, he said, the…

11 Sep

BoG Talks Up Importance Of Financial Integration

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The Bank of Ghana (BoG) Governor, Dr. Ernest Addison, has underscored the crucial role factors such as comprehensive and harmonised financial data will play in achieving enhanced economic integration and shared prosperity across West Africa and the broader continent in the medium-term. During the 43rd Joint Ordinary Meeting of the Technical Committees West African Monetary Agency (WAMA) opening in Accra, the central bank Head called for a renewed focus on what he described as ‘low-hanging fruit’ – which include unified payment systems – he stated that member-states must be deliberate on strategies to achieve monetary integration and bolster financial stability, adding that such…

04 Sep

The Bank Of Ghana And Lending To The Government: Some Checks And Balances

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The Bank of Ghana has defended its breach (in 2022) of the limit on lending to the government by appealing to section 30(6) of the Bank of Ghana Act (2002): “In the event of any emergency, the Governor, the Minister and the Controller and Accountant-General shall meet to decide the limit of borrowing that should be made by the Government and the Minister shall submit a report on the issue to Parliament within seven sitting days.” and section 19(1): “Where there is an internal disorder, external exigencies, national disaster or critical financial or economic crisis or other exigencies requiring immediate…

31 Aug

Bank Of Ghana’s Vital Task Of Guiding Inflation Back To 8% Target Is Not Hindered – IMF Resident Rep.

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The International Monetary Fund (IMF) Resident Representative in Ghana, Dr. Leandro Medina, has said that the Bank of Ghana’s task of guiding inflation back to its 8 percent target in a gradual manner is not hindered by its participation in the Domestic Debt Exchange Programme (DDEP). He said the BoG’s participation in the DDEP formed part of efforts to burden-share the load placed on government and banks. Speaking in an interview with the B&FT newspaper, Dr Medina noted that an IMF analysis showed that “this situation does not hinder the BoG from effectively executing its policy mandates, including the vital…