bank of ghana Archives - Page 3 of 10

31 Aug

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

wontumionlineBusinessbank of ghana, DDEP, imf

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…

21 Aug

GHS60.8Bn Wasn’t Money Lost By BoG Through Its Operations In 2022 – Governor

wontumionlineBusinessbank of ghana, Dr. Ernest Addison

Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has said the GHS60.8billion loss reported was a technical loss arising from the haircut and the application of accounting standards to estimate expected credit losses over the tenor of the Government debt held by the Bank. “It is not money lost by the Bank of Ghana through its operations in 2022,” he said. Rather, he explained, one should look at this as a reflection of the total cost of the economic and social crisis the country faced over the years and an attempt to resolve a major structural problem of…

15 Aug

Minority’s Demand For Resignation Of BoG Governor And Deputies Irresponsible – Prof Adei

wontumionlineBusinessbank of ghana, BoG, Dr Cassiel Ato Forson, minority leader, Prof. Adei

Economist and Educasionist Professor Stephen Adei has taken a swipe at the Minority in Parliament over their call for the resignation of the Governor of the Bank of Ghana (BoG) and his deputies. The Minority in Parliament on Tuesday called for the resignation of the central bank boss and his deputies over what it described as mismanagement after the bank posted losses totalling GHC60.81 billion for the 2022 financial year as against profit of GHC1.23 billion recorded in 2021. Speaking at a news conference on Tuesday, August 8, the Minority Leader, Dr Cassiel Ato Forson said he and his colleagues…

14 Aug

BoG Issues: It’s Either The Minority Are Exaggerating Or Haven’t Examined The Facts – Majority Leader

wontumionlineBusinessbank of ghana, Minority, Osei Kyei-Mensah-Bonsu

The Majority Leader Osei Kyei-Mensah-Bonsu has said it is either the Minority in Parliament are exaggerating the issues of the Bank of Ghana (BoG) are have not had the time to examine the facts of the central bank. The Minority in Parliament accused the Bank of lacking reasonable justification for the substantial amounts of money printed in 2021 and 2022 to finance the government. They contend that the action of the BoG is in direct breach of the governing law. They note that the printed amounts—GHS 35 billion in 2021 and GHS 42 billion in 2022—are far beyond the legally…

11 Aug

Bank Of Ghana Is Taking Part In Govt’s Debt Exchange Hence GH¢60.8Bn Loss – IMF

wontumionlineBusinessbank of ghana, imf

The International Monetary Fund (IMF) has repeated the reasons that the Bank of Ghana (BoG) gave for the GH¢60billion loss it incurred as the actual cause of the BoG loss. The BoG had earlier attributed its loss to the impairment of the Government of Ghana’s securities holdings of ¢48.45 billion, impairment of loans and advances granted to quasi-government and financial institutions amounting to ¢6.12 billion and the depreciation of the local currency resulting in net exchange loss of ¢5.27 billion. The loss was occasioned by the Government of Ghana Domestic Debt Exchange Programme, the central bank said. According to the…

11 Aug

Navigating BoG’s GH¢60 Billion Loss Absorption In DDEP

wontumionlineBusinessbank of ghana, Dr Ernest Addition

In a strategic move to safeguard the economy’s stability, the Bank of Ghana (BoG) stepped in as a loss absorber during the recent domestic debt exchange programme (DDEP), absorbing substantial impairment losses. This proactive measure ensured the country’s qualification for the IMF programme, even as it faced challenges stemming from the quantitative easing programme during the peak of COVID-19 pandemic and interest rate changes. However, concerns remain as the central bank strategises to restore its balance sheet and reinforce credibility while maintaining its commitment to policy solvency. Serving as a safety net during the DDEP, the Bank of Ghana tactically absorbed major haircut losses…

10 Aug

We Cannot Be Insolvent Or Bankrupt – BoG Replies NDC

wontumionlineBusinessbank of ghana, BoG

The Bank of Ghana has assured key stakeholders and the general public as a whole that the highest standards of prudent management, governance and transparent accounting and audit practices have been committed to. It said as a non-commercial bank, its financial outcomes have little implication on its operations. “Technically, Central Banks cannot be insolvent or bankrupt,” it stressed in a statement issued on Wednesday, August 9. This clarification comes barely 24 hours after the leading opposition National Democratic Congress (NDC) issued a 21-day ultimatum to the Governor, Dr Ernest Yedu Addison, and his two deputies – Dr Maxwell Opoku-Afari and…

10 Aug

Attacks On Bank Of Ghana Unfounded – Stephen Amoah

wontumionlineBusinessbank of ghana, Dr Stephen Amoah, Minority

The attacks on the Bank of Ghana (BoG) by the National Democratic Congress (NDC) and their Minority in Parliament for the GH¢60.8billion loss, are unfounded, Deputy Minister of Trade And Industry Dr Stephen Amoah has said. Dr Amaoh said that the central bank has stated clearly the causes of the problems. The Minority Leader Dr Cassiel Ato Forson had accused the Akufo-Addo administration of preparing the grounds for the collapse of the financial sector. He said the government has been reckless in the management of the economy which has pushed the Bank of Ghana into financial difficulties. Their recklessness and…

10 Aug

Current Head Office Not Fit-For-Purpose – BoG Justifies Construction Of New Headquarters

wontumionlineBusinessbank of ghana

The Bank of Ghana (BoG) has confirmed that it is in the process of building a new headquarters in Ridge, a suburb of Accra. The initial allegation of the new structure was made public by the National Democratic Congress (NDC) and the Minority in Parliament at a press conference earlier this week. In their allegation, they stated that the said building was costing the tax payer 250 million dollars. In a statement dated August 9, 2023; responding to the Minority, the apex bank said of the new Bank of Ghana Head Office: "A structural integrity assessment conducted by the BoG revealed that the current BoG Head Office building,…

10 Aug

FULL TEXT: BoG Response On 2022 Financial Statements

wontumionlineBusinessbank of ghana

Bank of Ghana released its full-year 2022 audited financial statements on 28th July 2023. The financial statements reported a total loss of GHS60 billion, which has since become a matter of unfortunate politicisation. It is noteworthy that GHS53.1 billion of those losses were a direct result of the Government’s domestic debt restructuring exercise (phase 1 and II). It is important to put the Bank of Ghana’s 2022 financial results in proper context with a clear statement of the problem that Ghana faced and the chronology of events in Ghana since 2019. There was a clear mismatch between revenue inflows and expenditure financed…