bank of ghana Archives - Page 7 of 10

06 Apr

Former Deputy Bog Governor Asiedu-Mante Is Dead

wontumionlineBusinessbank of ghana, Mr Emmanuel Asiedu-Mante

A former deputy governor of the Bank of Ghana, Mr Emmanuel Asiedu-Mante, has died. He passed away on the night of Monday, 4 April 2023 while being given medical attention at the Bank Hospital in Accra. He was 81 years old. Mr Asiedu-Mante’s son, Daniel Asiedu-Mante, confirmed the death to Graphic Online. Mr Asiedu-Mante served as deputy governor of the central bank from 29 May 2001 to 31 May 2006. “It is sad but we will take it a day at a time,” his son said, adding, “It also brings closure to this thing because we saw it coming”. The late…

06 Apr

Gold-For-Oil: BoG Cuts US Dollar Supply To Bulk Oil Distribution Companies

wontumionlineBusinessbank of ghana, Gold For Oil

The Central Bank plans to reduce in its U.S dollar supply to Bulk Oil Distribution Companies (BDCs) operating in Ghana's downstream oil and gas sector. The development comes on the back of the implementation of government’s Gold-for-policy which it believes is already yielding results, according to President Akufo-Addo. The Bank of Ghana in its quarterly announcement of forex forward rates auction said it plans to sell about US$120 million in the second quarter of 2023 to authorized foreign exchange dealers and BDCs. This however represents US$80 million lower than the US$200 million auctioned in the first quarter of 2023.

31 Mar

Ghanaian Men Rejoice As ‘Money Bouquet’ Is Declared Illegal

wontumionlineShowbizbank of ghana, money bouquet

It was all joy and praise when the Bank of Ghana (BOG) announced an end to the use of the Cedi notes as a money bouquet. A section of men took to their social media platforms to breathe a sigh of relief over the latest directive which they claim was long overdue. Someone had to come to the rescue of men who are pressurized into buying their female lovers money bouquets due to the craze. At a press briefing on Thursday, March 30, 2023, the Director of the Currency Department at the central bank, Dominic Owusu, caused the public against…

31 Mar

Introduction Of ¢500 Coin False – BoG Denies Issuing Higher Currency

wontumionlineBusiness500 coin, bank of ghana

The Bank of Ghana (BoG) has debunked reports of issuing ¢500 coin, insisting it has no immediate plans of issuing higher denomination for circulation. There have been reports that the Bank is working to introduce the coins – samples of which have been circulated on social media platforms. Speaking to Joy Business, the Director for Currency Management at the BoG, Dominic Owusu said the reports are false. He pointed out that the BoG will always embark on an extensive public and media education before it introduces new notes or coins into circulation. “When there is a currency issuance or change,…

31 Mar

Cedi Bouquets, Hampers Illegal, Stop It – Bank Of Ghana

wontumionlineNewsbank of ghana

The Bank of Ghana has warned the general public to stop using cedi banknotes as bouquets and hampers when gifting people. It said the currency was issued to be used as a medium of exchange for the purchase of goods and services. The Director of the Currency Department at the central bank, Mr. Dominic Owusu, told journalists today (Thursday, March 30, 2023) that any other use of the currency was illegal and subject to prosecution. He said the bank had noticed that some people were using the cedi notes as bouquets and hampers as gifts during weddings, birthdays and other…

29 Mar

Banks With Less Than 10% CAR Asked To Recapitalise

wontumionlineBusinessbank of ghana

Banks with a capital adequacy ratio (CAR) of less than 10 percent of their assets have been asked to submit plans for recapitalisation, Bank of Ghana Governor Dr. Ernest Addison has disclosed. The ratio – a principal financial soundness indicator – demonstrates banks ‘ ability to finance their long-term capital expenditures and ventures, and was reduced from 13 percent to 10 percent in December 2022 as part of a slew of measures aimed at mitigating the domestic debt exchange programme’s (DDEP) impact on banks, as they were over-exposed to the Treasury instruments… holding a third of all outstanding cedi-denominated bonds. Responding to questions about…

29 Mar

e-Cedi Launch Delay Due To Economic Challenges – BoG

wontumionlineBusinessbank of ghana

Bank of Ghana (BoG) Governor Dr. Ernest Addison says significant progress has been made in development of the e-Cedi, the country’s digital currency. The digital currency is vital in the country’s plan to expand financial inclusion and enhance digitalisation. He however disclosed that its launch has been delayed due to the impact of economic dislocation caused in 2022. The pilot phase has been completed, with selected consumers at Sefwi Asafo in the Western North Region using the currency to buy items, goods, food and services. The Governor made this announcement at a press briefing following the Monetary Policy Committee meeting on Monday, March…

28 Mar

Exports Hit US$2.8bn In First 2 Months Of 2023

wontumionlineBusinessbank of ghana, Ernest Addison

The Bank of Ghana has said despite the mixed performance in the prices of Ghana’s major commodities, the trade balance improved in the first two months of 2023 mainly on the back of higher export volumes. “In the first two months, total exports expanded by 11.2 per cent year-on-year to US$2.8 billion, driven mainly by higher gold, cocoa, and other export receipts”, Governor Ernest Addison said in a statement at the central bank’s recent Monetary Policy Committee meeting. The value of gold exports amounted to US$1.1 billion, representing an increase of 35.8 per cent, driven mainly by a 38.5 per cent increase in export…

27 Mar

Bank Of Ghana Hikes Monetary Policy Rate To 29.5%

wontumionlineBusinessbank of ghana, Dr. Ernest Addison

The Monetary Policy Committee of the Bank of Ghana has announced a hike in the policy rate by 150 basis points to 29.5 percent from an earlier 28 percent announced in January this year. The decision comes after the Central Bank held its second meeting for 2023 to review economic developments in the country. Governor of the Bank, Dr. Ernest Addison explained that the hike is due to rising inflationary shocks which are expected to persist as Ghana awaits an IMF-supported programme. "Headline inflation has declined marginally for two consecutive months, but continues to remain relatively high compared to the medium-term target of 8±2…

13 Feb

BoG Funded Govt To Save Economy – Addison

wontumionlineBusinessbank of ghana, Ernest Addison

Ernest Addison, the Governor of the Bank of Ghana (BoG), has defended the central bank’s decision to finance government’s expenditure last year. According to Dr. Addison, Ghana’s economy would have destabilised had the BoG not intervened. “We need to remember where we are coming from at the beginning of 2022 when we lost access to the capital market,” said Dr. Addison at the SIGA annual stakeholder meeting in Kwahu Abetifi. “This is a government that had access to the capital market for at least $3 billion each year, but we started 2022 with the downgrading of the economy and, therefore,…