bank of ghana Archives - Page 8 of 10

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,…

10 Feb

Confidence in the Ghanaian economy is diminishing – BoG data

wontumionlineBusinessbank of ghana, Economy

Data from the Bank of Ghana indicates a downward trajectory of both consumer and business confidence in the general economy since the end of 2020. Both the Consumer and Business Confidence Indices have consistently been below the 100 mark since January 2021. The consumer confidence index has averaged 86.13 during this period while the business confidence index averaged 88.19 in the same period. Meanwhile, the confidence indices for consumers and businesses dropped to all-time lows of 73.9 and 72.6 respectively in October 2022. In December 2022, the indices improved to 79.2 for consumer confidence and 75.7 for business confidence. According…

03 Feb

Gold-For-Oil Programme Has Two Legs – BoG

wontumionlineBusinessbank of ghana, Gold For Oil

First Deputy Governor of the Bank of Ghana (BoG) Dr Maxwell Opoku Afari has explained that the Gold-for-oil initiative has two legs. These are gold purchase programme and then oil legs. Appearing before the Public Accounts Committee of Parliament (PAC) on Friday, February 3, he said “what I know is that the gold-for-oil has two legs, it has the gold purchase programme leg and then the oil leg. “The Bank of Ghana is fully involved in the gold purchase side which then translates into oil. But what we know is that we have fully paid and bought gold that is enough to support the…

31 Jan

BoG Needs To Work Hard On Threats To Solvency Of Banks – Banking Consultant

wontumionlineBusiness, Newsbank of ghana, Banks, BoG, Debt exchange programme, Dr Richmond Atuahene

Banking Consult, Dr. Richmond Atuahene has adviced the Central Bank to put its best foot forward to eliminate the various increased pressures on the liquidity of banks and the threat to their solvency. Dr. Atuahene said the situation if not managed properly will affect the ability of banks to lend to private sectors and small businesses and cause a depletion of regulatory capital. “From where I sit and the calculations in front of me, Bank of Ghana would need to work hard because out of the 23 (banks), I do not know which one would stay if we go by…

20 Jan

Gold For Oil: BOST Begins Selling Of First Consignment Of Fuel

wontumionlineBusiness, Newsbank of ghana, BOST, Bulk Oil Storage and Transportation, fuel prices, Gold for Oil deal

JoyNews can confirm that the Bulk Oil Storage and Transportation Company (BOST) has today, Thursday, January 19 started selling petroleum products procured under the gold for oil barter arrangement. Reports indicate that GOIL and other Bulk Oil Distribution Companies have taken delivery of fuel for the market. However, what is being sold today is only 20 percent of Ghana’s market needs. The Bank of Ghana says consumers should not expect to see an immediate reduction in the price of petrol and diesel at the various fuel pumps. The Head of Financial markets at the Bank of Ghana, Stephen Opata disclosed…

17 Jan

Gold For Oil: We Have Sufficient Gold To Sustain The Deal – Bank Of Ghana

wontumionlineNewsbank of ghana, Bawumia, fuel, Gold for Oil policy, Government

The Bank of Ghana (BoG) has calmed the fears of Ghanaians over government’s ability to provide enough gold for its Gold for Oil policy. The Central Bank says the country has a sufficient quantity of gold reserves to sustain the policy. The Director of Financial Market at the Bank of Ghana, Stephen Opata made this known on Monday, January 16, when he appeared before the Public Accounts Committee (PAC). According to him, there is no cause for concern as the Central Bank is well-positioned to meet the demand for 160,000 ounces of gold per month under the deal. “As for…

17 Jan

Cedi-Dollar Ratio: The Exchange Reflects A Lot Of Day-To-Day Pressures In The Economy – BoG Boss

wontumionlineBusinessbank of ghana, Dr. Ernest Addison

Governor of the Bank of Ghana (BoG) Dr Ernest Addison has said that the exchange rate reflects a lot of day-to-day pressures in the economy. The local currency which witnessed marginal recovery in December 2022, has now come under pressure in January 2023. Per the Bank of Ghana rate, the Cedi, as of Tuesday, January 17 was 10.3305 and selling at 10.3409 to a Dollar. https://twitter.com/thebankofghana/status/1615232860356546561?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1615232860356546561%7Ctwgr%5Eb737cece305992a6a525e005ed46d3efa04e19bb%7Ctwcon%5Es1_&ref_url=https%3A%2F%2F3news.com%2Fcedi-dollar-ratio-the-exchange-reflects-a-lot-of-day-to-day-pressures-in-the-economy-bog-boss%2F Speaking at the Public Appointments Committee of Parliament on Monday, January 16, Dr Addison “It reflects the movement on a day-to-day basis. If there is additional demand for cedis the currency will be restricted. “The…

05 Jan

BoG Promotes Innovation In Financial Services Sector

wontumionlineBusinessbank of ghana

The Head of Fintech and Innovation at Bank of Ghana, Kwame Oppong, has said the central bank has implemented a regulatory reform to enable innovation in the financial services industry without compromising financial stability. He said, for instance, that the BoG in 2020, established a Fintech Innovation Office, one of the few of such outfits among central banks globally, to regulate, supervise and nurture Fintech in line with its commitment to innovation. “So far, a total of 47 payment service providers and mobile money operators have been given approval - both Ghanaian and foreign across various license categories to provide…

22 Dec

BoG Buys 26,000 Ounces Of Gold From Newmont

wontumionlineBusinessbank of ghana, Newmont

Newmont becomes the first gold mining company in Ghana under the Domestic Gold Purchasing Programme to sell gold to the Bank of Ghana following the procurement of 26,000 ounces of gold between May and November this year by the central bank. This forms part of the Domestic Gold Purchasing Programme to shore up Ghana’s foreign reserves. Giving details on the procurement, the director of communications at Newmont Africa, David Johnson, said 3,500 ounces were procured by the central bank in May this year, while the remaining 22,500 ounces were bought between October and November 2022. This makes Newmont the first…

16 Dec

BoG Should Bar Ordinary Ghanaians From Buying Dollars – Dr. Baah-Boateng

wontumionlineBusinessbank of ghana, Dr. Baah-Boateng

Head of the Department of Economics at the University of Ghana, Professor William Baah-Boateng, has urged the Bank of Ghana to enforce regulations that bar ordinary Ghanaians from buying dollars. According to him, the indiscriminate buying of dollars on the foreign exchange market by Ghanaians who do not need the dollars for any form of transaction is partly responsible for how poorly the cedi has fared this year. He noted that as the dollar is not a medium of exchange in Ghana, it should not be made readily available to just any Ghanaian who wants to buy it. “And that…