bank of ghana Archives - Page 9 of 10

08 Dec

Reports Of Fire Outbreak At Bank Of Ghana Untrue – BoG

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The Bank of Ghana (BoG) has denied reports that there was fire outbreak at the Headquarters in Accra. The BoG said the reports on social media are untrue. https://twitter.com/thebankofghana/status/1600843306782838784?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1600843306782838784%7Ctwgr%5E1576c15dc711f4e45cb70c20779aa5859b77b992%7Ctwcon%5Es1_&ref_url=https%3A%2F%2F3news.com%2Freports-of-fire-outbreak-at-bank-of-ghana-untrue-bog%2F “As a public facility, routine fire drill is necessary for testing the efficiency and preparedness of the Bank’s safety systems to manage emergencies like fires, and inculcate in the staff of the Bank fire safety evacuation procedures,” the Bank said in series of tweets on Thursday December 8. https://twitter.com/thebankofghana/status/1600844606224338944?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1600844606224338944%7Ctwgr%5E1576c15dc711f4e45cb70c20779aa5859b77b992%7Ctwcon%5Es1_&ref_url=https%3A%2F%2F3news.com%2Freports-of-fire-outbreak-at-bank-of-ghana-untrue-bog%2F It added “Bank of Ghana by this medium cautions against false reportage intended to create fear and panic…

07 Dec

Banking Industry Defies Economic Downturn So Far

wontumionlineBusinessbank of ghana, Dr. Ernest Addsion

The nation’s banking industry has performed admirably in the first 10 months of the year, particularly over the third quarter, despite significant shocks in the broader economy recently-released information by the Bank of Ghana (BoG) has shown. On the back of strengthening across the board during and after the industry shake-up, banks in the country weathered effects of the pandemic and deteriorating macroeconomic conditions to record strong asset growth and improved profitability in the period under consideration. Cumulatively, value of the banking industry’s assets grew by 43.7 percent between October 2021 and October 2022 to hit GH¢249.9 billion – that…

07 Dec

Bank Of Ghana Upgrades One Cedi Coin

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The Bank of Ghana (BoG) has upgraded the GH₵1 coin with enhanced security features. “The bank will issue the upgraded GH₵1 coin into circulation from Monday, December 12, 2022,” a statement from the central bank said. “The coin is similar to the existing GH₵1 coin in shape, form and images; the Coat of Arms in front and the Scale of Justice at the back,” it added. According to the statement, the upgraded GH₵1 coin is bi-metallic with an outer gold and inner silver. In addition, the coin has a pronounced rough edge and incorporates a latent image, which appears in…

29 Nov

BoG Supports Government To Refinance ¢2.83bn 5-Year Bond

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The Bank of Ghana (BoG) supported the government to refinance ¢2.83 billion 5-year bond expected to have matured yesterday November 28, 2022. Joy Business is learning that since August 2022, the government has been repaying maturities on notes and bonds with support from the BoG. This is because there’s no market appetite for rollovers. The unfavourable pricing conditions are also a major concern as the yields have been hovering around above 30%. The government’s difficult fiscal position has compelled the Central Bank to provide financial support to the budget. In most cases, it is structured as an overdraft. Meanwhile, 26%…

29 Nov

BoG Will Ensure Banks Remain Solvent – Dr Addison

wontumionlineBusinessbank of ghana, Dr. Ernest Addison

Dr. Ernest Addison, the governor of the Bank of Ghana (BoG), has expressed worry about the solvency of some Ghanaian banks. According to him, the Central Bank will put in measures to ensure that banks remain solvent. This, he said is the most important task of the Central Bank. The decision by the BoG comes as the government prepares to restructure its debt to pave way for an International Monetary Fund (IMF) bailout. This will include haircuts to bondholders. Dr. Ernest Addison explained at a media briefing that: “The good thing is that we think that there are adequate buffers.…

17 Nov

We’ll No Longer Provide FX Support For The Imports of Rice, Toothpick, Oil, Juice, Tiles And Others – Says Bank Of Ghana

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The Bank of Ghana (BoG) has indicated that it will no longer provide FX support for the imports of more done eight items imported into the country. The items include rice, poultry, vegetable oil, toothpicks, pasta, fruit juice, bottled water, ceramic tiles and other non-critical goods. The move according to the central bank is in accordance with the president’s directive issued at the recent address to the nation on the Ghanaian economy, on Sunday 30 October 2022. An electronic message from the Bank of Ghana to the banks in the country said, “in accordance with the president’s directive issued at…

19 Oct

NDCs Are Behind The Depreciation Of The Cedi- Kwasi Botwe Says

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A communicator of the New Patriotic Party, (NPP), Kwasi Botwe has stated the National Democratic Congress (NDC’s) are behind the rampant depreciation of the cedi. According to him they have sponsored the people behind the black market to depreciate the cedi. He said this when he joined Kwaku Dawuro on Movement In The Morning Show on Wednesday 19th October, 2022. Speaking he said that ‘’several factors affects the dollar including the black market-If you go to forex bureau and they don’t have the amount of dollar you want to exchange, they call the ‘’baba’’ to exchange for you, and these…

07 Oct

BoG Should Control The Opening Of Dollar Accounts- Osafo-Marfo advises

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A communications team member of the ruling New Patriotic Party (NPP), Felix Osafo- Marfo, has urged the Bank of Ghana to control the creating of dollar accounts in the country. According to him, this contributes to the depreciation of the cedi against the international currencies and therefore should be clamp down. His suggestion comes on the back of recent lamentation over the current state of the economy. “As we speak, the UK for the first time in almost forty years is experiencing hardship they haven’t been through before- and it’s the same in Germany. I have a friend in Italy…

27 Sep

Banks Deny Profiteering From Lending Rate Claims

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Chief Executive Officer of the Ghana Association of Banks (GAB), John Awuah, has described as ‘impossible’ the assertion that banks in the country could be benefitting from the difference between respective lending rates by borrowing at the lower rate and on-lending to the market at the higher rate, citing mechanisms put in place by the central bank to forestall such occurrences. He said this in response to assertions by the Institute for Economic Affairs (IEA) in its commentary on the upcoming Monetary Policy Committee (MPC) of the Bank of Ghana (BoG, wherein it noted arbitrage between the Monetary Policy Rate…

16 Sep

Report Companies That Price In Dollars – BoG

wontumionlineBusinessbank of ghana, BoG, dollars, Dr Joseph France

The Head of Financial Stability at the Bank of Ghana (BoG), Dr. Joseph France, has called on Ghanaians to report individuals and companies that price their products and services in dollars. According to him, whereas some companies are permitted to directly deal with foreign exchange due to they being net earners of foreign exchange like mining companies and oil and gas companies etc., most companies are not permitted to do so. He said companies and individuals who price their products in dollars without explicit permission from the Bank of Ghana are in contravention of the Foreign Exchange Act and must…