BoG

BoG Rate: Cedi Buys At 15.5422 To A Dollar, Sells At 15.5578 On Monday
10 Mar

BoG Rate: Cedi Buys At 15.5422 To A Dollar, Sells At 15.5578 On Monday

CUD Wontumi0 CommentsBusiness, ,
Per the rate from the Bank of Ghana (BoG) on Monday, March 10, the Cedi was buying at 15.5422 to a Dollar, and selling at 15.5578. The Pound Sterling was buying at 20.0697 and selling at 20.09 13. The Euro was buying at 16.8639 and selling at 16.8792. The current managers of the economy have indicated their resolve to stabilise the Cedi against the major trading currencies. President John Dramani Mahama told Finance Minister Dr Cassiel Ato Forson that Ghanaians were expecting him to stabilise the Cedi and bring down inflation. Speaking after swearing his minister into office at the…
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Stop Photocopying Ghana Cards Of Customers – BoG Warns Banks
03 Mar

Stop Photocopying Ghana Cards Of Customers – BoG Warns Banks

CUD Wontumi0 CommentsBusiness,
The Bank of Ghana (BoG) has warned banks to desist from photocopying the National Identification Cards (Ghana Card) of their clients for transactions as such a practice would attract sanctions. According to the central bank, biometric verification remained the standard process for identity authentication. The Deputy Head of Financial Integrity of the BoG, Ashitei Trebi-Ollennu, said photocopying of Ghana Cards was susceptible to fraud which could ultimately compromise banking transactions. “We have never said that banks should photocopy Ghana Cards. Photocopying leaves room for fraud and compromises the integrity of transactions,” he said. Instead, banks must authenticate identities directly through…
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BoG Launches Comprehensive Audit Of Remittance Activities
20 Feb

BoG Launches Comprehensive Audit Of Remittance Activities

CUD WontumiBusiness,
The Bank of Ghana (BoG) has commenced an audit of remittance activities covering the fourth quarter of last year, from October 1 to December 31, 2024. This was announced in an official notice issued by the Central Bank today. According to the BoG, the audit aims to assess the remittance process, recommend improvements to the existing regulatory framework, and ensure full compliance with all relevant regulations, including the Foreign Exchange Act, 2006 (Act 723). The Bank emphasized that all market participants are required to fully adhere to these regulatory obligations, underscoring its commitment to promoting transparency, efficiency, and integrity within…
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Domestic Banks Dominate Secured Loans In 2024 Q4 – BoG
19 Feb

Domestic Banks Dominate Secured Loans In 2024 Q4 – BoG

CUD WontumiBusiness
The Bank of Ghana’s (BoG) latest Quarterly Collateral Registry report has revealed that the share of secured loans granted by domestically owned banks increased significantly in the fourth quarter (Q4) of 2024. According to the report, domestically owned banks accounted for 48.5% of the total value of secured loans, up from 25.4% in Q4 2023. Conversely, the percentage share of secured loans granted by foreign-owned banks in Ghana declined to 51.5% in Q4 2024 from 74.6% in Q4 2023. “The share of the value of secured loans granted by domestically owned banks increased to 48.5% in Q4 2024 from 25.4%…
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Total Value Of Secured Loans In Q4 Hits GH¢8.2Bn – BoG
14 Feb

Total Value Of Secured Loans In Q4 Hits GH¢8.2Bn – BoG

CUD WontumiBusiness,
The total value of secured loans granted by banks and Specialised Deposit-Taking Institutions (SDIs) in Quarter 4 (Q4) 2024 was GH¢8.2 billion. This is relative to the GH¢5.9 billion recorded in Q4 2023, indicating an increase of 38.9% year-on-year. Banks accounted for GH¢5.7 billion of the total value of secured loans in Q4 2024, depicting an increase of 26.7% from GH¢4.5 billion recorded in Q4 2023. On the other hand, the total value of secured loans recorded by SDIs in Q4 2024 amounted to GH¢2.5 billion, an increase of 78.6% from GH¢1.4 billion recorded for the same period in 2023.…
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BoG Introduces Directive On Financial Inclusion For Persons With Disabilities
30 Jan

BoG Introduces Directive On Financial Inclusion For Persons With Disabilities

CUD WontumiBusiness
The Bank of Ghana has issued a directive on financial inclusion for persons with disabilities. This directive is in line with internationally accepted financial inclusion principles, which include safe, efficient, and widely reachable financial infrastructures, access to a broad network of service points, interoperability, and effective awareness and financial literacy initiatives. It is issued pursuant to sections 6 and 7 of the Persons with Disability Act, 2006 (Act 715), section 53 of the Borrowers and Lenders Act 2020 (Act 1052), section 92(1) of the Banks & Specialised Deposit Taking Institutions Act, 2016 (Act 930), and section 101(2)(f) of the Payment…
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BoG Governor Dr. Ernest Addison And Deputies Lead Press Tour Of New Headquarters
28 Jan

BoG Governor Dr. Ernest Addison And Deputies Lead Press Tour Of New Headquarters

CUD WontumiBusiness
Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, along with his deputies, Dr. Maxwell Opoku-Afari and Mrs. Elsie Addo Awadzi, hosted members of the press for an exclusive tour of the BoG’s newly constructed headquarters, known as 'The Bank Square' on Monday, January 27, 2025. The tour followed the year’s first Monetary Policy Committee (MPC) press briefing, marking a significant milestone as it was held in the new building for the first time. The new headquarters, which is currently in use with the bank’s staff already working there, symbolizes the Bank of Ghana’s commitment to modernising its operations. The edifice boasts state-of-the-art…
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Ghana’s Public Debt Drops To GH¢736illion – Bank of Ghana
27 Jan

Ghana’s Public Debt Drops To GH¢736illion – Bank of Ghana

CUD WontumiBusiness,
Ghana's public debt stock has seen a decline, falling to GH¢736.0 billion in November 2024 from GH¢761.0 billion in October 2024, according to the latest data from the Bank of Ghana's January 2025 Summary of Economic and Financial Data. This reduction represents a 3.3 percent decrease within a month and reflects efforts to stabilise the country’s fiscal outlook. The decline in the public debt stock has been attributed to adjustments in external and domestic debt levels during the period under review. The data reveals that Ghana's external debt fell to GH¢425.3 billion in November 2024 from GH¢453.7 billion in October…
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Crucial MPC Meeting Begins Today — Policy Rate To Dominate Discussions
24 Jan

Crucial MPC Meeting Begins Today — Policy Rate To Dominate Discussions

CUD WontumiBusiness
The Monetary Policy Committee (MPC) of the Bank of Ghana will begin its first meeting for the year today, to consider developments in the global economy, domestic economic conditions and deliberate on the appropriate monetary policy stance. With the policy rate at 27 per cent and inflation closing the year at 23.8 per cent as against an end-year target of 15 per cent and 18 per cent set by the government and the BoG respectively, the determinants of the benchmark interest rate are expected to dominate discussions at the meeting. Giving its reasons for maintaining the policy rate at 27…
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BoG Rates Drop Slightly, Cedi Sells At GH¢15.85 At Forex Bureaus
13 Jan

BoG Rates Drop Slightly, Cedi Sells At GH¢15.85 At Forex Bureaus

CUD WontumiBusiness,
Ghana's local currency, the cedi, has experienced marginal gains against major trading currencies, especially the dollar, at some forex bureaus. The Central Bank, in its daily update, noted that the cedi is trading at a buying price of GH¢14.74 and selling at GH¢14.75. The British Pound is being bought at GH¢17.98 and sold at GH¢17.99. The Euro trades at a buying price of GH¢15.08 and a selling price of GH¢15.09. Checks by GhanaWeb Business on January 13, 2025, at 8:00 AM show that the cedi is trading at GH¢15.85 to the dollar, while the pound is trading at GH¢19.70 at some major…
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