BoG

Maintain A Tight Monetary Policy Stance – IMF To BoG
19 Dec

Maintain A Tight Monetary Policy Stance – IMF To BoG

Wontumi10 CommentsBusiness,
The International Monetary Fund (IMF) has urged the Bank of Ghana (BoG) to maintain a tight monetary policy stance given upside risks to inflation while doing more to advance the Fund’s advice on safeguards. According to the Fund, a tight policy stance, supported by robust liquidity absorption operations, is warranted to ensure that inflationary pressures—stemming from the dry spell and the recent cedi depreciation—do not de-anchor inflation expectations while inflation gradually returns within the BoG target band. In its country assessment of Ghana after the third review of the Economic Credit Facility programme, the Bretton Woods institution said continued progress…
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BoG Sells $1 At GH¢15.49, GH¢16.50 At Forex Bureaus As Of November 28
28 Nov

BoG Sells $1 At GH¢15.49, GH¢16.50 At Forex Bureaus As Of November 28

Wontumi10 CommentsBusiness,
Ghana's local currency, the cedi, has gained some strength against major trading currencies, especially the dollar. In its daily update, the Bank of Ghana announced that as of November 28, 2024, the cedi is trading at a buying price of GH¢15.48 and a selling price of GH¢15.49. The British Pound is being bought at GH¢19.57 and sold at GH¢19.59. The Euro trades at a buying price of GH¢16.32 and a selling price of GH¢16.33. Checks by GhanaWeb Business as of November 26, 2024, at 10:00 AM show that the cedi is trading at GH¢16.50 to the dollar, while the pound…
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95,340 Collateral Registrations Recorded In Quarter 3, 2024 – BOG
27 Nov

95,340 Collateral Registrations Recorded In Quarter 3, 2024 – BOG

Wontumi10 CommentsBusiness,
The total number of collateral registrations recorded for Q3 2024 was 95,340, as revealed by the Bank of Ghana in its Quarterly Collateral Registry Brief. This compares to 56,314 registrations in the same quarter of 2023, reflecting a 69.3% year-on-year growth. A breakdown of registrations across the various categories of lenders showed that Savings and Loans Companies (S&Ls) dominated with 82,737 registrations in Q3 2024, marking an increase of 81.4% from the 45,601 registrations recorded in Q3 2023. Registrations of collateral by Rural and Community Banks (RCBs) also increased by 31.2%, from 6,278 in Q3 2023 to 8,235 in Q3…
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BoG Governor Calls For Increased Preparedness To Respond To Financial Sector Challenges
25 Nov

BoG Governor Calls For Increased Preparedness To Respond To Financial Sector Challenges

Wontumi10 CommentsBusiness
The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has called for increased preparedness to anticipate, adapt, and respond to emerging challenges in the financial sector. This is due to increased interconnectedness, the domestic economy is faced with heightened by external risks. Speaking at the 28th Annual Banking and Ethics Conference organised by the Chartered Institute of Bankers, Dr. Addison, said the Central Bank has committed to decisive measures to strengthen the financial sector through regulatory reforms to enhance risk management practices, capital requirements, corporate governance, and other measures. These, he believed, will help reinforce transparency and market discipline.…
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BoG Unveils Bank Square: A New Era In Ghana’s Financial Landscape
21 Nov

BoG Unveils Bank Square: A New Era In Ghana’s Financial Landscape

Wontumi1Business
In a historic and momentous ceremony, the Bank of Ghana (BoG), officially commissioned its state-of-the-art headquarters, christened the Bank Square, on November 20, 2024. Located in the heart of Accra, this architectural masterpiece stands as a testament to Ghana’s growing influence in Africa’s financial ecosystem and its commitment to sustainable development. Presiding over the event, the Governor of the Bank of Ghana, Dr Ernest Addison, recounted the institution’s journey from its inception to this monumental achievement. Tracing the roots of the central banking system to the Bank of the Gold Coast in 1923, he highlighted the evolution of the BoG,…
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Bank Of Ghana Commits To Robust Credit Market Amid Debt Recovery Challenges
14 Nov

Bank Of Ghana Commits To Robust Credit Market Amid Debt Recovery Challenges

Wontumi1Business,
The Second Deputy Governor of Bank of Ghana, Elsie Awadzi has affirmed the central bank’s commitment to a stronger credit market. During a stakeholders’ forum on collateral enforcement, the Second Deputy Governor noted that a robust credit market is essential for providing cost-effective loans to businesses, particularly small- and medium-sized enterprises (SMEs) and households. “In the end, we are all on one side. Our collective goal is to promote a stable and efficient credit system. The Bank of Ghana, as a regulator, remains committed to working with all stakeholder groups to make this mission a reality,” she stated. Amid growing concerns over…
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BoG Suspends Forex Trading License Of Consolidated Bank Ghana
13 Nov

BoG Suspends Forex Trading License Of Consolidated Bank Ghana

Wontumi1Business, ,
The Bank of Ghana has suspended the Foreign Exchange Trading Licence of Consolidated Bank Ghana (CBG). This means that CBG can no longer engage in forex activities. The Bank noted that with effect from 26th November 2024, for a period of one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act, 2006 (Act 723), the Bank can not engage in forex exchange. "This is as a result of a number of breaches of the foreign exchange market regulations, Updated Guidelines for Inward Remittance Services for Payment Service Providers dated November 2023 and the Anti-Money Laundering/Combating the…
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Cedi Sells $1 At GH¢16.30 At BoG, GH¢17.20 At Major Forex Bureaus
12 Nov

Cedi Sells $1 At GH¢16.30 At BoG, GH¢17.20 At Major Forex Bureaus

Wontumi1Business, ,
Ghana’s local currency continues to experience persistent depreciation against major trading currencies such as the US dollar. The cedi, which has been under pressure throughout the year, recorded relative stability in July this year, while inflationary pressures continued declining. As of November 12, 2024, the Bank of Ghana is buying $1 at GH¢16.29 and selling at GH¢16.30. The British Pound is being bought at GH¢20.96 and sold at GH¢20.98 while the Euro is being bought GH¢17.35 and sold at GH¢17.37. However, checks by GhanaWeb Business as of November 12, 2024, at 10:00 AM show that the cedi is trading at…
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BoG Assures Of Cedi’s Resilience Amid Rising FX Demand
04 Nov

BoG Assures Of Cedi’s Resilience Amid Rising FX Demand

Wontumi1Business, ,
The Bank of Ghana (BoG) has assured that it is implementing proactive measures to strengthen its foreign reserves in response to the ongoing depreciation of the cedi against major currencies. With the festive season approaching, the Central Bank is preparing for an anticipated increase in foreign exchange demand, a strategic initiative designed to stabilize the local currency. Currently, the cedi is trading at nearly GH¢17 to one U.S. dollar, reflecting a considerable year-to-date depreciation of 24.3 percent. In light of these pressures, the Bank aims to reassure businesses and consumers by working towards greater stability in the cedi through enhanced reserves. Speaking…
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BoG Assures Of Cedi’s Resilience Amid Rising FX Demand
04 Nov

BoG Assures Of Cedi’s Resilience Amid Rising FX Demand

Wontumi1Business, ,
The Bank of Ghana (BoG) has assured that it is implementing proactive measures to strengthen its foreign reserves in response to the ongoing depreciation of the cedi against major currencies. With the festive season approaching, the Central Bank is preparing for an anticipated increase in foreign exchange demand, a strategic initiative designed to stabilize the local currency. Currently, the cedi is trading at nearly GH¢17 to one U.S. dollar, reflecting a considerable year-to-date depreciation of 24.3 percent. In light of these pressures, the Bank aims to reassure businesses and consumers by working towards greater stability in the cedi through enhanced reserves. Speaking…
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