BoG Archives - Page 12 of 22

25 Sep

Ghana’s Gross Reserves Stood At 1.0 Month Of Import Cover In August 2023; Trade Surplus Hits $2.016Bn – BoG

wontumionlineBusinessBoG, gross international reserves, Trade Surplus

Ghana Gross International Reserves (GIR) excluding Encumbered Assets and Petroleum Fund stood at $2.08 billion in August 2023, about 1.0 month of import cover. According to the Bank of Ghana’s September 2023 Summary of Economic and Financial Data, the reserves grew from $1.406 billion (0.7 months of import cover) in April 2023 to $2.162 billion (1.0 month of import cover) in May 2023 and $2.235 billion in June 2023 (1.0 month of import cover) respectively. It stood at $2.239 billion (1.0 month of import cover) in July 2023 and $2.089 billion (1.0 month of import cover) in August 2023 correspondingly.…

19 Sep

Cedi Expected To Remain Stable Against Dollar This Week; $1 Going For ¢11.58

wontumionlineBusinessBoG, CEDI, dollar, Euro, pound

The Ghana cedi is expected to remain relatively stable against the US dollar this week as risk-off investor sentiment cools off. Demand for US dollar last week outstripped supply despite a slowing inflation. This caused the cedi to fall to levels seen in the second quarter of 2023. The Bank of Ghana provided $20 million in the 36th bi-weekly foreign exchange auction to the Bulk Oil Distribution Companies, but this was insufficient to slowdown the rising corporate demand. The local currency lost marginally (0.46%) to the US dollar last week. Conversely, it gained 0.17% the pound, but remained stable against…

18 Sep

T-bills: Interest Rates Climb To 32.17%; Government Misses Target By 10.8%

wontumionlineBusiness182-day, 364-day, 91-day, BoG, Interest rates, T-Bills

Interest rates climbed again on the money market indicating the rising cost of government’s domestic debt. According to auction results by the Bank of Ghana, the yield on the 364-day bill went up by 0.34% to 32.17%. That of the 91-day bill also shot up to 28.12% from 27.28% the previous week. The rate on the 182-day bill also increased marginally by 0.28% to 29.39%. Interest rates have gone up consistently since April 2023 after the Treasury forced the rates down in March 2023. Therefore, market watchers and analysts are worried about the impact of the rising cost of the…

11 Sep

T-bills Auction: Government Achieves 13.21% Oversubscription; Interest Rates Reach Nearly 32%

wontumionlineBusiness182-day, 364-day, 91-day, BoG, Interest rates, Treasury Bills

Government exceeded its treasury bills target by over 13 percent to the tune of ¢2.94 billion, but interest rates continued to surge disturbingly. According to the latest auction by the Bank of Ghana, interest rates reached almost 32%. The target for this auction was ¢2.601 billion, but the bids tendered were ¢2.944 billion. About ¢2.907 billion were accepted. Majority of the bids came from the 91-day bill in which about ¢2.206 billion were tendered. However, the government accepted ¢2.202 billion. For the 182-day bill, a little above ¢322 million were offered, but the government accepted ¢289.19 million. With regard to…

22 Aug

Cedi To Exhibit Mixed Performance Against Dollar This Week; Going For ¢11.48

wontumionlineBusinessBoG, CEDI, dollar

The Ghana cedi will continue to exhibit mixed performance this week against the major foreign currencies as renewed corporate demand surges. This is coming after the local currency recorded mixed performance last week. Last week, the cedi held steady during the initial sessions after the Bank of Ghana provided some foreign exchange support, but weakened at the tail end due to rising corporate demand. The local cedi lost 0.44% week-on-week against the US dollar to end last week’s trade at a mid-rate of ¢11. 48 pesewas on the retail market. It, however, remained stable against the pound while advancing 1.61%…

22 Aug

BoG Only Financed Govt 2 Out Of 6 Years To Address Crisis – Dr Addison

wontumionlineBusinessBoG, Dr. Ernest Addison

The Bank of Ghana (BoG) has debunked claims that it has been providing financing for the government every year. According to the Central bank, in the past six year, it provided financing for the government for only two years. BoG Governor Dr Ernest Addison in a statement said there has been zero financing in 2017, 2018, 2019 and 2021. He stated that BoG only financed government in the pandemic year of 2020 and the crisis year of 2022. The Bank of Ghana Act (612), as amended, limits financing of Government to five percent of previous year’s tax revenue which eh said BoG has adhered to since…

21 Aug

Impact Of DDEP Impairment Losses On Banking Sector And Role Of Ghana Financial Stability Fund – The Case Of Local Banks

wontumionlineBusinessBoG, DDEP, Ghana Financial Stability Fund, imf, local banks, ministry of finance, world bank

The Ghanaian financial sector has been in severe distress, characterised by an insolvent banking system as result of the domestic debt exchange in 2022. Using the 16% discount rate for the Net Present Value calculation for government bonds, the Domestic Debt Exchange Programme losses of 22 banks stood at ¢37.7 billion with the private domestic banks and state-owned banks accounting for losses of ¢19.9 billion, while foreign owned banks accounted for ¢17.8 billion. The DDEP impairment losses have technically rendered some of Ghanaian local owned banks insolvent that would require additional capital support from shareholders or participate fully in the…

18 Aug

No Procurement Laws Were Breached; Necessary Approvals Were Obtained From PPA – BoG On New HQ

wontumionlineBusinessBoG

The Bank of Ghana has said the Public Procurement Authority approved all its processes and documentation before the commencement of the construction of a new headquarters edifice at Ridge. According to the Director of Research at the Bank, Dr Philip Abradu-Otoo, all the necessary approvals were obtained from the Authority before moving ahead to undertake the ongoing construction. Speaking in an interview with Accra-based JoyFM, Dr Abradu-Otoo pointed out that no procurement laws have been breached as suggested by the Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa. “The BoG has not broken any public procurement laws as the necessary public procurement approvals were…

15 Aug

Abronye DC Exposes Minority Leader-Reveals BoG Lost $600m When Ato Forson Was Deputy Finance Minister

wontumionlineFeatured, News, TrendingAbronye DC, BoG, Dr Cassiel Ato Forson

New Patriotic Party (NPP) Regional Chairman for Bono, Kwame Baffoe Abronye better known as Abronye DC, has exposed the minority leader, Dr. Cassiel Ato Forson, after the latter had given the Bank of Ghana Governor a 21-day ultimatum to resign. This comes on the back of report from the Apex bank, that indicates the Bank of Ghana had lost $6 Billion. According to Abronye DC, similar situation occurred during Mahama’s administration- a moment when Dr. Ato Forson was the deputy finance minister, as the Bank of Ghana lost 600 million dollars in 2013. "Deputy governor denied report that $600 million…

15 Aug

Minority’s Demand For Resignation Of BoG Governor And Deputies Irresponsible – Prof Adei

wontumionlineBusinessbank of ghana, BoG, Dr Cassiel Ato Forson, minority leader, Prof. Adei

Economist and Educasionist Professor Stephen Adei has taken a swipe at the Minority in Parliament over their call for the resignation of the Governor of the Bank of Ghana (BoG) and his deputies. The Minority in Parliament on Tuesday called for the resignation of the central bank boss and his deputies over what it described as mismanagement after the bank posted losses totalling GHC60.81 billion for the 2022 financial year as against profit of GHC1.23 billion recorded in 2021. Speaking at a news conference on Tuesday, August 8, the Minority Leader, Dr Cassiel Ato Forson said he and his colleagues…