BoG Archives - Page 14 of 22

10 Jul

BoG To Sell $120M To BDCs In Quarter 3, 2023

wontumionlineBusinessBDCs, BoG, FX Forward Auction

The Bank of Ghana would sell $120 million to Bulk Oil Distribution Companies (BDCs) in the third quarter of 2023. This will be done via the FX Forward Auction Calendar for the third quarter of 2023. According to the calendar, $40 million each would be auctioned in July 2023, August 2023 and September 2023 respectively. $20 million each will be sold on July 14 and 28, 2023 respectively. Another $40 million dollars will be sold in August 2023. $20 million each would be sold on August 15 and August 30, 2023, respectively. The Central Bank will once more sell $40…

10 Jul

Former BoG Deputy Governor, Millison Narh Has Died

wontumionlineBusinessBoG, Dr. Kofi WampahMillison Narh

A former Deputy Governor of the Bank of Ghana (BoG), Millison Narh, has died. He died after a short illness in the U.S.A. Mr. Narh retired from the BoG as a Deputy Governor in 2017. He was Deputy Governor from July 2009. During his tenure, Mr. Narh once acted as the Governor of the BoG, following a decision by Dr. Henry Kofi Wampah to take an early retirement, four months before the end of his term on August 5, 2016. Prior to that, he was appointed the second Deputy Governor on July 20, 2009, a post he held until his…

05 Jul

Urgently Work With BoG To Address High Inflation; Expand Tax Net Instead Of Introducing New Ones – GNCCI To Government

wontumionlineBusiness2023 Mid-Year Budget Review., BoG, GNCCI, Inflation, Tax net

The Ghana National Chamber of Commerce and Industry (GNCCI) is calling on the government to urgently work with the Bank of Ghana to find innovative ways of addressing the high inflation in the economy. This is part of its propositions for government to consider in the 2023 Mid-Year Budget Review. According to the Chamber, addressing the high inflation will help businesses to secure funds for expansion and recovery from the impact of COVID-19. The continuous increases in the policy rate and in effect lending rate, the Chamber said, are adversely affecting key productive sectors as well as the overall growth…

04 Jul

ECG, Police, BoG And 5 Other Public Institutions Being ‘Grilled’ By Special Prosecutor

wontumionlineNewsBoG, ECG, Kissi Agyebeng, Police, Special Prosecutor

The Special Prosecutor, Kissi Agyebeng has released his half-yearly report of activities which his office has overseen for the first half of the year. The report offers insight into the corruption cases investigated and prosecuted by the Office of the Special Prosecutor. The report also highlights cases before him, those in court, those which have been concluded among others. This is the third half-yearly report under his tenure as Special Prosecutor. The Special Prosecutor, in his report, indicated that there are currently some 150 cases of various natures before him for investigation. Among these, Kissi Agyebeng’s office highlighted some 8 public institutions which…

04 Jul

DDEP: Rural Banks Investors Unhappy With BoG Directive To Halt Dividend Payment

wontumionlineBusinessAssociation of Rural Banks, BoG, Comfort Owusu, DDEP

Some shareholders of Rural Banks in the country have expressed dissatisfaction at a directive from the Bank of Ghana (BoG) to halt payment of dividends. The Bank of Ghana gave the directive as part of measures to reduce the impact of the COVID-19 pandemic, the current economic challenges, and the impact of the Domestic Debt Exchange Programme (DDEP) on the financial sector. The move is also aimed at building the capital adequacy ratio of banks and specialised-deposit taking institutions. Reacting to the issue in an interview with Joy Business, the Executive Director of the Association of Rural Banks, Comfort Owusu…

03 Jul

BoG Blamed For Financial Sector Mess – Research Reveals

wontumionlineBusinessBismark Kwofi, BoG, ILAPI, Peter

A perception research conducted by think tank, Institute for Liberty And Policy Innovation (ILAPI) has blamed the Bank of Ghana (BoG) for the collapse of 420 financial institutions between 2017 and 2018. The research conducted between August and November 2022, gathered information from the public on their perceptions on government wasteful spending from 2014 to 2021 with the financial sector reforms as a variable. Government is said to have spent over ¢25 billion in the banking sector clean-up to protect 4.6 million depositors’ funds despite quoting ¢11.7 billion in the 2020 budget statement for the same exercise. 77.5 % of…

27 Jun

79,364 Assets Registered As Collateral By Banks And SDIs In Q1 2023 – BoG

wontumionlineBusinessBanks, BoG, Collateral register, SDIs

A total of 79,364 assets were registered as collateral by Banks and Specialised Deposit Taking Institutions in the first quarter of 2023, up from the 76,142 assets registered in quarter one of 2022. According to the First Quarter Report of Collateral Registration published by the Bank of Ghana, movable assets constituted the largest proportion of the registered collateral for loans granted within the reporting period with a share of 64.2%. Immovable collateral constituted the lowest proportion of registered collateral for loans granted within the reporting period with a 2.2% share. Both Immovable and Movable (for example Company/Business Assets) collateral accounted…

26 Jun

T-bills: Government Records Marginal Oversubscription; But Interest Rates Hit 29.2%

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

Government’s Treasury bills sale were marginally oversubscribed as interest rates hit 29.2%. According to the results from the Bank of Ghana, the government received bids worth ¢2.29 billion, about 4.04% oversubscription. The government had in March 2023 forced interest rates to go down to 18.0% in March 2023, but the rates have been surging since then, raising some concerns about the government’s domestic debt restructuring programme. All the short-term financial instruments have gone up by more than 4.0% since they went down sharply from the high of 35% some three months ago. According to this auction result, the 91-day T-bill…

21 Jun

Inflation To Remain Above 10% Until End-2025 – BoG

wontumionlineBusinessBoG, Food inflation, Inflation, Non-food inflation

Barring any unanticipated shocks, inflation is projected to gradually trend downwards but remain above the upper band of 8±2% until the end of 2025. According to the May 2023 Monetary Policy Report by the Bank of Ghana, risks to the inflation outlook are fairly tilted to the downside supported by the relative stability in the exchange rate, reduction in ex-pump petroleum prices, alongside base drift effects. This could mute the upward adjustments in administrative prices. Given these considerations, the Monetary Policy Committee decided to maintain the Monetary Policy Rate at 29.5% in May 2023. Headline inflation had already declined significantly…

15 Jun

Bank Of Ghana Warns The Public About 97 Unlicensed Loan Apps

wontumionlineBusinessBoG

The Bank of Ghana (BoG) has asked Ghanaians to desist from dealing with some 97 unlicensed financial institutions engaged in giving out loans to people. The Central Bank also cautioned commercial banks, Specialised Deposit-taking Institutions and Payment Service Providers not to facilitate the illegal transactions of the unlicensed loan institutions who operated through mobile applications (apps). It encouraged the public to patronise the various types of digital credit products approved by Bank of Ghana and delivered by banks and specialised deposit-taking institutions in partnership with mobile money operators. In a press release issued copied to the Ghana News Agency, the…