BoG

Cocoa Bills Default: Bog, COCOBOD Agree To Allow Banks To Use COCOBOD’s Deposits To Pay Retail Customers
24 Jan

Cocoa Bills Default: Bog, COCOBOD Agree To Allow Banks To Use COCOBOD’s Deposits To Pay Retail Customers

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The Bank of Ghana, Ghana Cocoa Board (COCOBOD) and the commercial banks have agreed to allow banks to use COCOBOD’s deposits/placements at the banks to cater for retail customers who may not want a rollover of their cocoa bills. This is coming after the BoG initially directed banks not to pay customers their maturing cocoa bills investments, following cash flow challenges facing COCOBOD. In a statement, the Central Bank said it expects that this short-term cash flow challenges facing COCOBOD will be resolved soon to enable the cocoa regulator meet its obligations to investors. “COCOBOD has assured us that the…
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Gold Has Picked; We Can Buy Enough To Sustain ‘Gold-For-Crude’ Programme – BoG
18 Jan

Gold Has Picked; We Can Buy Enough To Sustain ‘Gold-For-Crude’ Programme – BoG

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The Director of Financial Market at the Bank of Ghana (BoG) Stephen Opata has assured that the central bank can buy enough gold to ensure the Gold-for-Crude programme is sustained. He said this on Monday, January 16, when he appeared before the Public Accounts Committee (PAC). “As for the quantities, based on the production numbers we saw last year, gold has picked up. We believe that we can buy enough gold to sustain the program. “I must say that the numbers we are currently looking at is about 160,000 ounces per month and that will represent about 50 to 60 per…
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Gold-for-crude: BoG Must Stop Being Sole Custodian Of Forex To Save Itself From Blame Over Cedi Woes – Kwakye
18 Jan

Gold-for-crude: BoG Must Stop Being Sole Custodian Of Forex To Save Itself From Blame Over Cedi Woes – Kwakye

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The Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has asked the Bank of Ghana (BoG) to stop being the only custodian and source of forex to allow the market to operate freely and smoothly. Dr Kwakye said this will save the central bank from blame for the depreciation of the Cedi. He was commenting on the assertion by the BoG that there is enough gold to ensure the gold-for-crude programme is sustained. Dr Kwaye said in a tweet that “Why won’t BoG gradually remove itself from being the sole custodian and source of forex…
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Poor Performance Of Cedi In 2022 Will Not Repeat Itself – BoG Governor Assures
17 Jan

Poor Performance Of Cedi In 2022 Will Not Repeat Itself – BoG Governor Assures

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The dollar has begun a steady rise over the cedi in the last few weeks prompting fear the country is heading back to the dark days of 2022 when the cedi depreciated. The Bank of Ghana is today quoting the exchange rate at ¢10.30 to the dollar but the rate is slightly higher in the commercial space with some quoting ¢12.50. But despite the rise, the Governor of the central bank Dr Ernest Addision is confident the worst days of the cedi are over. According to him, the poor performance of the currency in 2022 will not repeat itself. This,…
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Cedi Depreciates Marginally To Sell At ¢12 To A Dollar
10 Jan

Cedi Depreciates Marginally To Sell At ¢12 To A Dollar

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The Ghana cedi is now selling at ¢12 to the US dollar in the retail or forex market, following days of sustained stability. This is about 0.86% loss in value since the beginning of the year. The Bank of Ghana is however quoting a dollar for ¢9.00 on the interbank forex market. Checks by Joy Business at some forex bureaus indicate that the pound is the major currency that has lost more value so far in 2023. One pound is presently going for ¢14.20. The euro has also depreciated by a little over 1%, trading at ¢12.50. Analysts and market…
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BoG To Hold 2023 First MPC Meeting Later In January 2023
05 Jan

BoG To Hold 2023 First MPC Meeting Later In January 2023

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The Bank of Ghana has announced that it will hold its first Monetary Policy Committee (MPC) meeting for 2023 from Tuesday, January 24, to Friday, January 27 to review developments in the economy. The meeting, which will be the 110th is expected to heavily discuss Ghana’s high inflation rate which stands at 50.3 percent, the highest in 27 years. Also, the committee will use the meeting to decide whether to hike the policy rate, maintain it, or reduce it. “The meetings will conclude with a press conference on Monday, January 30, 2023 to announce the decision of the Committee”, a short…
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Policy Rate To Hit 29% In 2023; Cost Of Loans To Further Escalate – Fitch Solutions
28 Dec

Policy Rate To Hit 29% In 2023; Cost Of Loans To Further Escalate – Fitch Solutions

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Fitch Solutions is projecting a further monetary tightening by the Bank of Ghana [BOG] next year. According to the UK based research and market information firm, the policy rate will go up by a further 200 basis points to 29% in 2023. This will trigger an increase in the cost of credit and consequently heighten the cost of doing business in the country. The policy rate has already gone up by more than 12.5% in 2022 due to the skyrocketing inflation. It stood at 14.5% in January 2022, but currently at 27%. Senior Country Risk Analyst at Fitch Solutions, Mike…
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Cedi Appreciation Did Not Happen By Chance – Akufo-Addo
19 Dec

Cedi Appreciation Did Not Happen By Chance – Akufo-Addo

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President Nana Addo Dankwa Akufo-Addo has indicated that the Cedi’s appreciation against the US Dollar is as a result of the measures taken by his government in partnership with the central bank, the Bank of Ghana (BoG). Mr Akufo-Addo said the appreciation did not happen by chance. Speaking at the centenary celebration of the Ga presbytery of the Presbyterian Church of Ghana in Accra on Sunday December 18, he said “At the height of our challenges there were some who doubted the capabilities of my government and I to return our nation back onto the path of progress and and prosperity and lift us…
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Inflation To End 2023 At 25% – BoG
15 Dec

Inflation To End 2023 At 25% – BoG

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Inflation is likely to peak in the first quarter of 2023, and ease to around 25% by the end of 2023, the Bank of Ghana’s November 2022 Monetary Policy Report has disclosed. This forecast is however conditioned on the tightness of monetary policy and the deployment of tools to contain excess liquidity in the economy. The report said “there are, however, upside risks to the outlook, emanating from the persistent upward adjustments in ex-pump petroleum products and transport fares with associated second-round effects on the pricing of goods and services”. “Additionally, the proposed VAT increase and currency pressures may exert…
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Number Of Advertised Jobs Shoot Up 11.7% – BoG
14 Dec

Number Of Advertised Jobs Shoot Up 11.7% – BoG

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The number of jobs advertised in selected print and online media, which partially gauges labour demand in the economy, increased in October 2022 relative to what was observed in the corresponding period a year ago. According to data from the Bank of Ghana, 3,055 job adverts were recorded as compared with 2,734 for the same period in 2021, indicating an increase of 11.7% year-on-year. On a month-on-month basis, the number of job vacancies in October 2022 went up by 17.0% from the 2,611 jobs advertised in September 2022. Cumulatively, for the first 10 months of 2022, the total number of…
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