BoG

Government Expects Cedi To Withstand Seasonal Demand-Surge
29 Oct

Government Expects Cedi To Withstand Seasonal Demand-Surge

Wontumi1Business,
Government has expressed confidence in the cedi’s ability to withstand increased forex demand, particularly as the holiday season approaches. Finance Minister Dr. Mohammed Amin Adam expressed confidence during a media briefing in Washington, D.C., USA – noting recent efforts to bolster the nation’s foreign currency reserves and secure international financial support to ease pressure on the cedi. “We’ve seen relative stability in the cedi over the last month,” Dr. Adam stated, adding that government is “determined to continue stabilising the cedi”. He acknowledged that as year-end approaches demand for foreign currency typically rises, driven by increased import and business activities. To address…
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Next Of Kin Of A Deceased Bank Account Holder Is Not Automatic Beneficiary – BoG
23 Oct

Next Of Kin Of A Deceased Bank Account Holder Is Not Automatic Beneficiary – BoG

Wontumi1Business,
Did you know that if you are made the next of kin of a bank account by a friend or relative, you do not have automatic access to funds in the account should the account holder die? Well, according to the Bank of Ghana (BoG), the next of kin is only a nominee of the account holder who serves as a primary contact in the event where the bank is unable to reach the account holder. What this means is that the next-of-kin concept in banking operations is for the purpose of tracing the whereabouts of an account holder and…
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Bank Of Ghana Revises Year-End Inflation Target To 18%
10 Oct

Bank Of Ghana Revises Year-End Inflation Target To 18%

Wontumi1Business,
The Bank of Ghana (BoG) has revised its year-end inflation target to 18 percent, citing upside risks including some geopolitical developments. This would however represent a significant improvement over the 23.2 percent recorded at end - 2023 and 54.1 percent a year earlier. Governor Dr. Ernest Addison announced the adjustment during a joint press briefing with the International Monetary Fund (IMF) and Ministry of Finance (MoF) following a successful completion of the Fund’s third review as part of the country’s Extended Credit Facility (ECF) programme. “Looking forward, we acknowledged potential risks in the outlook. Our inflation projections indicate a target range of…
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BoG To Auction $120M To BDCs In Quarter 4, 2024
03 Oct

BoG To Auction $120M To BDCs In Quarter 4, 2024

Wontumi1Business
The Bank of Ghana will auction $120 million to Bulk Oil Distribution Companies (BDCs) in the fourth quarter of 2024. This is the same amount it sold to the BDCs in the second and third quarters respectively. According to its Forex Forward Auction Calendar, $40 million will be sold to the BDCs in each month of quarter four, 2024. In October 2024, the Central Bank will auction $20 million each to the BDCs. The same would be done in November 2024 2024, as two auctions will take place on November 13 and November 27, 2024. It would also sell $20…
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BoG Launches Responsible Gold Sourcing Programme To Enhance Economic Growth
27 Sep

BoG Launches Responsible Gold Sourcing Programme To Enhance Economic Growth

Wontumi1Business,
The Bank of Ghana (BoG) has recognized gold as a vital strategic reserve asset with a significant impact on economic growth. However, the Central Bank stresses the importance of responsible gold mining to maximize its benefits while minimizing environmental damage. To address this, the BoG has launched the Responsible Sourcing Programme, designed to promote ethical gold procurement. This framework includes the Domestic Gold Purchase Programme (DGPP), which outlines the processes, Know Your Customer (KYC) and due diligence requirements, supply chain transparency, and risk management. The DGPP operates through two main channels: Gold for Reserves and Gold for Oil. With strict…
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21.188m Loan Records Submitted To Credit Bureaus Monthly In 2023 – BoG
20 Sep

21.188m Loan Records Submitted To Credit Bureaus Monthly In 2023 – BoG

Wontumi1Business
Data providers submitted an average of 21,188,043 loan records to credit bureaus every month in 2023, the Bank of Ghana has disclosed in its 2023 Annual Credit Reporting Activity. This represented a 455.0% increase compared to 3,820,194 records submitted in the previous year. Out of the total average submissions in 2023, 99% of these records were made up of data on individual borrowers. This significant increase is attributed to improvement in the submission of digital loan data to credit bureaus. S&Ls, finance houses submitted most individual loan data Savings and loans companies and finance houses submitted the most individual loan…
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Gold For Oil Policy Still On Track – BoG
13 Aug

Gold For Oil Policy Still On Track – BoG

Wontumi1Business,
The Bank of Ghana (BoG) has affirmed that the government’s Gold for Oil policy is progressing as planned. This initiative was introduced to address Ghana’s dwindling foreign currency reserves and the strong demand for dollars by oil importers, which has been putting pressure on the Cedi and increasing the cost of living. Appearing before the Public Accounts Committee of Parliament on Monday, August 12, Dr. Maxwell Opoku-Afari, the First Deputy Governor of the Bank of Ghana, provided an update on the policy. “The Gold for Oil program is on track, and the reason the risk associated with the separate account…
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Clamp Down On Unregistered And Unregulated Forex Businesses – ISSER To BoG
08 Aug

Clamp Down On Unregistered And Unregulated Forex Businesses – ISSER To BoG

Wontumi1Business,
The Institute of Statistical, Social and Economic Research (ISSER) has urged the Bank of Ghana (BoG) to take decisive action against unregistered and unregulated foreign exchange (forex) businesses to ensure macroeconomic stability and curb exchange rate volatility. This recommendation is part of ISSER’s 2024 Mid-Year Budget Review, titled “A Critical Assessment of the 2024 Mid-Year Budget by ISSER.” The review notes some improvements in Ghana’s macroeconomic environment in 2024, as evidenced by various monetary and financial sector indicators. Inflation rates have decreased, with an average rate from January to June of 23.9% in 2024, down from 46.1% in the same…
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Clamp Down On Unregistered And Unregulated Forex Businesses – ISSER To BoG
08 Aug

Clamp Down On Unregistered And Unregulated Forex Businesses – ISSER To BoG

Wontumi1Business,
The Institute of Statistical, Social and Economic Research (ISSER) has urged the Bank of Ghana (BoG) to take decisive action against unregistered and unregulated foreign exchange (forex) businesses to ensure macroeconomic stability and curb exchange rate volatility. This recommendation is part of ISSER’s 2024 Mid-Year Budget Review, titled “A Critical Assessment of the 2024 Mid-Year Budget by ISSER.” The review notes some improvements in Ghana’s macroeconomic environment in 2024, as evidenced by various monetary and financial sector indicators. Inflation rates have decreased, with an average rate from January to June of 23.9% in 2024, down from 46.1% in the same…
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BoG’s Independence Should Remain A Priority – IMF To Government
01 Aug

BoG’s Independence Should Remain A Priority – IMF To Government

Wontumi1Business,
The International Monetary Fund (IMF) wants the adoption by Cabinet of the amendments to the Bank of Ghana Act to remain a priority to strengthen the Central Bank’s independence. This follows the high exposure of the Central Bank to the Government of Ghana’s financing. According to the Fund, the recapitalisation of the Bank of Ghana should follow a cautious approach that considers fiscal space available under the Economic Credit Facility programme. It however stated that the Bank of Ghana’s commitment to maintain a prudent monetary stance is welcome, but more progress is needed to address the Fund’s safeguards assessment recommendations.…
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