BoG

BoG Governor Dr. Ernest Addison And Deputies Lead Press Tour Of New Headquarters
28 Jan

BoG Governor Dr. Ernest Addison And Deputies Lead Press Tour Of New Headquarters

CUD WontumiBusiness
Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, along with his deputies, Dr. Maxwell Opoku-Afari and Mrs. Elsie Addo Awadzi, hosted members of the press for an exclusive tour of the BoG’s newly constructed headquarters, known as 'The Bank Square' on Monday, January 27, 2025. The tour followed the year’s first Monetary Policy Committee (MPC) press briefing, marking a significant milestone as it was held in the new building for the first time. The new headquarters, which is currently in use with the bank’s staff already working there, symbolizes the Bank of Ghana’s commitment to modernising its operations. The edifice boasts state-of-the-art…
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Ghana’s Public Debt Drops To GH¢736illion – Bank of Ghana
27 Jan

Ghana’s Public Debt Drops To GH¢736illion – Bank of Ghana

CUD WontumiBusiness,
Ghana's public debt stock has seen a decline, falling to GH¢736.0 billion in November 2024 from GH¢761.0 billion in October 2024, according to the latest data from the Bank of Ghana's January 2025 Summary of Economic and Financial Data. This reduction represents a 3.3 percent decrease within a month and reflects efforts to stabilise the country’s fiscal outlook. The decline in the public debt stock has been attributed to adjustments in external and domestic debt levels during the period under review. The data reveals that Ghana's external debt fell to GH¢425.3 billion in November 2024 from GH¢453.7 billion in October…
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Crucial MPC Meeting Begins Today — Policy Rate To Dominate Discussions
24 Jan

Crucial MPC Meeting Begins Today — Policy Rate To Dominate Discussions

CUD WontumiBusiness
The Monetary Policy Committee (MPC) of the Bank of Ghana will begin its first meeting for the year today, to consider developments in the global economy, domestic economic conditions and deliberate on the appropriate monetary policy stance. With the policy rate at 27 per cent and inflation closing the year at 23.8 per cent as against an end-year target of 15 per cent and 18 per cent set by the government and the BoG respectively, the determinants of the benchmark interest rate are expected to dominate discussions at the meeting. Giving its reasons for maintaining the policy rate at 27…
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BoG Rates Drop Slightly, Cedi Sells At GH¢15.85 At Forex Bureaus
13 Jan

BoG Rates Drop Slightly, Cedi Sells At GH¢15.85 At Forex Bureaus

CUD WontumiBusiness,
Ghana's local currency, the cedi, has experienced marginal gains against major trading currencies, especially the dollar, at some forex bureaus. The Central Bank, in its daily update, noted that the cedi is trading at a buying price of GH¢14.74 and selling at GH¢14.75. The British Pound is being bought at GH¢17.98 and sold at GH¢17.99. The Euro trades at a buying price of GH¢15.08 and a selling price of GH¢15.09. Checks by GhanaWeb Business on January 13, 2025, at 8:00 AM show that the cedi is trading at GH¢15.85 to the dollar, while the pound is trading at GH¢19.70 at some major…
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Maintain A Tight Monetary Policy Stance – IMF To BoG
19 Dec

Maintain A Tight Monetary Policy Stance – IMF To BoG

wontumionlineBusiness,
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

wontumionlineBusiness,
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

wontumionlineBusiness,
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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Banking Industry More Resilient – BoG Governor
25 Nov

Banking Industry More Resilient – BoG Governor

wontumionlineBusiness
Bank of Ghana (BoG) Governor, Dr. Ernest Addison, speaking at the 28th Annual National Banking and Ethics Conference organised by the Chartered Institute of Bankers (CIB) Ghana, observed that the foundation for a resilient banking industry in the country has been firmly established, thus priming it for the future. Accordingly, credible measures have been implemented to safeguard the broader financial sector – and banks especially – from historical and emerging risks, even as global and local financial sector dynamics continue to evolve. Consequently, Dr. Addison stated that broad and sustained stakeholder vigilance is required to maintain the momentum. The banking sector…
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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

wontumionlineBusiness
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

wontumionlineBusiness
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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