BoG

Government Records ¢3.15bn From T-bills Sale As Interest Rates Fall
12 Dec

Government Records ¢3.15bn From T-bills Sale As Interest Rates Fall

wontumionlineBusiness, , ,
Following the exemption of Treasury bills from the domestic debt exchange programme, investor interest in the short-term securities continue to rise sharply. This is coming after the government recorded about 73% oversubscription of T-bills sale. According to auction results from the Bank of Ghana, the government obtained a total of ¢3.15 billion from the Treasury bills sale that took place on Friday, December 9, 2022. This shows that demand for the money market instrument is soaring. Though a chunk of the transaction came from the 91-day T-bill, the 182-day bill also recorded some significant sale. This clearly shows that investor…
Read More
BoG’s Appointment Of Nii Amanor Dodoo To Act As Receiver Of Unibank Was Correct – Court Of Appeal
02 Dec

BoG’s Appointment Of Nii Amanor Dodoo To Act As Receiver Of Unibank Was Correct – Court Of Appeal

wontumionlineBusiness,
The Court of Appeal has, today Thursday, 1 December, held that the High Court was wrong in deciding that Bank of Ghana’s decision to appoint Nii Amanor Dodoo as Receiver of uniBank was wrong. It is recalled that, in the civil case to recover over GHS 5.7 Billion from Dr, Kwabena Duffuor and the other defendants, the High Court granted an application by Dr. Kwabena Duffour and the other defendants, and struck out the Receiver’s case against them. This was based on the argument that Nii Amanor Dodoo should not have accepted Bank of Ghana’s appointment as Receiver of uniBank,…
Read More
Total Mobile Money Transactions Hit ¢833.3bn In October 2022 Despite E-levy Implementation
28 Nov

Total Mobile Money Transactions Hit ¢833.3bn In October 2022 Despite E-levy Implementation

wontumionlineBusiness,
Despite the implementation of the Electronic Transaction Levy (E-Levy), total Mobile Money transactions in the first 10 months of 2022 grew by 12.9% year-on-year to ¢833.3 billion, the latest Summary of Economic and Financial Data by the Bank of Ghana has revealed. It’s therefore baffling why the government cannot accrue significant revenue from the tax on electronic transfers, despite the immense growth in mobile money transactions. In October 2021, total mobile money transactions were estimated at ¢737.6 billion. Comparing that figure to the same period in 2022, the transactions have shot up by an additional ¢95.7 billion. A recent survey…
Read More
BoG Pegs Cedi Depreciation To Dollar At 54%
28 Nov

BoG Pegs Cedi Depreciation To Dollar At 54%

wontumionlineBusiness, ,
The Bank of Ghana has pegged the rate of depreciation of the cedi to the dollar at 54.2% in almost 11 months of 2022. However, the Central Bank in its November 2022 Summary of Economic and Financial data quoted the cedi to dollar at ¢13.10 to one US dollar. This is lower than the retail market or forex bureau rate of about ¢14.90 to one American ‘greenback’. For the pound sterling, the local currency has declined in value by about 48.9% since the beginning of the year. It is currently selling at ¢17.48. It has also depreciated by about 50%…
Read More
Total Mobile Money Transactions Hit ¢833.3bn In October 2022 Despite E-levy Implementation
28 Nov

Total Mobile Money Transactions Hit ¢833.3bn In October 2022 Despite E-levy Implementation

wontumionlineBusiness, , ,
Despite the implementation of the Electronic Transaction Levy (E-Levy), total Mobile Money transactions in the first 10 months of 2022 grew by 12.9% year-on-year to ¢833.3 billion, the latest Summary of Economic and Financial Data by the Bank of Ghana has revealed. It’s therefore baffling why the government cannot accrue significant revenue from the tax on electronic transfers, despite the immense growth in mobile money transactions. In October 2021, total mobile money transactions were estimated at ¢737.6 billion. Comparing that figure to the same period in 2022, the transactions have shot up by an additional ¢95.7 billion. A recent survey…
Read More
BoG To Continue Policy Rate Hiking Cycle As Part Of IMF Condition – Fitch Solutions
21 Nov

BoG To Continue Policy Rate Hiking Cycle As Part Of IMF Condition – Fitch Solutions

wontumionlineBusiness, , ,
The Bank of Ghana will continue its policy rate hiking cycle, increasing the benchmark interest rate to 27% by the end of 2023. According to international research institution, Fitch Solutions, this it believes will bring real rates into positive territory. “We expect that this will bring real rates into positive territory, stimulating capital inflows and providing support to the exchange rate, which will allow the cedi to depreciate at a slower pace over 2023”. Given a high inflation, Fitch Solutions, stressed that it expects the Bank of Ghana to tighten monetary policy as a condition of the International Monetary Fund…
Read More
Cedi’s Recent Performance To Be Sustained For Few Weeks – Currency Analyst
02 Nov

Cedi’s Recent Performance To Be Sustained For Few Weeks – Currency Analyst

wontumionlineBusiness, , ,
The recent improvement in the value of the Ghana cedi against the US dollar is expected to be sustained in the next couple of weeks, Lead Researcher at GCB Capital and a Currency Analyst, Courage Boti, has said. According to him, the recent depreciation of the cedi was largely due to speculation. “I expect that this trend could continue until we get to the ¢13 level and then that is when you will receive some sense of stability because the Bank of Ghana rate would become the floor or the lowest level. The thing really is that you don’t want…
Read More
We Are Not Illegally Transferring Funds Offshore – BoG’ Denies TUC Research Director’s Claim
01 Nov

We Are Not Illegally Transferring Funds Offshore – BoG’ Denies TUC Research Director’s Claim

wontumionlineBusiness, ,
The Bank of Ghana has taken a swipe at comment by the Director of Research at the Ghana Trades Union Congress (GTUC), Dr. Kwabena Nyarko Otoo that the Bank of Ghana is actively collaborating with some operatives at Cowlane in Accra to illegally transfer funds offshore. According to the Central Bank, it categorically denies the said allegations and also considers them extremely reckless. “We would have expected that such strong allegations would have been supported by the requisite evidence, and not left at pure conjecture, mere suspicion or hearsay. This is especially so considering the quarters from which the allegations…
Read More
Interest Rates Hit 34%; Government T-bills Undersubscribed By 34%
31 Oct

Interest Rates Hit 34%; Government T-bills Undersubscribed By 34%

wontumionlineBusiness, , , ,
Interest rates on government securities shot up to 34% last Friday, October 28, 2022, but government failed to achieve its target in the latest Treasury bills auction. This may be due to investor concern about the probability of a debt restructuring by government before a programme can be secured from the International Monetary Fund (IMF). Despite the rising yield on the treasury market, investors are mindful of the current economic situation in the country. The IMF and the World Bank are yet to outdoor the nation’s debt situation, whether it is sustainable or not, but there are analyses that the…
Read More
BoG Revokes License Of Two Popular Forex Bureaus In Accra
27 Oct

BoG Revokes License Of Two Popular Forex Bureaus In Accra

wontumionlineBusiness,
The Bank of Ghana has revoked the license of the Airport City Forex Bureau within the Atlantic Tower building and Trade House Forex Bureau Ltd, a popular forex bureau at the Marina Mall. The closure follows the failure of the operators to issue receipts and breaching Foreign Exchange laws in the country. The two forex bureaus are under the same ownership. They were detected by a mystery shopping exercise by the central bank. Source: Citinewsroom
Read More