BoG

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…
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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%…
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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…
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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

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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…
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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

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

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

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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…
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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
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Over Reliance On Monetary Policy To Fight Inflation, Stabilise Cedi Not Oorking – GNCCI
27 Oct

Over Reliance On Monetary Policy To Fight Inflation, Stabilise Cedi Not Oorking – GNCCI

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The Ghana National Chamber of Commerce and Industry (GNCCI) is raising concerns about the excessive reliance on monetary policy by the Bank of Ghana to control inflation and the cedi’s depreciation. According to him, the monetary policy tool is not working but rather worsening the economic situation. “There is the need to align the monetary and fiscal policies to address the situation by implementing unorthodox homegrown policies to tackle the ongoing economic crisis”, Clement Osei-Amoako, President of the Chamber disclosed at the 46th Annual General Meeting of the GNCCI in Accra. He urged government to work with the multinational companies…
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$1.13bn Cocoa Syndicated Loan: First Tranche Expected To Hit BoG Account Today
26 Oct

$1.13bn Cocoa Syndicated Loan: First Tranche Expected To Hit BoG Account Today

wontumionlineBusiness,
The first tranche of the $1.13 billion cocoa syndicated loan is expected to hit the account of the Bank of Ghana today, October 26, 2022. Sources indicate that about $790 million is expected to come in from the consortium of banks. The $790m forex to be received by the BoG, is expected to bolster the cedi and shore up its value against the US dollar. The funds which will be used to finance purchases of cocoa beans will also boost the country’s Balance of Payment (BoP). Finance Minister, Ken Ofori-Atta, on Tuesday confirmed the inflows of the cocoa syndicated loan…
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