BoG Archives - Page 22 of 23

24 Oct

Debt Restructuring To Weaken Cedi; BoG Partly To Blame For Cedi Woes – JP Morgan

wontumionlineBusinessBoG, CEDI, Debt Reconstruction, FX, MP Morgan

Global leader in financial services and US firm, JP Morgan has warned that the probable debt restructuring of Ghana’s debt would further weaken the Ghana cedi, even if an increase in Foreign Exchange Forward Auction sizes or reversal of the foreign exchange (FX) purchase policy results in short-term respite for the cedi. In its Emerging Market Quick Take on Ghana cedi’s performance, it said the Bank of Ghana’s decision to purchase dollars from mining and oil companies, inadvertently reducing forex availability within the inter-bank market is one of the reasons behind the falling value of the cedi. It also said…

20 Oct

BoG Dollar Auction: Demand Surpasses Supply By $79.7m As $1 Nears ¢13

wontumionlineBusinessbids, BoG, CEDI, Forex Forward Rates Auction

Demand for the US dollar surged further, according to the latest auction of the American ‘greenback’ by the Bank of Ghana (BoG). Data from the Central Bank indicates that demand surpassed supply by $79.75 million, compared with $75.25 million recorded a fortnight ago. According to the latest result from the sale of dollars through the Forex Forward Rates Auction to dealers, the Bank of Ghana supplied $25 million to the dealers, largely the banks. However, the bids submitted for the purchase of the American ‘greenback’ was estimated at $104.75 million, higher than the $100.25 million recorded a fortnight ago (October…

18 Oct

‘Arrest’ Dollar To Bring Fuel Prices Under Control — COPEC To BoG

wontumionlineBusinessBoG, COPEC, dollar, fuel

The Chamber of Petroleum Consumers Ghana (COPEC) has asked the Bank of Ghana and the Economic Management Team to take immediate steps to halt the fast decline of the Cedi against the US Dollar to stabilise fuel prices. The Chamber attributed the continuous hikes in fuel prices to the “free fall” of the Cedi and cautioned that fuel prices could hit “uncontrollable” levels in future if the local currency was not stabilised. In an interview with the Ghana News Agency, Mr Duncan Amoah, Executive Secretary of COPEC, said fuel prices could hit GHS20 per litre by the end of the…

07 Oct

Use Gold To Control Rising Inflation – Jantuah Tells Govt, BoG

wontumionlineBusinessBoG, Inflation

Energy Expert Mr Kwame Jantuah has suggested to the managers of the Ghanaian economy to use gold to control inflation in the country. In his view, Gold has the ability to hedge inflation hence must be utilized properly. The former Vice President pf the Public Interest and Accountability Committee (PIAC) said this whiles speaking on the increment of the Policy Rate by the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) from 22 per cent to 24.5 per cent. He said “Gold is a good commodity for hedge of inflation. Are we the first largest producer of gold in Africa? How have…

07 Oct

Ghana’s Gross Reserves Fall To 2.9 Months Of Import Cover In September 2022

wontumionlineBusinessBoG, Exports, Gold, gross international reserves, imports

Ghana’s Gross International Reserves fell to $6.6 billion, equivalent to 2.9 months of import cover for goods and services in September 2022, data from the Bank of Ghana has revealed. This is compared with the December 2021 position of $9.7 billion, equivalent to 4.3 months of import cover. However, net International Reserves, which exclude encumbered assets and petroleum funds, is estimated at US$2.7 billion as at September 2022. Trade surplus hits $1.7bn Meanwhile, Ghana recorded a trade surplus of $1.7 billion dollars in the eight months of this year. This far exceeds the surplus of $892.4 million dollars recorded in…

07 Oct

Ghana’s Debt Stock Up ¢9bn To ¢402.4bn In July 2022 – BoG

wontumionlineBusinessBoG, debt, debt to GDP, Domestic debt, external debt, summary of Economic and financial data

Ghana’s public debt stock went up by ¢9 billion in July 2022 to ¢402.4 billion, the October 2022 Bank of Ghana Summary of Economic and Financial Data has revealed. This is equivalent to 68% of Gross Domestic Product, and is in sharp contrast to the projected 104.6% of debt to GDP ratio in 2022 by the World Bank. In dollar terms, the country’s debt dropped marginally to $53.2 billion in July 2022, from $54.4 billion in June 2022. Based on the data, the nation did not borrow fresh funds from the international market during the period. However, the debt level…

28 Sep

SSNIT Pension Scheme Continues To Post Negative Return On Investments; Records -12.6% Return In Quarter 1 – Report

wontumionlineBusinessBoG, Financial Stability Review, Pension scheme, SSNIT

The Social Security and National Insurance Trust (SSNIT) pension scheme continued to post a negative real rate of return, recording -12.6% at the end of the first quarter of this year. According to the Financial Stability Review report by the Bank of Ghana, assets available for benefits of the SSNIT-managed Basic National Social Security Scheme (BNSSS) dropped marginally by 2.3% to ¢11.28 billion in March 2022 from the ¢11.54 billion recorded in 2021 Quarter 4. Also, though the private pensions industry remained resilient in 2021, the worsening macroeconomic conditions in the 1st half of this year present a new challenge…

28 Sep

BoG Maintains Tough Stance On Inflation Fight

wontumionlineBusinessBoG, Dr. Ernest Addison

Governor of the Bank of Ghana (BoG) Dr. Ernest Addison has indicated that the monetary authority will not relent in its battle to beat down inflation and attain price stability, despite global and local pressures militating against its efforts. In a speech read on his behalf at the 39th Annual General Meeting (AGM) of the Ghana Bankers’ Association (GAB) by the Head of Banking Supervision at the central bank, Osei Gyasi, the Governor suggested that further rate hikes are within the realm of possibility, albeit without hinting at an imminent raise. “With continued pressures and heightened inflation expectations… considering that inflation remains…

16 Sep

Report Companies That Price In Dollars – BoG

wontumionlineBusinessbank of ghana, BoG, dollars, Dr Joseph France

The Head of Financial Stability at the Bank of Ghana (BoG), Dr. Joseph France, has called on Ghanaians to report individuals and companies that price their products and services in dollars. According to him, whereas some companies are permitted to directly deal with foreign exchange due to they being net earners of foreign exchange like mining companies and oil and gas companies etc., most companies are not permitted to do so. He said companies and individuals who price their products in dollars without explicit permission from the Bank of Ghana are in contravention of the Foreign Exchange Act and must…

12 Sep

BoG Issues Out New Directives For Banks On Digital Financial Services

wontumionlineBusinessbank of ghana, BoG

The Bank of Ghana has issued a strong warning to banks and specialized deposit-taking institutions to ensure fairness and transparency in the delivery of information via digital platforms. This new directive is contained in the Disclosure and Transparency Guidelines for digital financial services and products provided by these parties. The proliferation of mobile devices and access to technology has created a viable environment for the development and creation of services based on these devices and technological platforms. These new directives from the Bank of Ghana aim at providing the minimum disclosure and transparency framework to guide providers of Digital Financial…