BoG Archives - Page 23 of 23

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…

07 Sep

BoG To Impose Sanctions On Banks That Breach Digital Financial Services Guidelines

wontumionlineBusinessBanks, BoG, Digital financial services, SDIs

The Bank of Ghana may impose on banks or Specialized Deposit-Taking Institutions, an administrative sanction of not more than 10,000 penalty units for breach of new guidelines on digital financial services. In the case of continuous breach, an additional penalty of not more 50 penalty units shall be imposed for each day the breach continues. This is in accordance with section 92 of Act 930. Again, in accordance with section 44 of the Non-Bank Financial Institutions Act, 2008 (Act 774), the Central Bank may impose on a non-bank financial institution, an administrative sanction of not more than 10,000 penalty units…

06 Sep

BoG Has No Prosecutorial Powers To Chase Culprits In Bank Failures – Analyst Tells Critics

wontumionlineBusinessBoG

A financial analyst, Michael Dawson has said that the Bank of Ghana (BoG) cannot be blamed for the inadequate prosecution of persons whose actions and inaction led to the banking failures. He explained that the central bank does not have prosecutorial powers to go after these person. In his view, the BoG has done its part by cleaning up the sector to ensure a robust banking and financial industry. Prosecution of the culprits is now the duty of the state prosecutors, not the BoG, he said, adding that the Bank of Ghana is a regulator and not an investigative body.…

18 Aug

BoG increases Policy Rate To 22%; Cost Of Borrowing To Shoot Up Significantly

wontumionlineBusinessBoG, CEDI

The Bank of Ghana has increased the policy rate by 300 basis points to 22%, after an Emergency Monetary Policy Committee meeting today, August 17th, 2022. The move is part of measures to address the risks to the inflation outlook. However, cost of borrowing is expected to go up significantly, and consequently increase cost of living and doing business. Additional measures The MPC also took additional measures including raising the primary reserve requirement of banks from 12% to 15% to be implemented in a phased manner. Therefore, the reserve requirement will go up to 13% from September 1st, 2022 and…