BoG

BoG To Auction $120M To BDCs In Quarter 3, 2024
10 Jul

BoG To Auction $120M To BDCs In Quarter 3, 2024

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The Bank of Ghana would auction $120 million to Bulk Oil Distribution Companies (BDCs) in the third quarter of 2024. This will be same as it did in the second quarter of 2024. According to its Forex Forward Auction Calendar, $40 million will be sold to the BDCs in each month of quarter three 2024. In July 2024, the Central Bank will auction $20 million each to the BDCs. The same would be done in August 2024, as two auctions will take place on August 13, 2024, and August 28, 2024. In September 2024, the Central Bank will also sell…
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Prosecute Persons Implicated In Banking Sector Clean Up – BoG Governor To Govt
02 Jul

Prosecute Persons Implicated In Banking Sector Clean Up – BoG Governor To Govt

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The Governor of the Bank of Ghana, Dr. Ernest Addison, has urged the government to take action against shareholders of banks and financial institutions implicated in the financial sector clean up. According to Dr Addison, there is a need for accountability, hence, these individuals should be held responsible for their actions and inactions. The Governor expressed concern over the government’s slow pace in addressing this matter, calling for more prompt and decisive action. At a joint press conference with the Ministry of Finance and the International Monetary Fund (IMF) on Monday, July 1, Dr. Addison said all those who are…
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$360m Third Tranche Of IMF Cash Hits BOG’s Account
02 Jul

$360m Third Tranche Of IMF Cash Hits BOG’s Account

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Government has received US$360 million as the third tranche of Ghana’s bailout package with the International Monetary Fund (IMF). The cash meant for budget support and stabilization of the local currency, was officially credited to the Central Bank’s account today, Tuesday July 2, 2024. It follows the Executive Board’s approval of the second review last Friday, June 28, 2024. This means, Ghana has received a total of US$ 1.56 billion out of the $3 billion approved under the three-year extended credit facility. Citi News understands, the money will be used to support activities in the 2024 budget. The fourth tranche of…
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BoG Debunks Allegations Of Underreporting Remittance Inflows
01 Jul

BoG Debunks Allegations Of Underreporting Remittance Inflows

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The Bank of Ghana has clarified reports suggesting it has been underreporting remittance inflows. The Bank of Ghana has recently faced scrutiny regarding discrepancies in remittance inflow figures reported by the World Bank and its own consolidated statements of foreign exchange receipts and payments. Concerns were raised after comparing the World Bank’s reported $20.7 billion in remittances flowing into Ghana from 2018 to 2022 with the $9.5 billion reported by the Auditor General’s reports on the Bank of Ghana’s consolidated statements for the same period. This discrepancy led to allegations of underreporting by the Central Bank. The Bank of Ghana…
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BoG Refutes Claims Of Withheld GH¢57Bn By MTOs And Fintechs
25 Jun

BoG Refutes Claims Of Withheld GH¢57Bn By MTOs And Fintechs

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The Bank of Ghana has dismissed media reports claiming that $8 billion has been withheld by newly licensed Money Transfer Operators (MTOs) and 11 Fintech companies in the last two years. Media reports indicated that approximately $12 billion in remittances to Ghana went untracked and unaccounted for by the Bank of Ghana and the Auditor General from 2018 to 2022. According to these reports, data discrepancies exist between the World Bank and the Bank of Ghana regarding remittance inflows. The World Bank tracked a total of $21.1 billion in remittances to Ghana from 2018 to 2022, while the Auditor General’s…
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BoG Permits Banks With Stronger Capital Positions To Pay Interim Dividend
24 Jun

BoG Permits Banks With Stronger Capital Positions To Pay Interim Dividend

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Banks that made significant progress in their recapitalization plans have been permitted by the Bank of Ghana to distribute interim dividends, the Governor of the Bank of Ghana, Dr. Ernest Addison has revealed. This is coming following the impact of the Domestic Debt Exchange Programme on their operations. According to the Governor, banks with stronger capital positions have been allowed to pay interim dividends. This decision, he however said, is taken on a bank-by-bank basis to ensure that only those with robust capital positions are permitted to do so. Speaking at the recent Monetary Policy Committee (MPC) press conference, Dr.…
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We Remain Fully Committed To Our Supervisory Role To Foster Trust And Confidence – BoG
20 Jun

We Remain Fully Committed To Our Supervisory Role To Foster Trust And Confidence – BoG

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The Bank of Ghana has reiterated that it remains fully committed to its supervisory role and will ensure that all financial institutions adhere to regulatory requirements and guidelines to foster trust and confidence in the sector. According to the Governor of the Bank of Ghana, Dr. Ernest Addison, Central Bank has been engaging with regulated entities regularly over governance and assurance functions, in its quest to remain vigilant to ensure stability of the financial sector. Speaking the 20 Anniversary Celebrations of Opportunity International Savings and Loans, he said strong risk management, compliance with prudential rules, proper internal audit functions remain…
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Gold Exports In 2023 Surged To $7.60Bn, But Crude Oil And Cocoa Exports Tumble – BoG
06 Jun

Gold Exports In 2023 Surged To $7.60Bn, But Crude Oil And Cocoa Exports Tumble – BoG

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Gold exports in 2023 amounted to $7.60 billion, representing a year-on-year increase of 15.0%. This is mainly due to a 9.2% increase in the volume of exports and a 5.4% increase in the average realised price. According to the 2024 Bank of Ghana Annual Report, the rise in the volume of exports was due to improved gold production attributed to the expansion of the Newmont Ahafo Mine, resumption of operations at Anglogold Ashanti Obuasi Mine, and increased volumes from small-scale miners. The average realised price of gold in 2023 was $1,843.13 per fine ounce. Crude oil exports dropped 39.3% in…
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Securing IMF Deal Without DDEP Would Have Been Tough – BoG
04 Jun

Securing IMF Deal Without DDEP Would Have Been Tough – BoG

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Dr. Philip Abradu-Otoo, the Director of Research at the Bank of Ghana (BoG), has clarified that securing a bailout from the International Monetary Fund (IMF) would have been challenging without the implementation of the Domestic Debt Exchange Programme (DDEP). To stabilise the economy, the government initiated the IMF programme and introduced the DDEP, which resulted in some bondholders experiencing a reduction in their investments and coupons. In 2022, the BoG reported a loss of GHS 60.9 billion due to impairments that occurred during the domestic debt exchange programme. In an interview with Bernard Avle on The Point of View on Citi TV, Dr.…
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DDEP Impacts BoG As Bank Seeks Early Recapitalisation – Report
03 Jun

DDEP Impacts BoG As Bank Seeks Early Recapitalisation – Report

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The Bank of Ghana has been impacted by the Domestic Debt Exchange Programme (DDEP) as it seeks recapitalisation from development partners, a report has revealed. The BOG, in its 2023 annual financial report, disclosed that DDEP had affected its balance sheet. Thus, the bank had signed a Memorandum of Understanding (MOU) to secure early recapitalisation in the medium-to-long term. This, according to the report, was within the context of the second review of the ongoing International Monetary Fund (IMF) programme, which concluded on April 12, 2024. The report said a Memorandum of Understanding between the Bank of Ghana and the…
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