BoG Archives - Page 4 of 14

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…

24 Jun

BoG Permits Banks With Stronger Capital Positions To Pay Interim Dividend

Wontumi1BusinessBoG, Dr Ernest, Interim Dividend

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.…

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…

06 Jun

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

Wontumi1BusinessBoG, cocoa, crude oil, gold, Timber

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…

04 Jun

Securing IMF Deal Without DDEP Would Have Been Tough – BoG

Wontumi1BusinessBoG, DDEP, IMF

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.…

04 Jun

Gold For Oil: Bank Of Ghana Spends GH¢2.43 Billion On Petroleum Import Finance

Wontumi1BusinessBoG, Gold For Oil

Accra, May 6, GNA – The Bank of Ghana (BOG) has disclosed that as of December 31, 2023, the consolidated capitalised cost incurred on the Gold for Oil (G40) operations was GH¢2.43 billion. The bank, in its annual financial report for the year 2023, said the carrying amount represented a cash balance worth GH¢ 520 million, dore gold holdings in the vault worth GHS 410 million, outstanding oil value of stock worth GHS 1.72 billion, and oil proceeds receivable worth GHS 460 million. The report disclosed that the gold holding purchases yet to be paid by the central bank for…

30 May

BoG Refutes Claims Of Ghana Becoming A Dual Currency State

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The Bank of Ghana (BoG) has responded to an article titled “Is Ghana Becoming a Dual Currency State? The Rise of Yellow Currency!” to correct some inconsistencies and misinformation. The article claimed electronic money was superseding the Ghanaian cedi for which reason strategic measures had to be taken to safeguard the use and relevance of the cedi. But the Communications Department of the BoG in a statement issued on Thursday, May 30 clarified that in 2007, when licensing mobile money, Ghana decided on the bank-based model, while other jurisdictions rolled out the telco-based model. According to BoG, the author of…

30 May

We Are Engaging Société Générale To Ensure Clarity – BoG

Wontumi1BusinessBoG, Societe General

The Bank of Ghana has stated that it has not received any formal notice from Société Générale Ghana on recent news reports suggesting the bank’s exit from the Ghanaian market. French Bank Société Générale earlier this month dismissed rumours suggesting its withdrawal from the Ghanaian banking sector, describing them as baseless speculation. However, the Central Bank notes that it is actively engaging in discussions with the Bank’s Group Head Office to ensure clarity. Giving an update at the 118th Monetary Policy Committee press briefing, Governor of the Bank of Ghana, Dr. Ernest Addison urged the bank to be transparent in…

29 May

BoG To Demand List Of All Interested Parties In Any Sale Of SG Ghana Shares

Wontumi1BusinessBoG, SG shares

The Governor of the Bank of Ghana (BoG) Dr. Ernest Addison has revealed that the Central bank will demand for a list of all persons and institutions interested in acquiring any shares of Soceite General (SG) Bank Ghana. Earlier reports indicated that the SG Group in France which holds 60.22% of SG Ghana has initiated a strategic move to sell its shares and exit the country. Responding to questions on the issue at a press briefing to announce the policy rate, Dr. Addison said the Bank of Ghana has already notified SG Bank through its subsidiary in Cote D’Ivoire to…

28 May

BoG Sets Up Task Force To Monitor Illegal Operators In Forex Market

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The Bank of Ghana (BoG) has established a task force to oversee all foreign exchange bureaus. This was announced by Dr. Ernest Addison, the Governor of the Bank, in the 118th monetary policy statement delivered on Monday, May 27, 2024. This initiative is geared towards addressing the activities of unauthorized entities within the foreign exchange market and fostering greater transparency within the sector. Also, the Central Bank has disclosed its partnership with the Ghana Association of Banks to simplify the documentation prerequisites for foreign transactions. Dr. Addison said this measure will diminish the attractiveness of informal currency exchange avenues and…