BoG Archives - Page 5 of 14

28 May

Fiscal Discipline Critical For Economic Confidence – BoG

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The Bank of Ghana (BoG) has highlighted the importance of maintaining strict fiscal discipline to enhance economic confidence. This statement comes at a time of increasing concerns about the country’s economic stability. In its Monetary Policy Committee press release on Monday, the BoG stated that “On fiscal policy, expenditures outpaced revenue growth in the first quarter, reflecting the frontloading of IPP arrears payments.” “Maintaining strict fiscal discipline for the rest of the year will be crucial to strengthen confidence in the economy.” The BoG further explained that fiscal discipline is essential in preventing budget deficits from getting out of control,…

21 May

IEA Recommends Currency Board To BoG To Stabilize The Cedi

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The Institute of Economic Affairs (IEA) has advised the Bank of Ghana (BoG) to consider adopting a currency board system to replace the existing central bank system. The IEA suggests that this change would help stabilize the Cedi as a legal tender by ensuring that all Cedis in circulation are fully backed by foreign exchange reserves. In a statement released on Monday, May 20, the IEA proposed several measures for the government to implement in order to halt the depreciation of the Cedi. One key recommendation was that the currency board should be prohibited from lending to the government or…

08 May

BoG Denies Implementation Of 1% Cybersecurity Levy On Banking Transactions

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The Bank of Ghana (BoG) has refuted claims suggesting the introduction of a one percent cybersecurity levy on all banking transactions, dismissing them as baseless. A report by Ghana Chronicles which has been circulated on social media alleges that the Central Bank intends to implement a one percent cybersecurity levy on banking transactions to counter rising cybersecurity risks both domestically and globally. In a statement released on Tuesday, the BoG categorically denied these reports, labeling them as untrue. Additionally, the Central Bank urged the public to disregard such unfounded claims. https://twitter.com/thebankofghana/status/1787849864325259658?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1787849864325259658%7Ctwgr%5Ef60c6de6b7ae16a3747587fb81af2925d25b7f57%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.ghanaweb.live%2FGhanaHomePage%2Fbusiness%2FBoG-denies-implementation-of-1-cybersecurity-levy-on-banking-transactions-1936847 Source: Ghanaweb

07 May

We’re Committed To Protecting Depositors’ Funds – BoG Governor

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The Bank of Ghana (BoG) says it will continue to closely monitor and regulate financial institutions in the country to ensure the stability and integrity of the banking sector. Maintaining oversight in the banking industry according to the Central Bank is crucial for safeguarding against risks and promoting trust in the financial system. Governor of the Bank of Ghana, Dr. Ernest Addison at the name change and gala dinner of FBN Bank Ghana Limited maintained that his outfit has not departed from protecting the funds of depositors. “Let me note that, to protect depositors, while ensuring the stability and soundness…

18 Apr

BoG Governor Advocates Tailored Financing Support For Low-Income Countries

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The Governor of the Bank of Ghana, Dr. Ernest Addison, has called for tailored financing support for low-income countries to address the unique economic challenges faced by nations with limited resources. He underscores the need for development partners to adopt strategies that are responsive to the exacerbated existing vulnerabilities in such countries as empowerment for low-income countries to navigate the complex economic landscape. Dr. Addison made the call when he delivered an address at the 2024 African Consultative Group (ACG) meeting with the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva at the ongoing IMF/World Bank Spring meeting…

17 Apr

Beige Bank Disobeyed Bank Of Ghana – Prosecution

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The Chief State Attorney (CSA), the prosecution in the ongoing trial of the former Chief Executive Officer (CEO) of the defunct Beige-Bank, has challenged Mr Hafisdeen M. Dawda, former Chief Financial Officer of the Bank’s defense witness. Mrs Evelyn Keelson, during cross-examination, said Beige Bank was afraid that writing off its investments would expose the true state of the Bank due to the depletion of investments. “As of July 2018, the BoG directed you to write off the investment. You knew you had lost the value of those investments, yet you sought to deceive BoG by giving a false picture…

09 Apr

BoG Seeking To Hand Over Gold For Oil Programme To A Commercial Bank – Dr Addison

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The Bank of Ghana (BoG) says it intends to hand over the Gold for Oil programme to a commercial bank to operate. This, according to the Governor of BoG Dr. Ernest Addision, will allow the central bank to focus on its core functions of monetary policy and maintaining price stability. Introduced two years ago, the program was expected to reduce fuel prices at the pumps. However, prices have been escalating in recent weeks. But speaking to JoyNews, Dr Addison said the policy remains a strategic solution in boosting the country’s reserves. He emphasised that the gold-for-oil program has been beneficial to the…

08 Apr

Volunteer Information On Suspected Money Laundering, Unexplained Wealth – BOG Urges Public

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The Bank of Ghana has urged the public to volunteer information on suspected cases of money laundering and unexplained wealth. This is to combat financial crimes, sanitize the industry and uphold the integrity of the country’s financial system. The Central Bank stressed collaborative efforts in identifying and addressing illicit financial activities that pose a threat to the stability and reputation of the banking sector. The Bank of Ghana gave this advice in a circular on money laundering as part of its financial literacy. Money laundering is the process whereby money obtained from unlawful activities such as drug trafficking and corruption…

08 Apr

Ghana’s Economy Is Improving – BoG Governor

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The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has declared that Ghana’s economy is on an upward trajectory compared to previous years. Previously, the economy had experienced a downturn, prompting the government to seek a $3 billion International Monetary Fund (IMF) bailout. However, during his address to the Public Accounts Committee of Parliament on Monday, April 8, 2024, Dr. Addison attributed the economic recovery to various factors, including the augmentation of foreign exchange reserves. He expressed appreciation to Parliament for authorising the addition of $300 million to Ghana’s reserves, a measure aimed at strengthening the economy. “For…

05 Apr

BoG Cautions Banks To Comply With Monthly Reporting Of Fraud Cases

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The Bank of Ghana (BoG) has cautioned banks to comply with its monthly report on fraud cases. This is to aid the regulator in consolidating measures in tracking fraudulent activities in the financial sector. According to the Head of Financial Stability at the BoG, Dr. Kwasi Osei Yeboah, the bank will continue to collaborate with all financial sector players to sanitize the sector. Speaking to Joy Business at a workshop on Committee for Co-operations between the Law Enforcement Agencies and the Banking Community, Dr. Yeboah called for a more collaborative effort from stakeholders to address the menace. “This may be…