BoG Archives - Page 5 of 22

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

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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

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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…

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…