BoG

BoG Seeking To Hand Over Gold For Oil Programme To A Commercial Bank – Dr Addison
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…
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Volunteer Information On Suspected Money Laundering, Unexplained Wealth – BOG Urges Public
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…
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Ghana’s Economy Is Improving – BoG Governor
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…
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BoG Cautions Banks To Comply With Monthly Reporting Of Fraud Cases
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…
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$300m Loan From World Bank Hits BoG Account
27 Mar

$300m Loan From World Bank Hits BoG Account

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The US$ 300m loan facility from the World Bank to Ghana has officially been released for budgetary support. The amount was credited to the Central Bank’s account today, Wednesday March 27, 2023. It is the first in a series of three operations of $300 million each from the World Bank for crisis response and resilience in Ghana as part of the Resilient Recovery Development Policy Operation. This fresh foreign inflow will increase the Bank of Ghana buffers to help in the recovery of the economy and slow the depreciation of the cedi. The fund is expected to also restore fiscal sustainability,…
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BoG Stays Policy Rate At 29%
26 Mar

BoG Stays Policy Rate At 29%

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The Bank of Ghana has maintained its monetary policy rate at twenty-nine per cent. This comes amid calls from the International Monetary Fund to Central Banks to be careful when cutting interest rates as looser monetary policy could push inflation up further. This is the first time the BOG is maintaining the rate this year. Dr. Ernest Addison, Governor of the central bank, speaking during the 117th MPC meeting’s press briefing highlighted the reason behind the decision. “Despite a sharp deceleration in 2023, the pace of disinflation has moderated in the first two months of the year. While inflation experienced…
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Bank Of Ghana Urges Public To Accept One And Five Pesewas Coins
25 Mar

Bank Of Ghana Urges Public To Accept One And Five Pesewas Coins

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The Bank of Ghana has issued a cautionary message to Ghanaians, emphasizing the importance of accepting one and five pesewas coins as legal tender. Dominic Owusu, Head of Currency Management at the Central Bank, stressed that these coins are valid for transactions and form an integral part of the country's currency. During a media engagement as part of the Ghana Month Celebration, Owusu reaffirmed the Central Bank's commitment to monitoring currency circulation to bolster the economy. He urged the public to embrace the use of these coins, emphasizing their significance in supporting economic activities. "The coins play a key role…
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GCB, Absa, OmniBSIC Offer Cheapest Loans To Households, SMEs And Corporates – BoG
25 Mar

GCB, Absa, OmniBSIC Offer Cheapest Loans To Households, SMEs And Corporates – BoG

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GCB Bank offered the cheapest loans to household consumers, the latest Annualized Percentage Rates by the Bank of Ghana has revealed. It offered a rate of 27.71% and 27.21% to clients for a period of one year and three years. Stanbic Bank (50.92%) and Bank of Africa (43.83%), however, charged the expensive rates for a tenor of one and three years respectively. For a duration of five years, Fidelity Bank offered the lowest interest rate of 26.64% on loans to customers. It was followed by GCB Bank with a lending rate of 27.04%. Similarly, Absa Bank offered the lowest loans…
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BoG Nears Zero Counterfeit With Clean Note Policy
22 Mar

BoG Nears Zero Counterfeit With Clean Note Policy

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The Bank of Ghana has reiterated its commitment to combating the circulation of counterfeit currency. The Central Bank emphasizes its progress toward achieving a zero-counterfeit regime. Counterfeiting and possessing counterfeit banknotes are illegal and subject to legal consequences. In a press briefing during a visit to the Currency Processing Center as part of Ghana Heritage Month, Dominic Owusu, the Head of Currency Management Department, urged the public to familiarize themselves with the security features of banknotes to contribute towards the goal of eliminating counterfeit currency. “In Ghana, counterfeit has never become a problem. The international threshold is 100 pieces per…
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Promote Sustainable Culture In Operations- BoG Urges Banks
21 Mar

Promote Sustainable Culture In Operations- BoG Urges Banks

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The Bank of Ghana (BoG) has urged banks to take a leadership role in promoting a sustainable culture in their operations to help build a robust and resilient economy. This is because of the critical role sustainable banking plays in the country’s development efforts. Second Deputy Governor of the BoG, Elsie Addo Awadzi said at the launch of the maiden Ecobank Sustainability Week in Accra that the central bank had through a collaborative approach designed a set of sustainable banking principles to be applied by the banks. She said all the 23 banks operating in the country had signed on…
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