BoG Archives - Page 7 of 23

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,…

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…

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…

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…

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…

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…

12 Mar

BoG Predicts Decline In Inflation To 13-17% Range By End Of 2024, Aims For 6-10% By 2025

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The Bank of Ghana anticipates a further decline in headline inflation to a range of 13-17% by the end of 2024, gradually trending back to the medium-term target range of 6-10% by 2025, barring unanticipated shocks. According to the January 2024 Monetary Policy Report, the disinflation process is expected to continue, with clear indications that the current macroeconomic framework, supported by the International Monetary Fund-Economic Credit Facility program, is yielding positive results. The report notes that potential risks to the inflation outlook are linked to geopolitical tensions and potential spillovers to commodities markets, especially international crude oil prices. However, the…

07 Mar

Banks Prefer Less Risky Assets; Share Of Investments In Total Assets Increased To 36.4% In 2023 – BoG

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The share of banks investments comprising bills, securities, and equity in total assets increased to 36.4% in 2023 from 32.0% in 2022, according to the Bank of Ghana’s January 2024 Banking Sector Development Report. Cash and bank balances was the second largest component of total assets with its share improving from 29.1% percent to 30.7% over the same period. The proportion of net advances in total assets, however, declined to 23.8% from 28.2% while the share of non-earning assets reduced from 10.6% to 9.1% during the review period. The Central Bank disclosed that the asset structure of the banking industry’s…

05 Mar

Total Number Of Jobs Advertised Up By 3.2% – BoG

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The total number of advertised jobs in print and online media went up marginally by 3.2% in 2023 to 33,629, the Bank of Ghana has disclosed in its January 2024 Monetary Policy Report This was from 32,651 recorded in 2022. The number of jobs advertised partially gauges labour demand in the economy. According to the report, the number of jobs advertised in print and online media however decreased in December 2023 relative to a year ago. In total, 2,925 job adverts were recorded, as compared with 3,277 for the same period in 2022. This indicated a decline of 10.7% year-on-year.…

05 Mar

BoG Suspends Forex Trading Licenses Of GT Bank And FBN Bank

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Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN) have had their foreign exchange trading licenses suspended by the Bank of Ghana (BoG) for a duration of one month starting from 18th March 2024, in accordance with Section 11 (2) of the Foreign Exchange Act 2006, (Act 723). The Bank of Ghana stated that the decision was made due to a number of violations of foreign exchange market regulations, which included the use of fraudulent documentation in their foreign exchange operations. According to a statement from the Bank of Ghana, “The licence will be restored at the…