BoG Archives - Page 7 of 22

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…

01 Mar

BoG’s Balance Revision, Transaction Limits Of MoMo Wallets Upwards Takes Effect Today

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The Bank of Ghana (BoG) has effective today, March 1, 2024, revised the balance and transaction limits of customers’ mobile money wallets upward. A statement from the Ghana Chamber of Telecommunications pointed out that the development is in line with increasing trends of transactional activities and evolving customer needs. On daily transaction limits, customers with a minimum account which initially had a limit of GH¢2,000 has been upgraded to GH¢3,000, while medium account with a current limit of GH¢10,000 has been increased to GH¢15,000. In the same line, an enhanced account with a GH¢15,000 threshold has been reviewed to GH¢25,000…

28 Feb

BoG Revises Balance, Transaction Limits Of Mobile Money Wallets Upwards, Starting March 1

wontumionlineBusinessBoG, Momo transactions

The Bank of Ghana (BoG) has revised the balance and transaction limits of customers' mobile money wallets upward, effective March 1, 2024. A statement from the Ghana Chamber of Telecommunications pointed out that the development is in line with increasing trends of transactional activities and evolving customer needs. On daily transaction limits, customers with a minimum account which initially had a limit of GH¢2,000 has been upgraded to GH¢3,000, while medium account with a current limit of GH¢10,000 has been increased to GH¢15,000. In the same line, an enhanced account with a GH¢15,000 threshold has been reviewed to GH¢25,000 daily.…

19 Feb

Bank Of Ghana Report Shows Sharp Decline In Secured Loans

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The Bank of Ghana’s latest Collateral Registry report for the fourth quarter of 2023 reveals a significant decrease in the total value of secured loans granted and registered by banks and Specialized Deposit-taking Institutions (SDIs). Compared to the same period in 2022, there has been a notable 54.9 percent decline, with the total value standing at GH¢5.9billion, down from GH¢13.2billion in Q4 2022. Banks contributed GH¢4.5billion to the total secured loans in Q4 2023, reflecting a steep 63 percent drop from the GH¢12.3billion recorded in the previous year. This decline hints at a broader trend of credit slowdown in 2023,…

14 Feb

BoG Intensifies Anti-Money Laundering Efforts To Safeguard Against Potential EU And UK Blacklisting

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The Bank of Ghana has announced its proactive measures to prevent the risk of being blacklisted by the European Union and the United Kingdom, emphasizing a commitment to collaborative efforts with key stakeholders in the financial sector. In 2022, Ghana was successfully removed from the EU blacklist following a comprehensive evaluation of its anti-money laundering and counter-terrorism financing regime by the Financial Action Task Force (FATF). Second Deputy Governor Elsie Addo-Awadzi conveyed the Central Bank's determination to work closely with other stakeholders to uphold this achievement. During the Financial Intelligence Centre Ghana's Risk Assessment on Money Laundering and Terrorism Financing…

08 Feb

Salute And Give Particular Recognition To BoG For Pulling Economy Back – Bawumia

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Vice President, Dr. Mahamudu Bawumia, has urged Ghanaians to salute and give particular recognition to the Bank of Ghana, which has come under unfair criticism for taking the necessary measures to help pull the economy back from the brink of collapse. According to him, the central bank provided needed financing to the government at that critical moment. “What the Bank of Ghana did was very responsible, in putting the interest of the good citizens of Ghana first”, he disclosed when addressing the nation. The Vice President also said the data available shows that the financing provided to government by the…

07 Feb

Bank Of Ghana Lauds Parliament For Domestic Debt Management Roles

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The Governor of the Bank of Ghana, Dr Ernest Addison, has commended Parliament for playing a crucial and multifaceted role in the country's debt restructuring programme. He said one of such crucial roles was the approval of the 2023 budget and its debt restructuring and economic reforms components which gave the government the legal framework to undertake the debt restructuring. Dr Addison gave the commendation in a speech read on his behalf by the Secretary of the bank, Sandra Thompson, at a three-day round-table engagement with parliamentarians and other stakeholders of the economy in Koforidua, the Eastern regional capital, last…